Growing your savings can feel challenging, especially without giving up things you enjoy. If you’re looking to save money without making sacrifices, here are some practical ways to do it.
1. Create a Budget
By outlining your expenses, you can see where your money goes and where you might cut back. You may find you’re spending too much at certain stores or paying for subscriptions you no longer use.
Review three months of bank statements to get a clear picture of your spending habits, including any yearly costs.
Tools like budget planners can help you get started. You might also consider money management apps that send you notifications about your spending, like the HSBC Mobile Banking app, which can alert you to transactions.
2. Compare Utility Providers
Use comparison websites to check if you’re getting the best rates on household expenses like gas, electricity, or internet.
Even small monthly savings can add up over time. If you switch to a cheaper provider, consider setting up a standing order to save the difference each month automatically.
3. Cut Grocery Spending
Food shopping is often a big weekly expense. Setting a budget, planning meals, and storing food properly are simple ways to reduce these costs.
Explore more tips on how to save at the supermarket.
4. Lower Fuel Costs
Small changes can help cut fuel costs. Here are a few suggestions:
Find the lowest prices nearby; even a short detour for cheaper gas can add up.
Use loyalty programs to earn points and get discounts.
Accelerate gently and reduce braking to save fuel.
Lighten your car by removing excess weight.
Keep windows down instead of using air conditioning on warm days.
Check tire pressure regularly for optimal fuel efficiency.
5. Cancel Unused Subscriptions
It’s easy to accumulate subscriptions you no longer use, like for fitness apps, TV, or magazines. Review your transactions and list all your subscriptions. Cut out the ones you don’t use, and consider temporarily stopping others to see if you really need them.
6. Look for Online Discounts
When shopping online, look for deals or promo codes. Some retailers offer discounts for signing up for newsletters or sharing a promo code.
You could also save the money from these discounts by adding it to your savings account.
7. Reduce Insurance Costs
There are a few ways to lower your car, home, or contents insurance premiums. Paying annually or choosing a higher deductible can reduce costs. Just be sure you can cover the deductible if needed.
Shopping around can also help you find the same coverage at a lower price.
8. Manage Debt
If you have loans, credit cards, overdrafts, or a mortgage, you may be paying interest. Reducing interest can help lower your monthly payments.
Credit Card Debt: Transferring a balance to a card with an interest-free period can help you pay off debt faster if you pay it off during that period.
Debt Consolidation: Consolidating loans with a lower interest rate may simplify payments and potentially reduce costs.
Mortgages: Switching to a better mortgage rate or remortgaging may help you save. Be sure to check for any fees involved.
9. Look into Tax Relief and Benefits
If you’re a PAYE taxpayer, you might be able to claim tax relief on work-related expenses, like buying a uniform, or on donations to charity.
You may also qualify for government benefits like the Help to Save scheme or Universal Credit to help cover certain expenses.
10. Check Your Entitlements
Many government benefits and allowances go unclaimed each year. Use a free online calculator to see if you’re eligible for any unclaimed benefits or support.
