Saving money offers you so many benefits. You can put money away for a rainy day, invest in a company, have the funds to start your own business, plan for your retirement or make that big-ticket purchase without taking out a loan. Everyone has their own individual reasons for why they want to save in the first place. In addition to what amount you want to save and over what period.
However, one of the most difficult challenges is figuring out how to save in the first place and in which areas you can cut back. Fortunately, we’re here to give you a number of practical tips to help you achieve your goal. One of the best places to start is by using an online utility comparison site such as Utility Saving Expert. This will help you compare gas and electricity prices from various suppliers, and a whole range of insurance products such as car insurance, home insurance and travel insurance etc. By switching to a cheaper energy supplier or moving your car cover provider, you could be saving hundreds of pounds each year.
Internet, TV and Mobile Phone
Other utilities such as internet service providers, TV packages and mobile phone contracts can also be found cheaper by comparing deals online. If your current broadband deal is set to expire, contact your existing provider and let them know you won’t be renewing with them. More often than not, they will match an offer you’ve seen elsewhere to keep you as a customer.
As for TV packages, video streaming services such as Netflix and Amazon Prime Video will offer much better value compared to satellite TV. If you do need live sports, you should also be able to negotiate a new deal with an existing company. After all, they’d rather give you 50% off then potentially lose you as a paying customer.
You also no longer need an expensive mobile phone contract that costs £50+ per month. Phones aren’t improving at the pace they were a number of years ago, meaning more and more customers are hanging on to their existing handset. If you’re happy with your current model, you should get a Sim Only contract. As the name suggests, you will receive a sim card with minutes, texts and data and not a new phone. You can find great value deals between £5 and £20 per month, depending on your usage. If you do need a brand new phone, consider purchasing this outright and pairing it with a Sim Only deal, or using a 0% interest finance option.
If you have built up debt over a number of years, you can still find effective ways of managing this. To start with you’ll need to prioritise the creditors that are costing you the most. What we mean by this is paying off high interest debts first as you’ll actually pay less over a longer period. If you have multiple debts and you’re in financial difficulty, it’s highly recommended that you speak with a qualified financial advisor. They will be able to assess your current situation and present a range of suitable options to help you become debt free. Each solution will have its own advantages and disadvantages and you will be given all the necessary information to make an informed decision. Ultimately, helping you get rid of debt and getting your finances back in check.
We’re very fortunate in the UK that there is tremendous competition between supermarkets. You’ve got Asda, Sainsbury’s, Tesco, Aldi, Lidl and more all competing for your custom. Rather than just visiting one store, it may be worth shopping at at least two different supermarkets to save money on your groceries. For example, some of these offer cheaper fruit and vegetables, whilst others offer lower cost frozen goods.
Council Tax Reduction
If you are living on your own, you should be able to get a reduction on your council tax bill. Local authorities will be able to offer you a 25% reduction on your council tax bill if you’re the only adult in the property.
Home Energy and Insurance
As we mentioned above you can save hundreds of pounds annually by comparing and switching energy suppliers. You can also get cheaper cover on the following policy types:
• Car Insurance
• Home Insurance (buildings and contents)
• Travel Insurance
• Pet Insurance
• Life Insurance
• Funeral Cover
An online comparison site such as Utility Saving Expert will help you find the best deals, in addition to providing you with all the necessary information to help you make the right purchase.
Credit Cards and Loans
We only recommend financial products such as credit cards and personal loans if you really need them. However, you should still be able to get a good deal when borrowing money. Remember to stay away from pay day loans and doorstep loans as these often have the highest interest rates.
The average UK employee spends £200 a month commuting, while workers travelling into London spend on average £400 a month. An easy way to reduce costs spent on trains, buses and taxi’s are electric scooters, which not only save time and money linking A to B, but also help reduce congestion.