Money Saving Tips

Money Saving Tips

When trying to repay outstanding debts, increase your savings or better your financial situation in general saving money is often peoples first thought. But making the changes to start saving can be a daunting thought: Where can you cut money from? How can you reduce your spending? How can you start saving?

Our guide will walk you through a few money saving tips which will help you get started.

Maximise your income to save money

Maximising your income isn’t always everyone’s first thought when thinking of money saving tips. However, if money is already tight and you can’t see anywhere to cut your spending this could just be the answer. There are so many easy ways to increase your income, here are just a few:

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Pick up more hours: See if your current employer has any extra shifts you can pick up, or extra duties you can fulfil for a pay rise.

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Rent a room: If you have a spare room in your home, you could rent this out to a lodger. We touch on this in more detail in our budgeting guide.

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Check your eligibility for benefits: There are many different types of benefits offered in the UK to help people meet their living costs, if unable to do so themselves. You can find out more about benefits and your eligibility in our benefits guide.

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Overhaul your home: It’s easy to hold onto things we own ‘just in case” we need them. But when was the last time you wore that top from 2011? Selling unused items (not just clothing) online is an easy way to make money quickly. You can sell for free using Facebook Marketplace or Vinted, amongst others.

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Make money online: There are hundreds of ways to boost your income online. You could get paid to take surveys, offer freelancing work or blog about your favourite hobby. You can even become a mystery shopper or a game reviewer!

Reduce Outgoings to save money:

If adding to your income isn’t possible, then looking to reduce your outgoings is the next step. Here are 10 money saving tips to help you reduce your outgoings:

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Compare and switch your energy supplier: There are so many online sites where you can compare the price of different providers for the best prices. It is also worth checking if you get a discount for using the same provider for all your utilities.

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Shop own brands: Usually just thought of for food, but when saving money, shopping for own brand on pretty much everything will save you a pretty penny. Supermarkets own brand food, homeware and clothing can lead to big savings.

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Cut back on luxuries and little treats: As much as we like to treat ourselves every now and again, cutting back on these could make a big difference. Did you know the average person spends £300 on coffee a year? Or over £400 a year on takeaway food?

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Overhaul your subscriptions: Got a gym membership you signed up for in January that hasn’t been used for months? Us too. Or a streaming service contract that you don’t use? Cut back on subscriptions you don’t use to save money.

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Reduce energy bills: This savings tip is particularly relevant during the cost of living rises (for more help on the cost of living click here). Easy wins for reducing energy bills include: reducing draught, turning off appliances rather than using stand by, taking shorter showers, using kitchen appliances over the oven or using the washing machine on the coldest setting. We cover many more tips on reducing energy bills over on Instagram.

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Cut down on transportation costs: Where possible, walk or grab a lift to work/ school to cut down on your daily commute costs. It may also be worth looking into a railcard or similar, if commuting is a need for you.

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Create a budget: Creating a budget can help you track your spending closely and highlights anywhere you might be overspending. See how to create a budget on our budgeting guide.

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Search for discounts: When shopping, check online to see if there are any available discounts that are running. You can even install browser extensions such as Honey which check for and apply online discounts on your basket automatically.

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Pay for your food shop online: Have you ever nipped to the shop for a loaf of bread and left an hour later, having spent much more than intended? We have all been there. By making a weekly meal plan and shopping online, you can ensure you have everything you need for the week and reduce the chance of you grabbing those extra few treats along the way.

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Try a spendings challenge: A savings challenge is a great way to get started with saving and to keep saving fun. For example Spend Nothing Days, The £1 Challenge or The 52 week saving challenge.

Money Saving Tips For Repaying Debts:

If you’re wanting to save money to help repay your debts, get in touch. Our free, online debt advice tool helps you to create a budget and highlights what debt solutions can work best for you. Get free, no-obligation debt advice here and start your debt free journey today.