Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
3 November 2017

Day to Day Money Saving Tips

Many people are truly surprised to discover that there are a multitude of money management, budgeting tips and ways to make small changes in everyday living that can save money and can go a really long way in the short and long term to help people become a lot more money efficient, responsible and savvy at times.

From things you can do at home with and without children to easy changes that can be made at work and when out, there are a variety of little changes that often go a very long way and can actually potentially save thousands of pounds per month and per year on a regular basis. Stepstone Credit is a great way to help improve a previously tarnished credit score and adding some of our top ways to save money along with the use of our credit tool is likely to prove a powerful combination for your financial future.

Stepstone’s Top Money Savers

More often than not, saving money starts at home and therefore, it can be crucial to adapt some, even if not necessary all of our money saving practices. 

Fill your car with petrol when it is cooler (evening or early morning) – You get more for your money as petrol expands in the heat.

Not Going Food Shopping When Hungry – Write a shopping list and stick to it, ensuring you are not hungry when going to the supermarket and don't be tempted by extra snacks. Rather, buy what is truly needed. 

Live Out of Your Food Cupboard and Freezer – Try this for a week instead of going shopping. People often find themselves amazed at what delicious meals can so easily be pulled together. Additionally, if drinking more than one cup of coffee or tea, boil the kettle once and then put the rest of the water in a flask to keep warm until you are ready for your next cup. 

Swapping Lunch for a Holiday –  It only takes a few simple calculations to work out how this is done. If for example, you spend £5 per day on lunch, this equates to just over £1,000 over a 10-month period. Pack a daily lunch and you will have enough for a short break quicker than you might think. Also, using a sandwich box for lunch instead of bags, foil or other wraps can save a few pounds per month quite easily.

Cashback – When shopping online, always check if you can receive any cashback on purchases (popular cashback websites include Quidco and TopCashBack). You will be surprised at how much money you can get back, even on smaller purchases. 

Use Cash Rather Than Your card - It is well proven that people are less likely to buy something when paying in cash than by card. Cash is deemed to be scarcer to the general consumer and something people will try and conserve.

Amazon Price Checker – This is used to keep an eye on the price of something that you are after. You can set it to alert you when the item is reduced to a certain level. 

Sort Out Utilities in the Summer Months – Plumbers often offer discounted rates during summer, so it is a good time to get your boiler checked out and working efficiently in good time for the cooler months. 

Collect Coins – Make a commitment to saving all of your coins and loose change in a money jar which cannot be open until its full. Collecting just £3 a week will leave you with £156 a year.  

Waste Less Food – Make better use of your freezer and freeze things like meat and bread, if you don't think you will use them before their use by date.  Herbs are great frozen too and you can add them straight to your cooking from the freezer. It is estimated that the cost of wasting food is around £470 a year for families without children and up to £700 a year for those with children. 

Switching off Appliances – Doing so at the plug instead of leaving them on standby saves more energy and therefore money. According to the Energy Savings Trust, by being more energy conscious a typical UK household could save up to £80 per year.

Walk – This is not only good for your health and wellbeing, but is also good for your bank balance.  if your commute to work is only a mile or 2 make a commitment to walk to work instead of driving. The average person could save up to £400 per year if they choose to walk instead of driving the journey to work or school. 

Turn the Heating Down – According to the Energy Saving Trust by turning your thermostat down by just 1 degree could cut your heating bills by up to 10% and save you around £85 a year. 

Mindfulness in the Kitchen – By using a bowl to wash up instead of running the tap, you could save up to £30 per year.

Re-think your Lighting – By replacing just one of your lightbulbs with an energy saving or LED lightbulb can cut lighting costs of up to £35 a year. By turning off lights when they are not in use can save you even more - an additional £13 a year on your energy bills. 

Additional Savings

Say goodbye to brands (or at least some). A good way to save yourself a small fortune is ditching some of your branded goods for non-branded equivalents. It is often the case that non-branded goods are just as good if not identical to the name brand. Even if you replace just one of your branded items on your shopping list to a non-branded item this can go far. 

Open a ‘fun fund’. The idea is to have a set amount of money that can be automatically transferred into your ‘fun fund’ once a month to then be used towards enjoyable things such as going out for a nice dinner, going on a weekend break or splurging on that gorgeous pair of shoes that you have had your eye on - all guilt free. 

Start a simple saving plan by saving every £2 coin that comes into your possession. It is a simple strategy that doesn't require a huge commitment.  You can easily do the same with £1 coins or even £5 notes if you are feeling flush.

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Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk