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The best money-saving hacks in the UK are easy to implement and can save you lots of cash. But how do you know where to begin? What’s the easiest way to start saving money?
This article introduces 30 methods that work, and you can begin by trying out those you think will help you reduce the amount of money you spend this year.
1. Create a Budget
Every financial plan needs to begin with a budget. Make a list of your income and expenditure and start from there.
You can use our budgeting basics guide as a template to create your household budget, which will help you plan all aspects of your income and expenditure accordingly throughout the year.
2. Reduce Spending at the Supermarket
Shopping at the supermarket is tough when you’re on a budget. However, the best way to resist temptation is to list your needs (not wants) and stick to them.
If you struggle with maintaining a grocery shopping budget, consider shopping online instead of going to the store in person. You can also use our guide to create a food budget to help you control your spending and begin with saving money hacks.
3. Can Subscriptions You Don’t Use
A great way to save money is to run through all your subscriptions and remove those you don’t use regularly.
Whether it’s streaming services that you rarely use or various paid apps on your phone, cull those that you only use infrequently. If you’re unsure how to cancel subscriptions, check out our article that explains how to cancel direct debits.
4. Have a Savings Account
Saving is fundamental to intelligent money management, and if you don’t have one already, you need to open a separate savings account to put money aside each month.
Our Savings Jars are perfect for saving money and help you set and stick to money-saving targets throughout the year.
5. Pay Your Debt First
While it can be tempting to pay the minimum amount to service your debts, doing so is a bad idea in the long run due to compound interest. Employ a pay yourself first tactic to stay on top of your essential expenses and work your way through your debts.
6. Consider Tax Reliefs and Benefits
Depending on how much you earn, you could be eligible for tax relief and specific benefits to help you manage your monthly expenditure.
Familiarise yourself with the various government schemes and consider contacting the Citizens Advice Bureau if you have any questions about accessing relief and benefits.
7. Discover What You’re Entitled to
Another helpful resource for UK taxpayers is the government’s benefits calculator, where you can discover what you’re entitled to.
It only takes a few minutes to run a calculation, and you might find that you’re eligible for payments you didn’t even know about.
8. Be Prepared for Unexpected Expenses
Unexpected expenses can eat away at your budget and cause significant financial issues. Therefore, setting up for unforeseen expenses is beneficial to meet any unexpected costs without causing financial woes. Check out our guide on how to budget for unexpected expenses.
9. Avoid Temptation
With the proliferation of social media and online marketing, temptation is all around us, and it’s difficult to avoid the latest products and services.
So, you must consider what accounts you follow and set screen time limits on specific apps to remove some temptations. Our payment controls are a practical way to avoid temptation and manage what you spend your money on.
10. Make Saving Automatic
Saving is often an afterthought. In the long run, one of the best ways to build wealth is to automate your savings, meaning that a specific amount goes directly into your savings account as soon as you get paid.
Discover how much you should save each month from improving your finances in the long run in this helpful blog post.
11. Set Yourself Saving Challenges
If you struggle with saving money, setting yourself a challenge can work. A popular money-saving hack is participating in a No-Spend Month, where you don’t spend money on non-essential items.
You can then add the money you save directly to your savings account.
12. Get Cashback for Shopping
When you spend money online, look for opportunities to earn cashback, loyalty points and other rewards that you can put towards future purchases.
Our rewards scheme enables you to save money and earn discounts at some of the UK’s leading retailers, for example. Money-saving hacks like this one are all around you.
13. Have a Payday Plan
Payday is a time of temptation, which is why it’s so important to be disciplined when the money lands in your account.
To resist impulse buying, plan for your money and stick to your budget, ensuring you don’t get drawn into frivolous spending.
14. Give Yourself a Monthly Allowance
As part of your budget, you need to allocate money to spend on yourself each month. This allowance can include non-essential items and allows you to spend money on things you want rather than need. Try creating a personal budget with categories to visualise budget allocations per spending type.
