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

• Lump sum repayment

• 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. There may be benefits in Healthcare, Dental, Childcare Support or Local discounts). Know what’s on offer, sign up and you'll reap the maximum reward.

Batch Cook

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 Revenue.

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 (check this link out - 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

• 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