Money Saving Tips You Can Use Today
- Make a Budget
- Start an Emergency Fund
- Save for your financial future
The easiest way to save money is when you know where your money is going. Start budgeting by keeping receipts from shopping and bills, and note down where you are spending your money each month. Once you’ve done this for a few months, you’ll have a better idea of what expenses you can cut down on.
Once you have a budget in place, you will have established a few areas where you can cut down costs. Starting an emergency fund will give you some cash to fall back on when you’re stuck with an unexpected expense. It will also help to prevent the need for shortterm loans, which will only eat up your savings faster.
Secure your future as a retiree by putting money aside in a pension pot. If you can get a workplace pension, your employer sets it up for you. Alternatively, do homework to find out what the best plan is for you.
Saving Money Quotes
Practical Ways to Save Money
Not sure where you can make quick and effective savings? Here are some hot ideas that can work with a bit of extra effort.
Be Careful about Eating & Going Out
Your essential expenses are things that you have to pay every month. These include your accommodation, your utility bills (including telephone), any insurance policies and your weekly groceries. Just because they’re things that you have to pay, it doesn’t mean that you can’t make savings on them. When you start going through receipts on a weekly basis, you will start to question whether you really need to be paying what you are.
Cutting Down on Accommodation Costs
If you’re in rented accommodation, it’s much more difficult to make savings unless you’re prepared to downsize or move to a different area.
As far as mortgages are concerned, there are ways to make savings on your interest payments. Depending on the type of mortgage you have, once you’re no longer tied to your mortgage provider (during the fixed period) and when you have increased your equity in the property, it might be time to change your mortgage provider and look around for a better deal. Most mortgage-holders re-mortgage their property at least once during the term of the loan and the greater your share of the property, the better are the offers you’ll be eligible for.
Pay Less for Utilities & Insurance
As for your utility and insurance bills, changing your providers can save you a large amount of money. Look around for the best deals on the market and compare to your present package. Often the best deals are offered to new customers, but it’s worth going back to your present supplier and asking them whether they can match – or better – a quote you’ve received.
You don’t have a choice of suppliers when it comes to your water bill. But, if you live alone or there are few people in your household, it might be a good idea to see whether you should have a meter installed, so you only pay according to your water consumption.
Whatever utility you use – electricity, gas, communications, etc – you should think carefully about your consumption. All energy suppliers have handy tips about simple ways to cut down on your bills from using low-energy light bulbs to timers. It may require you to lay out some money initially. However, you’ll be rewarded with lower bills throughout the whole of the year. So, you’ll find that these changes will pay for themselves.
For communications such as your landline, your mobile and your broadband access, ask yourself if you’re getting the best possible deal and whether you have add-ons that are completely unnecessary. We’ll discuss this in more detail later on in the article.
Savings on Grocery Shopping
Saving money on your supermarket shop requires time, effort and most of all organisation.
Keep an eye on special offers from different supermarket chains and shop around. Instead of buying your fruit and vegetables there, is there an open-air or Farmers’ Market held in your area? If so, it’s worth a visit as you’ll often be able to find much lower prices. In this way, you’ll also be buying local produce, which is both seasonal and much fresher. Buying strawberries in winter is sure to increase your grocery bill.
Always make a list before you go shopping with a clear idea of what you need to buy. Ideally, make a plan of what your meals will be for the coming week. Of course, the supermarkets want you to be tempted by special offers. Don’t fall for them if it means the food you buy will spoil and end up straight in the rubbish.
Did you know that according to ‘Wrap‘, the recycling advisory body, 4.4 tonnes of food is thrown away every year? This works out at an estimated £470 per UK household. One way to avoid this is to freeze the surplus until you need it; you’d be amazed by the food which can be frozen (such as cheeses) without compromising their taste or nutritional value.
Only buy brand-name products if you feel that they’re good value for money. Often supermarket brands are just as good but half the price. Keep an eye out for coupons in the press, leaflets or online since they can save you pounds on your weekly/monthly shop.
Saving on Non-Essential Expenses
How many times have you reached the end of the month and thought ‘where did all my money go?’ A good way to answer this question to your satisfaction is to write a list of every single product/service you pay for during one week. The results will amaze you and more importantly, give you ideas on how to cut down on non-essential expenditures. You don’t want to be left scrabbling for a loan without a credit check to reach payday in one piece. Plan ahead, and experience the difference.
‘It’s only a coffee!’ I hear you say in justification, but if you make a regular habit of drinking coffee outside, you’d be surprised by how much of a dent this can put in your budget.
