15 Tips For Spending Less

The below are tried and tested top savings tips.

Please note the information below is for reference use only. At the time of writing this document the information was correct, but may be subject to change. Please ensure you confirm any information directly at source and / or seek professional advice and guidance before taking any action.

Plan Meals

Create a meal plan (food menu) each week, buy ingredients for meals before treats. Use supermarket coupons (where available). When planning meals watch the use by dates, especially if you’re planning on using them later on in the week.

Swap Expensive Brands For Supermarket Own Brands

Lots of basic ingredients can be purchased from the supermarkets value range.

Kelloggs’ Cornflakes 450g = £1.89 Asda Cornflakes 450g = 54p

Always Compare Price Per Unit

The same products sold in different sizes work out at different costs.

Kenco Smooth Instant Coffee 100g Jar = £1.89 = £2.50 per 100g

Kenco Smooth Instant Coffee 150g refill = £3.50 = £2.33 per 100g

Use Click & Collect

If you have internet access, order your shopping online and collect from instore, this limits the risk of impulse buying. It is also quicker and more convenient, without the costs of delivery charges.

Reduced Section

Most supermarkets and large food stores will have a reduced section or specific times of the day when they reduce items for sale because they are close to their ‘Use By or Best Before’ dates. Don’t be afraid to swap your meal planner around to accommodate the deals.

Batch Cook Meals

When planning your meals, think about dishes that you can cook in larger quantities, then keep the extra portions in the freezer or fridge (depending on when you are going to eat them).

Dishes that are good for batch cooking; spaghetti bolognese (cook extra meat sauce), stew, curry, lasagne, soup - using old and tired veg.

Use Mobile Banking

All major banks and building societies have a mobile phone app available to download via the Play Store or App Store. The benefits of downloading such an app are being able to monitor your account at anytime, and many can help you manage your weekly spending!

Loyalty Schemes

When you buy something, some retailers have a loyalty scheme, earning points that when you collect a certain amount it turns into money you can spend. Some places have buy so many and get one free.

Examples:

Coffee shops - buy nine coffees and get the tenth free

Tesco Club Card - every purchase accumulates and it converts to a cash amount for you spend at a later date

Turn Off Lights And Appliances

Just simply make sure you turn off all lights and appliances when you are not using them. That also includes turning down radiators in rooms that you are using, not much use heating a room you’re not in or not going to use.

Use A Cashback Website

If you shop online, there are websites which will give you a percentage of the money back you spend with certain retailers online. The cash back is paid back to you between one to three months of you making the initial purchase, which if you leave it and let it build you can end up with a decent pot of money.

e.g. Quidco, TopCashback and My Money Pocket. Some bank accounts offer a similar reward if you use their banking app.

Apply For A Smart Meter

Smart Meters help you monitor and understand how much money you are spending on your gas and electricity bills. Benefits to having a ‘Smart Meter’:

You can have a small wireless display unit in your home which shows how much you are using and the cost in pounds and pence!

Your existing meters will be replaced with Smart Meters which send your meter readings to your energy suppliers - no more meter readings!

No more estimated bills, because your meters are communicating with your energy suppliers, they no longer need to send estimated bills because they couldn’t get a meter reading that month!

Please note: If you rent your home, you will have to check with your landlord and get their permission first before applying for a Smart Meter.

Unused Subscriptions

We’ve all done it at some point, that Gym, TV streaming or magazine subscription that we have forgotten to cancel and don’t use it.

Get a copy of your bank statement either online or from the bank and regularly check subscriptions, be honest and ruthless and cancel them, if you haven’t used them in the last three months.

Be aware of those subscriptions / trials that are free for the first few months and then you get charged, make a note in your calendar as to when the free option runs out and ask yourself the question, do I really need this?

Try The 30 Day Challenge

We often buy things to cheer ourselves up or in the spur of the moment, this is called ‘impulse buying’. We can avoid those moments of instant gratification and happiness by challenging ourselves to wait a couple of weeks before we buy it, giving us time to think about if we really do need it.

By the end of the month, you may realise that you don’t really need it and have saved yourself some money.

Giving yourself 30 days before deciding to buy also gives you time to research what you would like to buy and make sure it is the right thing for you! This is a great tip, especially with big ticket items e.g. electronics or trips out.

Help To Save Scheme

This is a type of savings account offered to individuals on Working Tax Credit or receiving Universal Credit. It is backed by the Government and so all savings are secure. They offer a bonus for every £1 you save, they give you 50p, the savings need to be made over a 4 year period. You can save between £1 and £50 a month, you do not have to save every month.

Bonuses are paid at the end of Year 2 and 4 and are based on how much you have saved during that time.

The most you can pay into your account each calendar month is £50, which is £2,400 over 4 years. The most you can earn from your savings in 4 years is £1,200 in bonus money.

Your bonus is paid into your bank account, not your Help to Save account.

Automatically Save Your Change

Some banks and apps offer the option to automatically ‘round up’ the value of some purchases with the additional money being put into a separate savings account.

e.g. buy a coffee for £2.70 - £3.00 will be taken from your account, £2.70 for the coffee and 30p placed in your savings account.