10 Top Saving Tips

Ever wondered how to give your savings a boost and have some money set aside for life’s unexpected bills? Use these quick and quirky savings tips that can accelerate your savings and help you put money aside. These smart shortcuts could help you think differently about money and make it work harder for you.

Below our top 10 tips, why not see which ones can save you the most over a year.

1. Try a ‘no spend’ weekend
   Set yourself a ‘no spend weekend’ – one every month if you can. Do activities like going for a walk, movie night, play board games or go on trips to free places like museums.
2. Take the 1p savings challenge
   This is all about saving over a year. Transfer into a savings account one penny on day one, 2p on day two, 3p on day three and so on. After 365 days you will have saved over £650.
3. About to buy? Try and save the sum first.
   Next time you want to buy yourself a treat – a new dress or shirt say – make yourself save for it first. Do you need that £3 morning coffee or make a few veggie meals until you save the money to treat yourself.
4. Put strangely shaped veg in your supermarket basket
   Odd-shaped vegetables are often discounted because people don’t like the way it looks. If you are chopping them up or quite happy to have veg in different shapes and sizes then it’s an easy saving. PS some kids love odd-shaped food so a good way to get them to eat vegetables too.
5. Buy lost goods and seized items by the police at auctions
   Police forces end up with lost or seized items they can’t use or return so sell them at auctions. Items can offer wildly – bikes, toys, electrical items etc. Search for the nearest auctions to you, you may be surprised at what you can find.
6. Don’t pay for insurance premiums monthly.
   Monthly insurance premiums look affordable but many firms charge interest if you split the pay over the year. This can add an extra 10% on to your premiums – that’s £50 if each year if your car insurance is £500. Pay upfront if you can.
7. Check your tax code
   Always double check your tax code and you are paying the correct tax. You could be paying too much or if too little then be hit with a hefty bill. Millions of people pay the wrong tax every year.
8. Can you pay an extra £50 per month on your mortgage?
   Overpaying by a little each month on your mortgage could chop years off the term and save you thousands in interest. If you owed £100,000 at 3% – roughly that is £470 per month for 25 years. If you paid an extra £50 you could save over £6,000 in interest.
9. Shopping online? Get paid for it.
   Always try cashback sites like Topcashback or Quidco. You shop via these normally but some retailers give a discount back to you as cash from your chosen purchase. There are big savings to made for insurance products and TV packages too.
10. Pay off your pricey debts as a top priority
    Make sure you pay any debts in order of the highest interest rate. For example if you have a credit card with a balance of £1,000 at 18%, this will cost £180 a year in interest. At the same time you may have £1,000 in savings earning 1% interest, giving you £10. Pay off the card with your savings and you will be £170 better off.
    Yes, that slightly goes against our savings philosophy but the savings of interest is more beneficial in the long run.