Learning how to save money is key: now more than ever. No matter the circumstances, we could all benefit from saving a few extra pounds here and there.
Not only does this help our money stretch as far as possible, it could make saving each month a little easier. Saving money doesn’t have to involve major changes, and you don’t need to completely overhaul your lifestyle to start reaping the benefits.
As the saying goes, ‘it’s the little things that make the difference’, and they really do - you just need to think outside the box.
We’ve put together a few top tips to help you save money in your household, easing the financial pressure a little.
1. Automate your savings
If you keep forgetting to put money aside, and find it’s all gone come mid-month, you need to start automating your savings. Whether it’s a weekly or monthly contribution, automating is going to help you learn how to save money without even having to think about it.
Make sure you’re being realistic about this and only putting aside what you can afford, especially if you’re tying money up into a savings account that you can’t easily draw out of.
2. Freeze gym membership
Did you know you can freeze most gym memberships if you want to take a break for a while, or if you're going on holiday? Some may ask for a small admin fee, but the savings will likely be worth it. If you’re still actively using the membership on a day-to-day basis but won’t need it for a month or two, it's worth enquiring about, as it can help your money stretch a bit further.
If you're cancelling your membership to save money, there’s still plenty you can do to stay active. YouTube has some great home workouts, so try to make use of things you have around the house rather than splashing out on expensive equipment.
Take daily walks around your block or in a local park, and try to take the stairs as much as possible. You may even be able to find a local group or community that works out together near you.
3. Maximise your cashback
Cashback is becoming more and more prominent in the world of savings, and there are ways you can do it automatically. While most cashback schemes typically only come through credit cards, you can use browser extensions to automate cashback applications. Simply download, install, and you’re good to go.
Do some research and find what’s going to work for you. Make sure to check those reviews for all the info in real time!
4. Try money saving challenges
If you’re trying to learn how to save money, a challenge may work for you. Money saving challenges may seem like a lot of effort, but if you combine this with point one (automating your savings), then you could double up on your saving potential. There are a few money saving challenges out there, and they won’t all work for you, but explore your options.
For example, you could try the 52-week challenge. Here, you move £1 into savings the first week, then £2 for the next, and so on. Each week your savings will increase, but it’s important to note that by the end of the 52-week period, you’d be putting away a significant chunk of change. With this in mind, you’ll need to make sure you can afford it - you’d have £1,378 saved by the end.
If this is too much, try the 1p savings challenge, where you increase the amount you save every day by 1p. After a year, you’ll have £667.95!
5. Review your subscriptions
Make a list of all the subscriptions you pay out each month. Obviously there will be ones that you have to keep, but put a mark next to the ones that are ‘nice to haves’. Question whether you really need that magazine subscription right now. Do you get a monthly box of craft goodies you could source yourself? Now is definitely the time to have some fun and get creative.
6. Get savvy with food
Food is often one of the most substantial recurring costs for most households. You can definitely up your money saving game here by shopping strategically for your groceries, even if it means going to a few different stores. Try meal planning as well and wherever possible, avoid buying goods that you won’t be able to get full use out of before needing to dispose of them.
For example, frozen fruit and veg (provided there are no additives) are just as nutritious as fresh. If you’re routinely throwing out half used vegetables, opt for frozen for better savings.
Try batch cooking
Cook big batches and freeze portions as you go. This is great if you have veg or meat that needs to be used up, and is also really convenient for those days when you can’t be bothered to cook anything. Simply go to your freezer and take out a portion for that day - you’ll probably find you spend less on cheeky takeaways.
7. Grow own vegetables and herbs
Although this isn’t a quick win, growing your own vegetables and herbs in your back garden is incredibly satisfying. There’s nothing quite like sitting down to eat a meal that you’ve grown with your own two hands! It’s also nice to get the kids involved, and can be educational too. Experiment with seasonal fruit and veg, and catch some sunshine while you’re at it. Even better, growing your own food is great for the environment!
8. Save money on energy bills
It’s easy to stick with the same provider and not realise that there may be cheaper deals out there. Do some research or find a service that could help you find if there are savings to be had by switching your energy providers. You could even make some home changes to help you save money on energy each month.
9. New love for old clothes
Rather than buying new clothes, reignite your love for old clothes that you’ve forgotten about. Dig deep to the back of your wardrobe and experiment with new styles. Get creative, try bright colours, clashing patterns, the lot! No one’s going to judge you in the comfort of your own home and it can feel quite liberating. If you need a new outfit for something, try second hand retailers. You never know, you may find a hidden gem!
10. Shop around for utilities
Ensure you’re reviewing your utility service providers regularly. You can take advantage of comparison websites to assess various quotes and determine if there’s the potential to pay less for essential household expenses, such as gas, electricity, or internet.
Remember, even modest savings monthly can accumulate over a year and make a difference. Switching to more affordable options and being savvy with your savings can help ease financial stress.
Trying to save money on your mortgage?
We’re here for you if you have concerns about the cost of your mortgage. We can help you review your mortgage and ensure you’re still on a deal that suits your circumstances.
Get in touch with us today and let’s discuss your options.
For more advice about how to save money, check out our saving for a deposit page. Even if you’re not currently saving for a deposit, there are some handy money saving tips and tricks there!
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