Whether money is tight or you’re saving for a rainy day, getting a better handle on your finances is always a good idea. Our top tips offer simple ways to help you cut costs and make savings.
It’s easy to lose track of your finances when life’s busy, but giving your finances an overhaul and taking a fresh look at your income and outgoings can show you where you can make simple changes that can make your finances healthier.
Get brutal on expenses How often do you review your direct debits? If we’re honest, most of us set them up and forget about them, but taking a closer look can throw up some surprising savings opportunities – like the gym membership you never use but are still paying for. Or the online subscription that seemed such a good idea but languishes forgotten. Be brutally honest – if you’re not using it or not using its full value, then cancel it and save your cash.
Be tough on your other regular outgoings too. Do you need to buy lunch every day, or could you make something just as tasty? By cutting out that coffee you buy on the way to work, you could save around £650 each year. It all adds up.
*(Calculation Flat White coffee at £2.50 per day x 260 working days)
The daily commute can be expensive, but you can help reduce your travel costs by planning ahead. Even something as simple as checking where the cheapest petrol is in your area
The petrol prices website can help you save every time you fill up. Petrol Prices website (opens in same window)
The cheapest train tickets are released by rail companies 12 weeks in advance, so if you’re planning a trip, it’s worth making a note. What’s more, splitting tickets rather than buying a standard return, can save you up to 80 per cent on journey costs and there’s a handy website to make it even easier. Rail Easy website (opens in same window)
The internet makes shopping around for the best price really easy. Whether you’re looking to buy large ticket white goods, furniture or services, doing a bit of research can save you a significant amount of cash.
As well as your own research, there are a number of price comparison sites that can make shopping smart even easier.
Don’t be afraid to haggle
We’re not known as a nation of hagglers, but increasing competition amongst retailers both on and offline means that it really is a buyer’s market. Brands want your business, so don’t be shy. If you want a discount or extras, you’ve nothing to lose by asking and you might just be surprised by the amount you can save.
In a recent survey by The Telegraph, high street stores most open to haggling, included Currys/PC World, John Lewis, Tesco and Asda.
By following these simple tips, you can save money and strengthen your finances.