We could all do with saving a little money here and there. Are you trying to save up for a house, car, wedding or your annual holiday? Whatever it is you’re saving for, there are many small swaps you can make to help you put that little bit extra away each month. UK Car Finance have put together a list of the most effective ways to save more money and spend less!
Set a budget
The first thing that you should do when it comes to managing your money is to set a budget. Work out all your incomings and out goings first. Then see how much you have left over. Then split the remainder into how much you want to save and how much you want to spend on yourself. Just because you’re saving up doesn’t mean you have to become a hermit crab, so make sure you set a little aside for your social life. You may then find that your outgoings are totalling up to quite a lot, but don’t worry there are plenty of things you can do to save money!
Lower your utility bills
One thing you can do is run a price comparison on your household bills such as gas, water and electricity. Using an online comparison like the one on Money Supermarket enables you to see all the latest and cheapest prices for gas and electricity in the UK. You could also do many things around your home to save money on your water, gas and electricity. Simply by taking shorter showers, switching off lights, turning electronics off rather than on standby, making sure taps are turned off and knocking your thermostat down a couple of degrees can all save you money on your bills each month.
Pay with cash
Statistics have shown that you are 30% more likely to spend money when paying with a debit, credit or store card. This is because shoppers tend to see cards as having less of a ‘limit’ than cash. But if you’re only paying with the cold hard cash in your pocket, when it’s gone, its gone! This also stops you spending money on things you don’t necessary need and reduces impulse spending.
Look after your car
Cars can be expensive to run and you don’t want to be spending more than you need to. You may find yourself spending more on fuel or making more trips to the fuel station to fill up your car. There are many things that people do every day that is draining their fuel and their pocket without even realising! Keeping your tyre pressure topped up means that there is less rolling resistance with the road and also prolongs the life of your tyres. You should also think about driving more economically to save fuel. By reducing the amount of weight in your car, driving in the highest gear possible, sticking to the speed limits and accelerating gently, you can save money on your monthly car costs.
Create a shopping list and stick to it
We’re all guilty of spending money on things we don’t necessarily need, especially when doing your food shopping. Be prepared and make a list of all your essentials for the week and only buy those things. Not only will it save you money but also save you time! You should also try make less frequent trips to the shops and instead make some time in your schedule each week to do a ‘big shop’.
Don’t be a brand snob
There may be certain foods or products that you can’t compromise on when it comes to the manufacturer. However, shopping around and trying supermarkets own brand alternatives could save you money each time you go shopping. Even making one swap each time you shop to see if an ‘own brand’ product lives up to your current favourite, can save you money. And you never know, you could find a cheaper alternative that you love even more! Supermarkets such as Lidl and Aldi have been massively praised for their quality of products for half of the price of famous brands!
Eat 3 meals a day
This may seem like you are spending more money eating 3 meals a day but you can actually save money this way. You should be eating 3 meals a day to keep your body healthy but it can also help your pocket. Eating breakfast, lunch and dinner each day has been proven to stop snacking. People tend to spend more money on snacks than on an actual meal and shopping while you’re hungry also encourages you to buy more food.
Try refurbished electronics
There’s nothing better than the latest phone, laptop or gadget but refurbished electronics can be just as good. Many people are wary of second hand selling as they may not work as well. However, big retailers such as Amazon have a renewed section of their site. Amazon Renewed products are inspected and tested by qualified suppliers to work and look like new and also come with a 1 year limited warranty for peace of mind.
Sign up for retailer emails
Signing up for company newsletters and notifications can be great for saving money. Many online retailers send promotions and sale codes straight to your inbox for you to save money. You can also get some great freebies and money off when it’s your birthday too!
About the author: UK Car Finance are a leading car finance provider based in the North East of England. They help customers take back control of their car finance deal and give them the power to walk into a dealership just like a cash buyer! Using their online car finance calculator, customers can check their likely loan amount before they even apply! They also provide many thought leadership pieces across the web on all things automotive and finance related.