Personal Finance

Money-saving tips for all areas of spending

Money-saving tips for all areas of spending

Discover more money-saving tips like the ones below with True Potential Investor’s Life Hacks interactive.

We’re all looking for ways to save money here and there. Often, we cut down on spending by eating less and going out less, but there are areas of spending that you might not have even realised you could be saving on. Read on as we look at the areas of your life where you could be saving cash.

Household bills

Once you’ve found the cheapest energy provider, you might think that you’re spending as little as you can. But, there are some things you can do around the house to maximise your savings even more.

  • Pack your freezer more tightly. This keeps more of the cold air in when you open the freezer and stops it working hard to lower the temperature again.
  • Get yourself a smart meter. This is a great way to monitor your spending and see which areas of the home are costing the most to run.
  • Turn your oven off 10 minutes before you’re finished cooking. Your oven stays warm for a long time, even after it’s been turned off.
  • Cut your shower time! Showering for five minutes instead of fifteen could save you almost £100 per year.
  • Save on car insurance by buying your policy 21 days before the start date, after this the price usually increase. Save £550 per year by following this tip.

Grocery shopping

Apart from grocery shopping when you’re hungry, what else can you do to save money on your weekly shop?

  • Buy non-branded pharmaceuticals. Many of them have the same ingredients as the branded alternatives, but you can save almost £35 a year by doing this.
  • Create a meal plan before you head out shopping. Sixty percent of people who take a shopping list to the supermarket said it saves them money.

Banking and investing

Switch up your banking and investing habits to spend less and save more.

  • Look into transferring your pension. There might be a better suited pension provider to meet your needs, but always beware of expensive exit fees.
  • Switch your current account. A lot of banks want your custom and offer start-up deals where you can get cash or signing up and staying loyal.

Leisure spending

You don’t have to stop going on holiday and dining out to spend less money, follow our top leisure money-saving tips below.

  • Fly out on a Friday. By beginning your holiday at the end of the working week you could save £65 per year.
  • Pack sensible. Choose to take only hand luggage and save yourself up to £143.94 per year!
  • Book the wrong date. Ever heard of a flexifare? This is where you can book a term time fare and swap it for a school holiday date if the flights are available — make sure you do your research first, though.

Discover more money-saving tips like the ones above with True Potential Investor’s Life Hacks interactive.

Sources

https://www.express.co.uk/life-style/life/985965/martin-lewis-money-saving-expert-mse-painkillers

https://www.theguardian.com/money/2018/jan/27/car-insurance-premiums-rose-costs

https://www.uswitch.com/energy-saving/guides/5-lifestyle-hacks-to-save-energy/

https://www.bobvila.com/slideshow/slash-your-electric-bill-with-11-savvy-hacks-48497#efficient-fridges

https://www.express.co.uk/life-style/life/755367/money-saving-tips-electricity-bill

https://www.moneyadviceservice.org.uk/blog/five-ways-to-save-at-the-supermarket

https://www.uswitch.com/energy-saving/guides/fridges-and-freezers/

https://www.theguardian.com/money/2017/sep/25/how-to-save-money-on-your-shopping

https://www.vouchercloud.com/resources/lunch-at-home-research

https://www.telegraph.co.uk/travel/comment/how-airfares-have-fallen-since-golden-age-of-flying/

https://metro.co.uk/2017/05/13/how-far-the-average-british-tourist-travels-every-year-6635197/

https://www.skyscanner.net/news/tips/expert-tips-for-snagging-a-cheap-flight

https://www.statista.com/statistics/304108/number-of-passengers-on-united-kingdom-airlines/

https://www.skyscanner.net/news/7-ways-beat-easyjet-cabin-baggage-rules

Your capital is at risk. Investments can fluctuate in value and you may not get back the amount you invest. Past performance is not a guide to future performance. Tax rules can change at any time.