We all have savings goals, whether it is a new shiny car, house deposit, or dream vacation. Many of us will spend money that isn’t necessary, which can be used to buy a house deposit or a vacation. Express.co.uk asked finance professionals for their best tips on how to save money quickly.
Phil Foster, chief executive officer of Love Energy Savings, recommended that you take energy costs into account when saving money.
Foster stated that “one, and often overlooked, factor people overlook when trying to save their money is their electricity bills.”
Although most people don’t turn up heating in the summer months, when we feel the winter chill coming on, our energy bills can skyrocket if we do.
You can reduce your energy bills by planning ahead, switching to a lower-cost deal before winter freeze hits.
It’s important to choose the best energy deal, especially with the UK energy price caps set to rise by PS139 in Oct 2021. These extra savings will be a blessing in your life.
Reducing food waste
Many of us throw food away every week, and our hard-earned money. This doesn’t need to be true.
Express.co.uk was told by Annabelle Williams (Nutmeg’s personal financial expert), that food waste is a major problem in British homes. Many people end up throwing away foods they have bought.
Take a look in your freezer and kitchen cabinets to see what you can use.
Write down the things you want to do with random containers of sauces, bags of rice or frozen peas.
Then, create a weekly meal plan and go to the store for all the necessary ingredients.
Increase your cash reserves
Round-ups are an option in many banking apps. It is a simple way to increase your savings.
Express.co.uk was told by Anthony Morrow (co-founder) of Open Money financial advice platform: “One good tip and mentality to use when saving is to add up the numbers.
For example, you could buy a coffee at a cafe for PS2.70 using your debit card. You can then add the extra 30p to a savings account.
This service is offered by many banks and app. If you don’t have access to this, add the amount over the week, and then deposit it in your savings account.
You should commit to spending zero for all periods
Morrow said that by committing to zero spending once per week, “you’re held accountable for your spending and actions.”
He said, “Set yourself an objective and make a commitment to spending no money for a single day.
It will be easier if you keep doing it.
Publiated at Sun, 12 Sept 2021 11:07.38 +0000