Easy money saving tips
As per the latest research from GoCompare :
- A third of Brits have experienced a drop in their income due to the COVID crisis.
- 3.6 million people are worried about not being able to pay their bills.
- Most households (71%) are taking action to reduce their outgoings.
- On average, money saving tactics saving people £95 a month
Without a doubt 2020 has been a very difficult year for many.
How to lessen the financial pressure the broken economy and lost job imposed on us this year then?
There are some money saving ideas which you can implement right now to save more than £95 per month.
My top actionable money saving tips are:
1. Live on a budget and first set it up
From a paper version such as Kakebo through various budgeting apps from Yolt, Snoop or Gosavex – for some hands-on control budgeting app ) to Cleo (a chatbot that has a read-only access to your accounts to give you instant answers to questions about your outgoings and saving, plus charts & graphs).
2. Cancel unused subscriptions
Find unused subscriptions with Emma and get rid of them while saving money on future payments. Always cancel your gym membership if not using, even a cheap gym membership adds up to a serious amount if you multiply it by a few months…I use freeletics as it allows me to exercise at home, I also run and get ‘virtual coins’ when walking my dog using Sweatcoins.
3. Switch to a bank that gives you a switching bonus
Currently, the below brand offer switching perks. The switch itself is quick and easy and done by the new bank so you can sit back and relax – but check the T&Cs for the account requirements to qualify for the perks.
- RBS – offers £100 + £5 cashback to their new and existing customers who switch to its Select, Reward or Premier current accounts. You need to switch by 19 November 2020 to qualify for the free money though
- HSBC – offers £125 for a switch and 2.75% savings interest rate on regular saver
- Lloyds Bank offer also £100 for a switch and their Lloyds Club freebies ( I am with them already and before the pandemic hit us used to get 6 free cinema tickets per year, this year I renewed my free perk when choosing free subscription of ‘Good Housekeeping’ but you can also go for an equivalent of the tastecard or any other magazine of your liking 🙂
4. Use apps that save you money on grocery
My top 3 are:
- Shopmium – thanks to this app I have saved already around £85 🙂 Sign up via my referral link to get a freebie at the very start:
- Green Jinn
- Checkout Smart
5. Get freebies using your voice assistant or on freebie websites
I use Latest Deals or Latest Free Stuff – they are tried and tested and work, I get plenty of free products from them 🙂
6. Learn about passive income opportunities from a specialist
Do you know Lisa Johnson? Join her FB group for more info about her and her ways to teach us about generating some passive income. Many of my friends discard the idea of starting to blog. They don’t believe that turning their hobbies into writing can be successful. That’s a shame as that is how I started Money Saving Girl in 2012…You could always use your home to get some extra money.
7. Supermarket switch
Switch from your current supermarket and popular brands to Aldi or LIDL. I saved around £80 a month from going to Aldi instead of Tesco. There a few brands in my house now too 🙂
I am using My Cheap Energy Club or casually check on uSwitch to see if you can get a better deal. Actually Cheap Energy Club is the second page in space following lookaftermybills.com to offer auto switch. I prefer My Cheap Energy Club to Look After My Bills as they offer you an option to decide if they will just monitor your energy bill or monitor it and auto switch should a better deal pop up. I prefer to decide about the switch myself so I am going to stick to that page a sI have been using it for a few years now.
9. Plan your meals in advance
Try to stick to your food plan for grocery savings and health reasons. Planning and preparation reduce the number of choices we have in life. That in turn saves us money.
If you have failed to plan you have planned to fail…
You need to turn some of your bad habits and rituals into automatic habits…They will serve you for the rest of your life like let’s say brushing teeth…Noone reminds you to do so daily and you do – that’s how automatic habit presents itself. Planning more thoroughly how to manage your money will allow you to build a` nice emergency fund long term. Even when you are on a low salary! Trust me I have been there I was earning 15k I was still able to save about £300 per month, so ye it is totally possible. Hard but still possible.
10. Separate needs and wants
For needs, always shop around for wants – sleep on it, usually, you can easily let go of wants the next day 😉
Bonus tip: My friend got an electric blanket and turned the heating off as she went to bed earlier in the winter. I find that bit extreme but if you are not qualifying for the warm home discount scheme you may like that too.