15 simple ways to save
These days, it's fashionable to be frugal, Primark is the new black and everyone who's anyone has a wallet full of discount vouchers.
However, you don't have to live the life of a pauper to rein in your spending. Here are 15 simple ways you could help your hard earned cash to last a little longer.
1. Switch your energy supplierIf you've never switched your energy supplier or haven't done so recently, you could save up to £391 on gas and electricity this year.
One of the easiest and quickest ways to switch is by using an online service such as BeatThatQuote.com's utilities tool.
2. Go green
Being energy efficient will not only help the environment; it could also ease the strain on your budget.
Following simple measures such as using energy saving light bulbs and remembering to turn the lights off when you leave a room should help to reduce your energy bills.
3. Don't double up on cover Before you take out a new insurance policy, ensure it doesn't overlap with your existing cover.
For example, an ‘all risks' addition to your home insurance policy will usually cover your belongings when you take them out of the house, so if you have this in place you're unlikely to need additional handbag insurance.
4. Lower the price of your premiums
Most insurance companies save their most competitive deals for new customers.
Therefore, if you're about to renew a policy, it's crucial to shop around and compare a range of different deals.
5. Break bad habitsIf you quit smoking, you could immediately save £5+ a day by not buying cigarettes.
Giving up may also mean your life insurance, private medical insurance and even home insurance premiums decrease. Typically, you'll begin to see savings after being smoke-free for a year.
6. Pay less interest on your plastic If you have old, expensive debts, try shifting them to a 0% balance transfer credit card.
These clever cards eliminate interest payments for a set period of time, allowing you to beat down your balance more quickly and cheaply.
At 16 months, the Virgin Credit card currently offers the longest 0% deal on the market.
However, if you suspect you won't be able to repay what you owe within the offer period, you might be better off opting for a long term low rate deal or personal loan instead.
7. Plan less interest on purchases
If you find yourself facing unforeseen costs, a 0% purchases credit card could help spread the cost of your spending at no charge. You won't have to pay any interest on your new purchases while the 0% offer lasts.
However, always ensure you repay your debt before your 0% deal expires. If you don't, you'll face hefty interest charges once your time is up.
8. Make more than the minimum repayment
If you only ever pay the monthly minimum repayment (MMR) on your plastic, it could take you years to clear your balance – as I explain in this article.
However, if you maintain your repayments at an affordable level and do not let them depreciate over time, you'll repay your debt much more quickly and save a packet in interest.
9. Investigate your payment method
Investigate whether you could save money by opting for online billing with your energy or phone provider.
It can also be cheaper to pay certain bills by direct debit. Some companies, such as energy suppliers, offer a discount in return for the security of knowing when you'll pay them.
10. Bag a better broadband deal
If you haven't shopped around recently for a broadband deal, you may be paying more than you need to.
Assess your internet use. If you're not a regular downloader, sacrificing some speed and accepting a download limit could help you pinch some pennies.
It's also worth checking to see if it would be cheaper to combine your broadband package with your telephone or cable costs.
11. Claim what you can
Make sure you claim any state benefits or tax credits you're entitled to. You can find out more on the directgov website
12. Cut your travel costs
Before you jump behind the wheel of your car, think about whether it would be cheaper to use public transport or walk instead.
If you must use your car, there are simple steps you can take to drive down your car costs.
If you regularly use public transport, ensure you are claiming any discount you're entitled to.
For example, if you're a frequent rail traveller and are between 16 and 25 it is well worth investing in a young person's rail card. Despite the initial outlay of £26, you could save a third on all your rail fares for a year!
13. Don't waste food
One of the simplest ways to save money on your weekly food shop is to reduce the amount of food you waste.
Plan in advance what you'll be eating each week and make a shopping list. This should help you avoid buying more of what you already have.
14. Shop and save online
Shopping online is a quick and easy way to save on everything from clothes to cookware.
Smart sites called ‘shopbots' can scour the web for the lowest prices on the things you want, and there are often discounts codes and vouchers available online that you can't get in store.
15. Cut down on luxuries
Finally, the old methods are sometimes the best when it comes to saving money: cutting back on how many luxuries you buy yourself could help to keep more pounds in your pocket each month.
I recently kept a spending diary and found out I was blowing over £600 a year on coffee! Yet, by simply exercising a little self control and only have my morning latte once a week, I realised I could save a whopping £530 a year!
**This material is for information purposes only and should not be considered financial advice. We strongly encourage our readers not to rely solely on this content, but to seek independent advice when making financial decisions.**
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