Everyone wants to save money, but if you need some smart money-saving tips to make it happen, we’ve got you covered. 10 money-saving hacks that could help supercharge your savings efforts.
Get smarter about how you spend what you have, try these quick and quirky savings tips. They’ll help you think differently about money, and make it work much harder for you.
We may be in a recession, but that doesn’t mean you can’t save money. We’ve found the top ways to save money in your day-to-day life, and they may just help you reduce your costs and stay on top of your money.
Step One: The 1p challenge
We challenge you to take the 1p savings challenge for 365 days and see how much money you can save. Day one save 1p, day two save 2p day three save 3p and so on. Start saving a few pennies here and there, and after 365 days you could end up with savings of over £650.
Step two: Set a ‘no spend’ weekend
A ‘no spend weekend’ can be a great way to save money and enjoy yourself at the same time. Choose an activity that makes you feel good, such as playing board games or going for walk or a movie night, this can all really make your salary go further every month
Step three: Save don’t splurge
Want to splurge? Well, you can if you save first. According to the Money Advice Service, one in three people spend money impulsively or irrationally. So next time you want to buy a treat from your usual spending money – a £30 dress, say – make yourself save the £30 first. For example, stop yourself buying that coffee out (£3 saved), and make a few extra veggie meals (£10 saved etc) until you hit £30. Now switch this sum from your current account into your savings account. This way, you’ll save extra, get in the habit of cutting back on spending and give yourself time to make sure you really want that dress!
Step four: Buy the ugly-shaped vegetables when shopping
If you don’t mind getting some strange-shaped veggies in your shopping trolley, you can get a real bargain. Oddly-shaped veg can be considerably cheaper per kilo at stores because a lot of people find them ugly and won’t buy them – so they can get rid of the odd items at a discount. If you don’t mind the look of slightly misshapen broccoli or carrots, you could be saving yourself quite a bit of money!
Step five: Check out the auctions
Bargain hunters can find some great deals at auctions. Items on offer vary wildly – bikes, razors, toys, denture cream, candles – which means no two auctions are the same. To find the best deal, type the words ‘police stolen goods auction’ into your web browser and look for an auction near you. You’ll usually have to collect the goods in person, so always check the location.
With these auctions, you can find a bargain that’s just right for you.
Step six: Cut monthly insurance bills if you can
If you want to reduce your insurance bills, steer clear of monthly insurance premiums. Many firms charge high interest if you pay monthly, which can put an extra £50 or more onto your premiums. Pay upfront if you can!
Step seven: Check your Tax Code
You owe it to yourself to make sure you’re on the right tax code. You could be paying too much or too little tax. Tax changes occur so frequently that sometimes you can be one of the millions who pay the wrong amount every year. Check your HMRC tax code with our handy guide
Step eight: Pay a little extra to your mortgage each month
Overpaying your mortgage is one of the easiest ways to cut your debts and save thousands. It takes just a few minutes to get started: speak to your lender to find out how you can overpay, or simply put extra into your current account each month. Just be sure to check for any early repayment charges that might apply.
Step nine: Get paid to shop online
Online shopping is great and saves you time. But there’s another way to save money by using cashback sites and apps like Topcashback, Quidco and more. These are free to sign up for and once you’ve joined, they search the web for retailers who offer rebates on purchases, then pay you back through your account when you buy from them. Topcashback currently pays out at a rate of over £110 million a year – so could get your shopping bill down by a nice little sum!
Step ten: Pay off those monthly debts
Paying off debts such as credit cards and loans is something most people want to do. But, as we all know, this isn’t always possible. If you can pay off your debts with savings and not face high bank charges then it may be a good idea to consider doing this.