15. Create a Meal Plan
Meal planning is a top money-saving hack that helps you live well and eat healthily. Plan your meals for the week and create a shopping list to include the ingredients you need. You can also freeze leftovers for future meals.
16. Review all your Debts
When creating a budget, you need to review all your debts and ensure that you’re paying them off at a good rate.
One of the key money-saving hacks is considering a debt consolidation plan if it makes sense to change how you’re paying off the money you owe.
17. Discount Spending
Changing how you shop can make a big difference to your savings. Head to the supermarket in the evenings to look for discounts, shop for expensive goods during sale seasons, and look for coupons online before making big purchases.
18. Create Weekly Budget Communications
Set up weekly budget communications with your partner to ensure your spending is on track during the year. Sit down at the table over a cup of tea and run through your income and expenditure, ensuring that you’re on track. You can also look for ways to save money.
19. Review and Replan
Even the best-laid budgets require revisions from time to time, and it’s perfectly normal to make changes. So, if things aren’t working out, review and replan your income and expenditure and make changes where required.
20. Create a Second Income
Rather than relying solely on your salary, look for a way to supplement your income with a second job or freelance role.
Working a second job doesn’t have to last forever, but it can be a great way to boost your income in the short term. Our recent blog post lets you learn more about budgeting as a freelancer.
21. Compare Rates
No matter what you’re buying or investing in, compare rates before committing to a purchase. For insurance, holidays, groceries, or loans, always compare the market before completing a transaction, as you will save money.
22. Review Bank Statements
It’s important to dedicate time every month to check your bank statements to ensure you can see what you’re spending your money on. You can also identify any problems or anomalies with your account and notify your bank immediately.
23. Implement the 30-day Rule
Instead of buying something on impulse, implement the 30-day rule to consider whether you need the item in question. This is an important strategy before buying expensive things and will help you to cut out some frivolous spending.
24. Work Benefits
Review the benefits package your employer offers and consider ways to take advantage of some of the benefits offered. If you’re unhappy with your package, approach your boss and ask for an improvement in the terms offered – this is one of the best money-saving hacks, and if you don’t ask, you don’t get!
25. Reuse, Don’t Replace
Today’s throwaway culture is not only damaging to the environment but also costly and wasteful. So, wherever possible, try and get into the habit of reusing items before replacing them.
Upcycling has become extremely popular, and it’s a great way to breathe new life into bulky items like furniture and other home essentials.
26. Maintenance is Worth it
Maintaining the things that you own will pay dividends in the long run, particularly your car. Perform regular oil changes, replace air filters, and check your tyre pressure to ensure your car is in good shape. It’s always cheaper to maintain your vehicle than to pay for repairs.
27. Spend Quality Time with Family and Friends on a Budget
You don’t need to spend lots of money to enjoy quality time with your loved ones. Rather than going out for an expensive meal, why not invite your family and friends for a delicious home-cooked dinner?
You can also arrange countryside walks or picnics in the park, rather than spending lots of money on expensive activities.
28. Use Budgeting Apps
Budgeting apps allow you to save money in many ways while being more mindful of your expenditure. Consider how HyperJar can help you save money and budget and earn rewards on selected purchases. It’s free to download and available on Android and iOS.
29. Walk or Cycle When you Can
Maintaining a car or relying exclusively on public transport is expensive, particularly if you travel long distances to and from work. Wherever you can, look for opportunities to walk and cycle, as you can save on the cost of tickets and fuel.
Walking and cycling are also much better for your health and the environment, so it’s a win-win.
30. Have a Clear Goal and Keep Referring Back to it Often
The key to making the most of all these money-saving hacks is to have a clear goal to stick to throughout the year. You should always refer to your budget and look for ways to save money.
Don’t be scared to change things when they’re not working; involve your partner in your financial planning. Following these saving money hacks, you can undoubtedly save money this year.
There are so many different ways that HyperJar can help you save money, from our Savings Jars to our pre-paid budgeting card. Get started with HyperJar today for free and see how our app can help you achieve your savings goals this year.
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