The same is true of eating out during your lunch-break. Instead of paying for a sandwich, why don’t you bring lunch from home? For your evening meal, you may be tempted to buy a takeaway or ready-made meals because you’re too exhausted to cook, but there are solutions. Make an effort to pre-prepare pasta sauces, casseroles and so on and freeze them. By the time you’ve wound down after the stress of work, the food will be ready.
No one wants to stay home every single night but going out is one area when it’s quite easy to lose control of your spending. Going out for a quick drink with colleagues is a fantastic way to get to know each other in an informal setting away from the stresses of the workplace, but one drink can very easily turn into 3 or 4. Think about how often you go out and try to come up with cheaper alternatives to going to the pub or clubbing.
Changing How you Get Round & About
In some cities in the UK, owning a car can be more of a liability than a benefit when you take into account the hassle and costs of parking, the traffic congestion and the chances of it being stolen.
If you must have a car because of where you live, think carefully about your use of the car. You can save a fortune can be saved if you reduce your car usage. Ask yourself if you need it for every journey or whether there are alternatives such as public transport, cycling or walking. In this way, you could save money on your petrol costs. If you need your car for commuting, is there a colleague who lives in your area or is there a car pool in operation? This could cut your commuting costs in half.
Watch what you Spend on Clothes & Household Goods
Needless to say, the best time to shop is during the sales. Learn how to take advantage of boxing day sales here. However, sometimes you need something when there are no special offers available. When shopping for clothes, always go shopping with a clear idea of what you need. In this way, you can avoid those impulse buys which remain unworn in the wardrobe for years. When purchasing separates, ask yourself if you really need it and make sure the style and colour match something which you already possess.
Unfortunately, household goods appliances don’t last forever. If you need to replace something, do some research before you hit the shops so you can get the best price. Check online to see if you can find it more economically and weigh up the pros and cons of buying it second-hand. Online sites, local newspapers and car boot fairs are all places to pick up bargains.
We’ve already seen how changing your phone/Internet provider is one way you can reduce your expenses. If you have a mobile phone contract, is it worthwhile? Or does your use of a land-line mean that you aren’t using the mobile as much as you could? If you no longer need a home phone, it might be a good idea to get a pay-as-you-go phone. Although you won’t be eligible for so many special offers from your phone company, at least you won’t be paying for facilities that you aren’t using.
Even if you decide to stay with the same company, it’s worth looking at your package to make sure it reflects your needs. The easiest way to judge this is to look at your phone usage. If your contract includes a set number of minutes for calls, do you use them all up or do you find that you’re using more and then paying extra? Or maybe you’d like to include family/friends who live abroad in your deal? These are all issues that should be discussed with your phone provider, so you get a package to suit your needs.
The consumer watchdog ‘Which?’ have calculated that 7 out of 10 consumers could save £159 a year by changing to a phone contract which suits them better.
You should familiarise yourself with the tariffs for calls from your phone at home. As a result, you can avoid calling at peak times. If you’re struggling on a low salary or benefits, check to see whether you’re eligible for a social tariff, which can save you lots of money.
Enter your postcode into an online comparison site to see what special deals are available, always checking that the price quoted includes the cost of the landline rental.
Finally, always make sure that your contract has finished before switching to any phone/Internet provider and you also usually need to give your previous supplier at least 30 days notice. In this way, you can avoid being hit by exorbitant early exit fees.
There are many sites online which can offer you quite literally thousands of coupons and vouchers to print off and can be found easily by using a search engine. They can also be found in the media, on some products, at the bottom of company newsletters, on companies’ websites and in your post.
Many people dismiss coupons, vouchers and other special offers as marketing ploys and don’t make the most of them. This is unfortunate as if you use them correctly, you can make considerable savings. The key to their use is not to use them for the sake of using them but only if you would have spent the money anyway on these particular goods or services. Forget about store or brand loyalty and hunt for the best bargains.
Be organised to maximise savings
You must be organised to use coupons and vouchers successfully. Keep them in an envelope or folder and pay attention to their expiry dates. Don’t go overboard and buy more products than you could use unless they can be frozen or they’re non-perishables such as tins or household cleaning products.
Always plan ahead, so you know which ones are useful and equally importantly, when. For example, if you’re planning a birthday party for yourself or your children, coupons can ensure a successful celebration without spending a fortune. Include birthdays and other occasions early on. Sometimes the coupons you have at your disposal can give you ideas about what to serve to your guests rather than looking for coupons to fit a menu you’ve already decided on.
How to Save Money in the UK – Conclusion
Making small changes in your lifestyle can have lasting effects on your bank account. Only you can work out which money saving tips work for you, so take one at a time and try to make it work. At Payday Loans Net we encourage our consumers to avoid payday loans UK whenever possible and to have savings to fall back on instead. If in this case you do need a one off loan, apply now so you can get the money today, if approved.