We all understand the importance of saving! In a cost-of-living crisis – that is showing little sign of slowing down, no one should begrudge anyone for having a little treat every now and then, whether that be some new clothes, a new piece of tech or my own nemesis – going out for a curry… the spicier the better! With that in mind, here are some tips I believe are practical ways to save money, but still be able to treat ourselves guilt-free!
Help say goodbye to debt
Monthly debt payments can be a burden on anyone’s finances. If you are becoming concerned about debt commitments, it might be time to reduce, or even get rid of that debt. An efficient way to pay off debt is with the debt snowball method on the ramseysolutions website. This is where you pay off your debts in order from smallest to largest. It’s more about behaviour change than numbers. Once your income is freed up, you can finally use it to make progress towards your savings goals.
Reduce your grocery budget
Even after I budget, I’m often shocked to find out how much I’m actually spending at the supermarket each month. It’s so easy to lose track when you’re walking through the aisle’s (especially if you shop when hungry!) but those little extra purchases add up and often end up blowing the budget every single month. Ramseysolutions website helps to save money on groceries by planning out your meals each week and taking a good look at what you already have in the house before you head to the supermarket. It’s shocking how many times I have stocked up on things I already have! If you genuinely can’t resist temptation whilst food shopping, then consider home delivery or pick-up! That way the whiff of those freshly baked donuts will have little to no impact!
Cancel automatic subscriptions and memberships you don’t use
We all have them, I bet that you haven’t checked your standing orders or direct debits recently that you’re paying for multiple subscriptions like Netflix, gym memberships or Amazon Prime for example. It’s time to cancel any subscriptions you don’t use regularly. Make sure you turn off autorenew when you make a purchase. If you cancel it and decide you can’t go without it, you can always subscribe again.
Reduce energy costs
Did you know that you can save money on your electric bill just by making a few tweaks at home? Start with some simple things like taking shorter showers, fixing leaky pipes, and only boiling the kettle with the amount of water you need for that cup of tea! While new, energy-efficient appliances are a great way to save money on your electric bill, but they’re expensive! But if you work it into your monthly budget, you can save up and pay cash for those improvements over time.
Pack lunch (and eat at home)
I’m incredibly guilty of this! If you think about it, take an average ‘meal deal’ cost of £3.50 and multiply that by an average ‘full time’ 21 working days a month, that’s just over £70. Multiply that by 12 months and it’s nearly £900 a year. You can save quite a bit of money just by packing a lunch… just remember not to eat it by 10.30am! A lot of times you can buy a solid week’s worth of groceries for the same price as two dinner meals out. Instead, prepare your food at home and watch your savings pile up month after month… and trust me, your kids will enjoy a picnic in the park or in the back of the Cortina Estate (giving my age away a bit!) just as much as a pub lunch!
Skip the coffee shop
A bitter pill to swallow – I get it! I’m not saying cut out coffee completely… I wouldn’t function without it, just try to lower your coffee spending. Instead of spending £3-£5 on that daily latte, you can save money by just making your coffee at home. As I said before, no-one will begrudge you the occasional trip to the coffee shop (especially on a rainy Monday) but doing this in moderation will start to make a material impact on your spending.
Use cash-back apps and coupons
Nothing beats a good old-fashioned 20% off coupon when you’re buying something. But did you know there are plenty of cashback apps out there to help your savings go even further? Get onto a search engine and have a look at some deals out there.
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Jon Sweeting
Commercial Director – Savings