General money saving tips only work when you take advantage of the recommendations. But which thrifty hacks are most effective? The simple answer is: Whichever approaches leave the most money in your bank account. And that’s different for everyone, so you may strike out a few times before latching-on to savings strategies that work for you. The good news when trying to save a little money; even cash-conscious moves that don’t pay big dividends for you may still help you get a better handle on your finances.
If your household finances need a tune-up, but you’re not sure where to start, these proven money saving recommendations may help. Wade-in slowly, try them all, or add your own creative saving techniques, to find better financial health at home.
Stop Wasting Food
It is thought UK households waste more than £450 on food each year. In households with children, the figure may actually be closer to £700. If the data is accurate, it means controlling food waste alone can save you as much as £60 every month. A few changes may be all that’s needed to reduce waste and better account for your food spending.
- Shop Your List – Impulse buys at the supermarket can end-up unused. If you’re one to overbuy perishable products, commit to a list for each shop, and don’t be lured by items you didn’t plan to buy.
- Plan Meals – Busy family life can make it difficult to bring everyone to the table at once. Too often, this results in impromptu meals, which can result in food waste. Planning a menu not only helps you save money at the market, but it reduces food waste, by taking the guesswork out of the kitchen. For flexibility and convenience, focus on foods that hold-up as leftovers, so the lot is consumed before turning bad.
- Use Your Freezer – Instead of giving up on fruits and vegetables that lose freshness, salvage them by freezing them for later. Dropping fruits and veg in the deep freeze may sacrifice their crisp texture and bright color, but pureeing or stewing them before freezing makes it easy to incorporate the foods into your favorite dishes. Leftovers can also be preserved in the freezer; it’s better than letting your efforts and spending go to waste.
Shop Interest and Insurance Rates
Your cost of cover may be higher than it could be. And if you don’t take the time to compare lenders, it’s easy to fall in to bad deals, paying higher interest rates on loans than you have to. Whether you’re in the market for short-term finance, with bad credit, or eager to impress mortgage lenders with your strong credit file, resources are available, providing online comparisons of various lenders. And when it’s time to renew your car or house cover, checking-in with a few different providers can yield surprising savings on insurance.
Use Coupons and Cashback
The retail marketplace is competitive, so coupons and cashback offers are commonly available on a wide variety of consumer goods. This works to your advantage, but only if you utilise available promotions. In this case, you get back what you put in, so the more effort spent uncovering buys and following through, the more money you’ll save. Great savings sources include:
- Store magazines with coupons
- Cashback websites
- Loyalty programs
- Printed supermarket receipts
- Smartphone apps
- Price guarantees
Frugal tactics help countless UK families keep pace with their spending obligations. While tips and tricks for affordable living are widely shared online, you won’t save a single pound until you buckle down and follow through for savings. You may not make deep spending cuts with each approach, but these and other techniques can help you save money and uncover additional opportunities to stretch your income.