Most people nationwide aim to have some money saved away for a rainy day, or in preparation for the future, but in 2019 the number of people with a substantial number stored away is dwindling. It is estimated that almost a third of 35-44-year-olds have less than £100 stored away, and the Independent reported last year that a quarter of British adults have no savings at all, living paycheck to paycheck.
Looking for some top tips for saving money? Here is a selection of different ideas that you might want to try, helping you to become more financially stable and giving you added peace-of-mind for the future.
Being energy efficient
Energy bills and payments are one of the biggest monthly outgoings, draining a significant number of what you earn, and they can be a real restriction when thinking of how to save money each month. Start by assessing whether you’re paying too much for your energy bills, and consider switching to a different supplier if they can offer a better rate. Plenty of energy switching services exist nowadays to simplify the process. Don’t feel bad about leaving a provider you’ve been with for many years, as loyalty often won’t get you very far, and often new customers reap all of the rewards. This same rule applies for broadband and television packages, so do some research and figure out if you’ve been paying too much!
Losing or wasting energy is another common issue, particularly among traditional homes with outdated materials or insulation. As you start to ramp up your heating in the cold winter months, consider upgrading your homes’ insulation or windows (e.g. Single pane to double pane) in order to ‘keep the heat in’ and spend less.
Top tips for saving money – ‘Vampire Energy’
In the lead up to Halloween, there is also no better time to rid your home of ‘Vampire Energy’ – a term reported on by This is Money as one of the biggest culprits of energy waste, and occurs where appliances are connected but dormant. A lot of people assume that when appliances and electronics are not in use they will not use or require any energy, but this surprisingly isn’t the case.
They haven’t got slick black hair or sharp, bloodsucking fangs, but phone chargers are among the main offenders. A lot of us keep our phone chargers plugged in 24/7, even when not connected to anything throughout the day, but it has been reported that this little omission can rack up around £80 a year in unused energy. Televisions and general appliances on standby mode are also said to be costly. To combat this, turn off your appliances at the wall, and unplug them when not in use.
Everyday money-saving tips UK – Smart meters
With the government putting increased emphasis on energy companies to try and get customers to convert, smart meters are becoming more and more common in homes throughout the country, and they’re something that you might also want to think about getting if you haven’t already. The jury is out on whether smart meters actually save you any money on your energy bills, and in fact many people say that they don’t, however, the great benefit to these devices is in the awareness they give you in what areas you’re using the most energy, allowing you to then regulate where you’re wasting energy and save yourself money in the process.
Top tips for saving money – How to save money fast
Don’t have time to put your money away for long periods in savings accounts, and need to build up funds quickly? Depending on how much want, you could open a short-term savings account (online banks typically offer the best interest rates), or maybe look into a short term investment strategy, if you’re clued up on a certain market. Another thing you could try is having a clear out/declutter in your home, and selling some things that you don’t need anymore online for some quick cash.
If you feel like making an impulse purchase, or have something in mind that you want to get for yourself as a treat but don’t necessarily need right away, some say one of the best money-saving tips is trying a 30 day rule, where instead of buying the thing you’re looking at you put the money to one side and wait a month. If in a month’s time you decide you still want to buy, then go ahead, but if you’ve changed your mind, you’ve then got that money to put into a savings account.
This might be a bit of a stretch for some people, and at the end of the day you should have the choice to buy things that you want for yourself, but it’s a good way of training yourself to control impulse spending, and getting into a savings mindset with long-term gain rather than short-term pleasures.
Budgeting tips to save money
One of the best money-saving tips you can receive is budgeting. Keeping a watchful eye over your spending, and being actively considerate of everything leaving your account will be a great help in the long run, and you’ll find yourself with more money to play around with fairly quickly if done properly. Once you’ve figured out exactly what your outgoings are each month, you might want to segment and categorise your earnings further to make sure you don’t overlap and spend too much in one camp, or too much in the other.
A great goal to strive towards when saving money initially is building a cushion or buffer. This is a bed of money saved away for emergencies; a rainy day fund that can give you peace of mind should an unforeseen issue (such as a car breakdown) emerge.
One of the best budgeting tips to save money out there, this savings method is perfect for those who have dependents, or who work in a freelance position where the payment structure is not consistent. Having to survive on pennies towards the end of the month is a worrying feeling that can play on your mental wellbeing too, so it’s a good idea for anyone to have in place generally.
Money-saving tips UK 2019 – What are the nation’s favourite ways to save money?
Struggling for inspiration on money-saving strategies and ideas? Here are a couple of the most popular everyday money saving tips UK wide:
- Mobile phones are almost an essential piece of kit nowadays, and it is estimated that over 90% of people under 50 own smartphones, and 95% for 16-34-year-olds. Most people pay for their phone on a monthly contract, paying off the handset and then their sim tariff with interest, and while it’s convenient getting to pay over an 18 or 24-month contract, it can add up to be quite a bit more expensive. You might want to consider getting a SIM-only deal from your provider, and then buying your phone outright if you can, or getting it on finance/interest-free finance separately. This can save you a decent amount of money in the long run and gives you the freedom to do what you want with your phone when you come to upgrade.
- Being savvy with your weekly shop, and visiting multiple stores to efficiently minimise how much your spending on food, is a popular tactic among British people, particularly those with big families and plenty of mouths to feed! Shop around for where is the cheapest for each item, and plan your meals out for the week ahead to avoid buying food out, which can quickly add up.