The objective is simple; to put more money in your bank, savings or investments or at the very least to leave more money in those particular accounts so they get the chance to grow. The best ways of achieving this are surprisingly straightforward and easy to master and they work. If you follow them you’ll be better off not just this year but every year.
So here’s our top 10 money saving tips to improve your finances right now.
Change energy suppliers
You gas and electricity costs are probably one of your biggest outgoings over the course of the year, and this is where even a small percentage saving can be significant. The average household can save as much as £300.00 by simply changing suppliers. The Government has forced the utility companies to make it easier to change over, all you have to do is check the comparison sites and choose the cheapest plan that suits you.
Buy the supermarkets’ own brand goods
The savings here can be huge and it’s simply about selecting from the lower shelves which is where the cheaper offerings are. Tinned tomatoes are a prime example with an economy tin costing as little as 35p against as much as £1.35 for the same size premium brand; that’s a potential saving of 74 percent.
Sell the items you no longer use or need
There is no point in unused items sitting about doing nothing or getting thrown in the bin. You can so easily turn them into cash these days. There is now a range of websites that will buy your old mobile phones, some of which will pay up to £30 for a faulty item. You can sell CD’s, DVD’s and video games to a variety of online sites and personal belongings and household items can be readily sold on sites like Gumtree for free. You’ll be amazed at how much you can make.
Use the offers on reward and cashback credit cards
This is simply money back in your pocket or on your card to be more precise. The 123 credit card from Santander, for example, offers a range of cash back incentives such as 3 percent cashback on fuel and 1 percent cashback when you spend at your favourite supermarket. Others offer vouchers and points that can be redeemed at participating retail stores.
Consider bulk buying food especially those on special offer
Your weekly food bill is a major part of your financial outgoings and any savings here will help enormously. By considering bulk buying food that doesn’t go off you really can make huge savings. Buying larger packs and multi packs can easily save up to 20 percent and making use of offers like buy one get one half price can save you 25 percent.
Don’t waste money on bottled water
Simply fill up a personal container or empty bottle with good clean tap water and keep all that previously wasted money right in your bank account. Not only will you be saving money but you’ll also be saving the environment.
Cut down on the expensive take away coffees
With a decent take away latte now running at £2.40 just one of those a day (Mon to Fri) runs up a bill of £12.00 per week. And with a little bit of forward planning you can either have it in your thermos mug or organise it to be made at work with a worst case cost of about £1.00. Do the sums and that can mean a saving over the year of £572.
Forget the takeaways and make your own meals
Even a take away pizza doesn’t come cheap these days with a medium size offering from the likes of Dominos costing well over a tenner. Check out the range of good pizzas from your local supermarket at prices from just over £2 and you’ve got room to add extra mushrooms and anchovies and still save a small fortune.
Cut back on the alcohol midweek
Most people don’t even realise how much they consume Monday to Friday but it can easily be a couple of glasses of wine a night. For two people this can equate to three bottles of wine and depending on your taste for fine wine can easily run to £15-£20 per week. If you view that as £780-£1040 per year, over even a twenty year period, you could have a nice little nest egg of £15,000-£20,000 before accounting for interest or investment gains.
Pay your bills and debt payments on time
It’s a common occurrence for people not to manage their finances as well as they can and to find themselves in the position where they can be late with a payment or even miss a payment and incur those hefty penalty charges and increased interest. Bounced direct debits or cheques and the unauthorised use of an overdraft can be extremely costly and taken over the year can be a significant and unnecessary expense.
If however you find this happening on a regular basis then you may actually have a possible debt problem and is something you should seek professional advice on. It is always better to resolve debt issues sooner rather than later when the solutions need not be too drastic. If left then you may find that a more formal debt solution is needed and if this is the case then something like a Trust deed to clear your debt or an IVA may be required. So look out for the signs and if you are struggling with your debt seek expert debt help.
Take action and make the savings
If you actually decide to take action and make use of these simple tips you will be amazed at how much you can save over the course of a year. Another good tip is to keep a running tally of how much you are saving as this will certainly spur you on to even greater success.