Saving money, or getting more out of our money, is something that regularly enters the minds of the UK population. Whether it’s to secure a bargain or out of necessity to meet another expenditure, adapting your spending habits can make more of a difference than you might expect.
Society today is geared towards impulsive purchases, which, while it may give you that short-term dopamine hit, can take its toll on your wallet. Here are some simple steps you can take to adopt a more refined approach to spending money.
Use Price comparison websites
Price comparison websites can make life ten times easier. Whether you’re searching for car insurance, a new phone provider or flights for a holiday, they can lay out all the information you need to know.
With all this insight at your disposal, you can secure the best deals when spending your hard-earned cash.
Buy in bulk
This is a concept used by many businesses, so there’s no reason why it can’t apply to you as well. It might include buying items like toilet roll en masse, however it can apply to food too.
When you batch cook, it means you can make more meals out of fewer ingredients, allowing you to freeze portions to eat later in the week. Not only will this save you money, but it will save you time too.
Look out for discounts on train travel and loyalty cards
Loyalty cards and discounts are an age-old way of saving money when you purchase goods and services. Lots of UK high street stores offer loyalty cards, which can help you seek out the things you need at reduced prices. However, you can save on services too.
If you’re planning to travel somewhere by train, for example, it’s well worth checking for discounts and offers. You can get 34% off your ticket price with GroupSave with Gatwick Express, which means that you can save by traveling with friends, family or colleagues. On top of this, you can seek out cheaper tickets by travelling at off-peak times, or by booking in advance
Turn everything off
This is something many households have adopted during the wintertime in light of bills being sky-high. Your electricity bill will be amongst one of the largest recurring expenses, so taking the time to minimise this wherever possible will be hugely beneficial.
Turn electrical devices off completely and ensure they aren’t left on standby, as this still uses energy. One way to handle this is by turning devices off at the wall.
Set a budget
There are several online budget planning tools you can use to get started with this. The premise is to break down your outgoings and income into certain categories. From there, you can identify any ‘problem’ areas you may want to cut back on.
You might see that your monthly subscriptions are suspringly high, prompting you to switch providers or services. This might include anything from the gym you attend to the Wi-Fi provider you use. Getting into a routine where you track your spending, perhaps with a money tracking app, will help you gain greater clarity over your outgoings.