A lot of savings advice comes back to one thing: giving up things you enjoy. But it doesn’t have to be this way. It can be hard to know how to save money to put aside.
Here are some money saving tips, and advice on how a savings account can help.
Reducing your utilities bill is one of the simplest ways to save money, as you only need to switch once to save over the course of a year.
Electricity, gas, phone and internet providers often offer deals. You can compare quotes using price comparison websites – some of them even offer better prices than when you sign up directly with the provider.
Fuel can be a big cost burden. To help save money on fuel, you can try:
If you’re paying interest on your credit card debt, a balance transfer card could help reduce your monthly repayments. They let you transfer the balance from one credit card provider to another, usually offering lower or 0% interest for a period. If you’re able to clear your debt within the period, this can be a good way to reduce costs.
You can find out about:
A mortgage is one of the largest monthly expenses for many households. If you have a mortgage, you can talk to an independent adviser about your requirements and circumstances. They can explain whether you could benefit from switching deals (with the same provider) or remortgaging (moving to a new provider).
Find out about:
You may need to pay fees or charges when switching or remortgaging, so make sure you check before making a decision.
You could be earning interest on any money you save. Most current accounts don’t offer interest, so using a savings account is usually the best way. And keeping your savings separate to your everyday spending can help you see how much of your money you’ve put aside for savings, and help with budgeting.
You could set up a standing order to automatically transfer money to your savings account, so you don’t even need to think about it.
If you have debt from a number of different sources, a debt consolidation loan can be a way to simplify your finances, and could reduce your monthly payments. They involve combining several debts into one loan.
It’s important to note that you may pay a higher interest rate or pay over a longer period, and so may end up paying more overall with a debt consolidation loan. Make sure to consider the terms carefully.
If you have a job and you’re not self-employed, you can:
You can find out:
Food shopping is a large expense for many UK families. There’s a range of things you can do to save money at the supermarket, including:
It can really help if you can wait for a better deal or for the next sale. Many retailers also issue discount codes – these may be seasonal, for new customers, or in exchange for registering for their newsletter. Make sure to shop around.
You can use your workplace discount scheme if you have one, or any of the cashback websites available, which also offer similar reductions. You can often apply these discounts on top of any discounts by the seller.
There can seem to be an endless number of different services available. And when you sign up, it can be easy to forget to cancel a subscription, or not even realise you’d subscribed to pay.
To do a ‘subscription spring clean’, you can:
You can always restart your subscription later if you’d like to, and many companies will try to tempt you back with special offers.
There are a range of handy techniques which could help you change your spending habits for the better. For example, you could try:
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