How to save money: Small changes, big differences.
31 July 2019
We know that saving can be difficult, but you don’t have to give up the things you love to start. Like most things, getting started is the hardest part.
There isn’t an easy way to save money, but making small changes to your spending habits can make a huge difference.
Whether you want to save money on your food shop, your energy bill, or you just want to know the best way to save some money every month, these hints and tips should help you start saving smart.
How to save money on food
Swapping out a few of your everyday staples could save you more than £1000 a year.
The art of the meal deal
Switch your favourite lunch time meal deal with a packed lunch. It doesn’t have to be the same sandwich/crisp/yoghurt combo you had at school, just make a little extra when you’re cooking the night before and take some leftovers.
Savings summed up: Spending £4 a day on your lunch adds up to £80 a month, which works out at just less than £1000 a year.
Take the ‘fee’ out of ‘coffee’
Can’t start the day without your caffeine fix? Skip the coffee shop and make it at home. You can pick up a travel mug for less than £5, and it’s kinder on the environment.
Savings summed up: The average price for a coffee in the UK is £2.50. If you spend that every day, you’ll be spending £600 a year.
Bin the brands
Most supermarkets offer own-brand alternatives to the more expensive, branded products. A lot of the time, you can’t even tell the difference. Going for own-brand basics in the supermarket can make a huge dent in your weekly food shop bill.
Savings summed up: Switching to own brands can knock up to £10 off the average food shop.
How to save money on gas and electrics
Being smart about your energy consumption can not only save you money, but can help the environment too.
Find a new spark
Worried you’re paying too much for your energy? You can quickly find out by using a price comparison site. You could even see how much you could save by switching.
Have your lightbulb moment
Kinder to the environment, and kinder on your energy bill. An energy saving lightbulb could cut £180 from your energy bills over its lifetime.
Installing a smart meter is a great way to understand your energy consumption. Once you see how much your energy is costing, you’re far more likely to conserve it. This can help reduce your bills, and some smart meters are even free from your energy supplier.
Turn down the heat
In the winter months, you probably need to have the heating on. But if you were to turn down your thermostat down by just 1°C, you could cut 10% from your energy bills.
So what do you do once you’ve made all of these savings?
The best place to keep your savings is in a savings account.
We offer a wide range of savings accounts to suit anyone, whether you’re a top swap saver or an energy expert.
Once you’ve opened your account, here’s how to give your hard earned savings a home:
How to add to your Co-operative Bank savings account:
You can move money from other Co-operative Bank accounts you have whilst on the go, using our Mobile Banking app or Online Banking. You can also make an electronic transfer from any UK bank or building society.
If you want to start saving regularly with minimum fuss, you can ask your bank or building society to set up a standing order to your Co-operative Bank savings account.
You can deposit cash or cheques at any Co-operative Bank branch or Post Office, or you can send a cheque through the post using the following address:
Co-operative Bank p.l.c
PO Box 12672