Top 10 Money Saving Tips

1. Reduce your energy costs 

Energy costs are still on the rise and due to the supply issues most suppliers aren't offering fixed rate deals which means that it isn't as efficient to switch suppliers 

One thing that you can do to keep your bills as low as possible, is be more energy efficient, here are some tips;

• Close your curtains earlier in the evening, this will help to keep the heat in for longer.
• Switch your lightbulbs to energy efficient LED bulbs.  This could save you around £65 per year according to the energy saving trust.
• Wash clothes at a lower temperature, most detergents work just as well on a cold wash.

For more energy saving tips check out our recent blog - 7 Energy Saving Hacks

2. Cancel unnecessary commitments

Have you checked your direct debits and standing orders recently.  Many people are paying for services that they no longer use and have forgotten about. Check your banking and ensure that you know where every penny is going.  If you don't use it, cancel it.

3. Waste less food 

Did you know that research shows almost three quarters of what we throw away is edible.  Make a conscious effort to only buy the food that you need and waste less and you could save a fortune.  

There are many ways that can help you to reduce waste, here's some tips 

• Make a shopping list before you go shopping.  We use our Alexa for this, we all update it with the items that we need throughout the week just by asking Alexa to add to shopping list, then we can access it from the Alexa app and check items off whilst out doing the shopping
• Try not to shop when hungry.  You're more likely to impulse buy if shopping when hungry,
• Try recipe boxes e.g. Hello Fresh, Simply Cook, Gousto.  This way you will only receive the ingredients that you need to cook the meals that you have selected.  There's also lots of discount codes available online so check first before signing up.
• If you do online shopping use the supermarket recipes for meal inspiration.  Did you know that most supermarkets have lots of recipes on their website, once you select a recipe you can then select add ingredients to trolley so that you only purchase what you need (Don't forget to remove any that you already have on the list first)

4. Check that you're on the right tax code 

Millions of people pay the wrong amount of tax each year so you should always check that you are on the right tax code, this is set based on your Personal Allowance (how much you can earn before paying tax) and could vary depending on your level of income or other factors.  If you are not on the correct tax code it could mean that you end up paying too much tax or too little and end up with a hefty bill later on. 

5. Check if you're eligible to make a claim for marriage allowance

If you're married or in a civil partnership you may be eligible to claim marriage allowance..  There is estimated to be over 2 million eligible couples in the UK that are missing out.

A qualifying couple can transfer 10% of the personal allowance and save over £250 in tax.  Claims can also be backdated up to 4 years meaning that you could be entitled to over £1,200.  Check now before the end of the tax year to possibly gain an extra year.  

6. Switch bank accounts and get free cash 

Many banks offer incentives for you to switch your account to them.  Some banks are offering up to £200 and its quick and easy to do with the bank doing most of the hard work.  

Most, if not all deals will come with T's & C's so ensure that you read these and check that you are eligible.  Some common ones are a set amount of income into your account each month or a at least 1 direct debit,

7. Use cashback sites

Cashback sites reward you for shopping with retailers.  Cashback varies by retailer and can range from for retailers like supermarkets to large fixed amounts for utilities e.g. broadband or car insurance.

You purchase your products/services as normal via their own website but you first visit the website via the cashback site, the cashback site then tracks your visit and once your order is confirmed they will register the cashback into your online account.  If used regular you can save hundreds each year.

Some of the cashback sites that we use are Top Cashback, Quidco and KidStart.  Each site usually has different cashback amounts for each retailer so it's best to compare the best offer before making a purchase.  

8. Shop around for the best deals

Avoid impulse buying and shop around for the best deal.  I like to make sure that I'm getting the best deal possible so if I spot something that catches my eye, I always take out my phone and quickly check online to make sure the price I'm looking at is the best price. 

A recent example of this was when shopping for trainers (Nike Air Max 270's) at Christmas.  On the shelf they were £145 but a quick google search revealed that the same store we were stood in was selling them online for £105.  I asked the assistant who first said they couldn't match online prices so i asked for a manager who agreed that they would, saving me over 20%.

Sites like Google Shopping, PriceSpy and Pricerunner are great for quickly comparing prices.

If you have a product in mind that you would like to purchase you can keep an eye out for any deals using websites like HotUKDeals.  Here members share deals from all over, you can create alerts for anything you like and when the product is mentioned in a deal you will be notified 

9. Use discount codes

When shopping online there are always boxes at the checkout to enter promotional/discount codes.  If they have a box the chances are there's a code out there somewhere.

I always have a quick check online prior to completing my purchase using VoucherCodes or HotUKDeals.  You can also look on social media, you'll sometimes find them in a companies tagged posts from other users.  

10. Be prepared to haggle