19 Step Money Savings Plan

Here we go. 19 ways to lower the spending and bills:

Save First Spend Later

• Use the 50/30/20 flexible approach to budgeting:

• 50% for essentials (bills, food, minimum debt payments)

• 30% for non-essentials(eating out etc)

• 20% goes to the future you (debt payments above the minimum, saving for emergencies and saving)

• If this split doesn’t work for you when money is tight, you can adjust the ratios as you go.

Don’t Pay Interest On Your Credit Card

• Have a strategy for paying it off quickly

1. Lump sum repayment

2. Look for a 0% balance credit transfer

• Don’t spend any further on the card

Stay On Track

• Keep looking at your online banking

• Set up Online Banking Notifications

• Try jam jar budgeting

• Charge up prepaid cards

Use An Incognito Browser

· You have no browser history

· Companies cannot track your interests

Don’t Go Mad On Payday

· Your money will not burn a hole in your pocket

· Prioritise important outgoings

· Put something away in Savings

· Get a clear picture of your Disposable Income

Check Workplace Benefits

· If you haven’t had time in the past to check out the benefits your employer may offer, now might be a good time:

§ Healthcare

§ Dental

§ Childcare support

§ Local discounts

· Know what’s on offer, sign up and you'll reap the maximum reward.

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

Claim Tax Relief

· If you’re still working from home as a result of the coronavirus pandemic, you could claim some money back for working from home expenses in the form of tax relief paid by HMRC.

· Anyone required to work from home, even for one day, could apply for tax relief last tax year for the whole 2020/21 tax year.

· Are there other expenses that you have that can be used to offset against Tax?

Get The Rainy Day Fund Set Up

· Start saving – anything is better than nothing.

· The rule of thumb is to have three months’ income saved for emergencies, ideally six if you have a mortgage.

Get Switching

· Spend 15 minutes on a comparison site and, you are almost guaranteed to find cheaper deals on your household bills.

· The average household can save £300 a year by switching to a better energy and gas deal.

· Check out comparison sites, such as uswitch or moneysupermarket.

· Don't stop there. When the insurance comes up for renewal, look around for cheaper deals.

Cut the Grocery Bill

· Use the Love Food Hate Waste Portion Calculator to find out how much food you need (lovefoodhatewaste.com/portion-planner)

· Get to know prices

· Make your fruit and veg last longer

· (https://www.goodhousekeeping.com/uk/house-and-home/household-advice/a670408/ways-to-make-your-fruit-and-veg-last-longer/)

Claim Back Money

· Forgotten/lost accounts (mylostaccount.org.uk)

· Incorrect Tax Code

· Check your insurance policy

Have A No Spend Day

· At least one day per week

· Good for self discipline

· It will make you more careful with your cash in the long term

Go Paperless

· Access a discount

· Access to better deals and plans

· You can manage your account online/phone app

Track Your Spending

· The more conscious you are of what you are spending the less likely you are to overspend.

· Spending diary

· View your account online/phone app

Tease The Online Retailers

· When shopping online, fill your shopping basket but don’t check out immediately (unless it’s something that’s selling like hotcakes).

· If suppliers spot items sitting in your basket for a day, they’ll get in touch to ask you if you forgot to check out and sometimes they’ll send you a discount to persuade you to return.

Ask For A Price Match

· Look for a better deal and ask your supplier to match

Use Resale Platforms

· Declutters

· Converts your stuff to cash

· Did you know that the average British woman accumulates an estimated of unworn clothes over a lifetime?

· You can hunt for bargains