Thrifty hacks are popping up everywhere, helping UK consumers make ends meet. While some of the ways people save cash are common, creative money-saving methods are also emerging. In fact, you may have your own go-to savings strategies that other frugal families haven’t even heard of. If you don’t already benefit from the reduced spending hacks listed here, add them to your repertoire and start saving money today.
Spend Less on Clothes
Clothing serves a dual purpose for most wearers. In addition to protection from the elements, clothes fuel people’s sense of fashion. Unfortunately, even if you don’t buy the most expensive designer labels, it’s easy to spend a lot of money on clothing. Three money-saving moves can help you trim spending, without sacrificing your sense of style.
- Make Repairs – Modern consumption-driven lifestyles can promote wasteful spending, prompting people to part with gently-used articles of clothing that are flawed or damaged. Instead of discarding clothes when you lose a button or snag a thread, stretch your money by repairing the garments. Even if your hire repairs, it may be more affordable than replacing quality wearables.
- Embrace Timeless Classics – Fleeting fashions fall in and out of favour, putting pressure on consumers to follow evolving trends with steady spending. Unless you have the financial resources to continually replace your wardrobe, it makes sense to embrace classic styles. Timeless, conservative garments keep you clothed for the long haul, and when fashions shift, it’s easy to incorporate a few fresh, new pieces, without breaking the bank.
- Look for Deals at Charity Shops – Shopping second-hand doesn’t appeal to everyone, but you can save a lot of money buying clothes at charity shops. Your money also goes to a good cause, so you can feel good about your shop.
Shop Bargain Bins
The retail cycle relentlessly marches forward, quickly replacing dated items with new versions. The turnover is particularly brisk at the supermarket, where sellers struggle to make sales before perishables lose their luster. You can use the sales cycle to your advantage, by shopping from bargain bins at your store. You may even be able to identify pricing patterns, so you know exactly when to expect markdowns.
Although it isn’t the daily ritual seen at food stores, other types of retailers also rotate goods on a regular basis. Seasonal merchandise, for example, is marked down to make room for the next wave of timely goods. Although you may not use the items until the following year, shopping during the off season can yield savings of more than 50 per cent.
Utilize Affordable Credit Alternatives
The price you pay for financed purchases only represents a portion of their overall cost. To work out the total amount paid for an item you must also account for the expense of financing, including interest charges, loan origination fees, and other costs associated with borrowing. When short-term financing is needed, valuable web resources can help you identify affordable finance terms from payday providers offering loans without credit checks. And when you need a mortgage or instalment loan, comparing interest rates and loan conditions can save you substantial sums on the cost of origination and repayment.
Turn Off the Lights
Energy conservation is socially responsible, and it’s also a big money-saver. From minding your thermostat settings to maintaining economical motoring habits, each energy efficient effort reduces spending. Creative solutions push savings higher, but you can make a difference by committing to simple strategies such as unplugging electronic devices when they’re not in use and putting out the lights when you leave the room. Using energy efficient bulbs and lighting fixtures makes a big difference reducing annual energy costs, and even watching TV with the lights off has a positive effect.
Creativity and commitment are the only things standing between you and the savings strategies that can turn your finances around. Don’t delay, save today, using these hacks to reduce spending and lead a thrifty life.