10 easy ways to save money!
Need to save but have no spare money? Fear not - check out these easy tips to free up some cash and you'll have a healthy nest egg before you know it.
How often have you thought to yourself you'd love to save a bit more money, but every penny of your income is spoken for each month? I'm sure a lot of us feel like that.
But there are ways to find a bit of money to save - it just takes a little planning. Check out these simple tips and see how much you could free up.
1) Bring your own lunch
A sandwich/salad, crisps and drink cost at least £5 per day - that's £1,300 a year. Add on a daily Starbuck's and that's nearly £2,000 you'll never see again. That's more than half your annual Cash ISA allowance!
But most companies provide free tea and coffee. And packed lunches can be quick to prepare, cheap and delicious.
My top tip is to cook a bit extra at dinner (leftover lasagne, spaghetti bolognaise, jacket potatoes and stir fries all work well) pop it in a Tupperware box to reheat at work and hey presto - a lunch everyone will be envious of!
Annual saving: At least £1,300
2) Switch to a better current account
If your current account offers you the grand total of 0% interest on your money, maybe it's time to switch - especially when you realise you can currently earn up to 6% AER with some. Find out how to make mint from your current account.
Annual saving: You'll actually make a few quid in interest
3) Cut your own hair
Eight years ago my husband spent £20 on a set of hair clippers. Prior to this he had his hair cut once a month (at £10 a pop), so by cutting his own he's saved £120 per year - a total of £940 when you deduct the price of the clippers. Not bad!
Alternatively, why not volunteer to be a model at Vidal Sasson or Toni & Guy. Your hair will be cut by a fully supervised student (you'll need to set aside at least 3 hours) but it won't cost you a penny!
Annual saving: £120+
4) Wash your own car
Out of interest, I asked some guys cleaning cars in our supermarket's car park how much they charge and discovered I could pay anything from £5 to £15 depending on what I wanted doing. And although I declined, they weren't short of customers.
Assuming your car needs cleaning once a month and you went for the middle option (£10) that's £120 a year you'd save by cleaning your own car. Better still, why not get your kids to do it?
Annual saving: £120
5) Buy generic drugs
No, not the sort that get you into the weekend newspapers. If you tend to buy brand name medicines such as Nurofen you'll be forking out £2.40 a pop.
But buy the generic alternative ibuprofen and you could pay as little as 32 pence from some pharmacies.
The active ingredient and dosage is exactly the same - but not using fancy packaging or advertising on TV keeps the costs low. And the same goes for most other over-the-counter remedies - antihistamines, cough medicines - even kids medicines like Calpol and Nurofen for Children.
Annual saving: Depends on use but probably at least £10
6) Switch energy supplier
Winter is coming so now's a good time to investigate to see how much you could save by switching supplier.
You should use a comparison website, and don't forget that buying gas and electricity together and paying by direct debit could result in a saving of £350 a year! And if you're new to this switching malarkey, here's a step by step guide to help.
Annual saving: £100+
7) Save on parking fees
Instead of paying £1+ per hour to park in the multi-storey, park in a side street as close as you can to town where parking is free. Then walk in! Not only will it cost you nothing, you'll get a bit of exercise to boot.
Annual saving: £156 (Assuming one 3-hour trip to town per week at £1 per hour)
8) Switch to a cheaper mobile phone
If, like me, you barely use your mobile, don't waste £35 a month sticking to a contract.
Switch to a Pay As You Go (PAYG) phone, top it up by a tenner every month or two and save a fortune. I did. You can even pick up mobile phone SIM cards from Vodafone and Orange for free.
So work out your usage and see how much you could save.
Annual saving: Could be £300+
9) Switch to a better credit card
If you do have credit card debts, consider moving the debt to a 0% credit card for balance transfers. You'll have to pay a balance transfer fee (2-3%) but can get up to 16 months interest free (with the Virgin Credit card) to clear that balance.
Alternatively, if you'd simply like to pay less interest until the debt is all paid off, a lifetime balance transfer card such as the Barclays Simplicity card (which charges just 6.8% APR) could help - what's more it has no balance transfer fee.
And for those without debts who'd like to earn free money as they spend, why not consider a cashback credit card?
Annual saving: Could be £100s
10) Save on nights out
Finally, sometimes we just have to go out and have fun.
But plan it in advance and you can save a fortune. Sign up to Frugal Food and print 2 for 1 vouchers for meals at Strada, Cafe Rouge and Caffe Uno, to name but a few. The tend to only apply from Monday to Thursday but just rearrange your nights out to suit. And kids eat free at Old Orleans.
Plus, find out how to see films more cheaply in nine ways to enjoy movies for less.
Annual saving: Depending on social life, £100+
So there you have it, ten ways to save. Just think - if you followed every tip you'd save over £2,300 in a year (and I haven't even mentioned how giving up smoking 20 cigarettes a day could save an extra £1,300).
So it's worth a go - even one or two changes can free up hundreds of pounds for your nest egg.
Happy saving!
More: The best home for your savings | Ten ways to slash your supermarket spend
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[url=http://www.lovemoney.com/profile/profilehandler.aspx?uid=18110][b]time2go[/b][/url] said 0 recommendations[b]jimlit[/b] - the '[i]absurd benefit argument[/i]' you refer to shows you have little, if any, knowledge of the benefits system in this country. I am pleased that you obviously appear very fortunate in never having to rely on welfare benefits (and before you ask neither have I). The fact is there are plenty of people that would be better off not saving as this can have a detrimental effect on their receipt of state benefits. That is a problem with the Department of Work & Pensions, not my argument. Where exactly did I say or even imply that you should spend [i]'Money on Crap[/i]'?? Suggest you re-read my post. I agree that billyboy121 has a valid point about keeping some savings. However, jimlit appears to suggest that this country's financial problems relate to a lack of savings???- Now that is an[i] 'absurd statement' [/i] The financial problems you refer to I think arise from those financially astute 'professionals' who apparently[i] 'engaged some brain cells' [/i]in lending money to people who would struggle to repay. jimlit-It's also a good idea to engage those brain cells when reading posts to make sure you understand them before posting a reply.
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Time2go, I think you've made a valid point about inflation eating away at savings particulaly given the low rate of interest currently payable, but it's worth remembering that once a pound is spent, it's spent, so even if inflation chips away at that pound at a rate of 2 or even 5% pa, it's still holding a level of value rather than if it had been spent. I'd rather have £2.5k left after saving £3k and watching inflation guzzle it all than have nothing, and as the introduction says this article is for people who 'need to save' after all. I know National Savings and Investments do some inflation proof investments (not recommending them though) and I'm sure other providers do. I did lol at [url=/profile/profilehandler.aspx?uid=14020][b]hsymonds[/b][/url] toilet paper comment, I managed to get my wife to cut my hair until relatively recently, she now refuses as it takes an hour or so and but the local barber is only a fiver - I suppose you just have to weigh up how much things cost and how much effort/time it takes you to do them [url=/profile/profilehandler.aspx?uid=17813][b]jaymie[/b][/url] - you can use grey water (from bath or shower) to wash your car - just use a hose to syphon it outside, can also be used to water your garden in the hot summer months (carefully though, it can't be stored like rainwater can and also is slightly acidic so not all plants will like it all of the time).
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time2go, I fail to see how spending money on crap you don't need is a better hedge against inflation than saving money. That kind of attitude (and your absurd benefits argument), is one of the reasons this country is in such a mess finanically. If you don't like savings accounts then don't put your money there; there's plenty of other assets that are a good hedge against inflation, such as oil. It just requires engaging some brain cells.
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01 September 2009