How to save money fast
Saving can seem like a daunting task when you’re starting from scratch. It can also be frustrating if you have savings but they fluctuate as you sometimes have to dip into the pot. Does it seem like everyone else knows how to save for their house deposit or has enough cash for a holiday? We're here to help with the following tips, tricks, hacks and swaps.
10 ways to save money fast
First of all, find out how much you can afford to save by working out your disposable income. Find your disposable income by taking bills away from incoming wages or salary. This is money you'll now have for spending and saving. Being smart with your disposable income can make a positive impact on your savings.
Three everyday swaps to save the money that you don't even realise you're spending.
Swap flat whites for a flat deposit
A coffee won't seem like much when it’s only a couple of quid. But, this could add up to more than £15 a week and £60 a month if you’re indulging in a caffeine hit every day. Swapping your cappuccino for homemade coffee could save you over £700 a year.
Swap meal deals for mortgage applications
Avoid buying your lunch everyday whilst you're at work. In the same vane as coffee, £3 a day doesn't seem much but it soon adds up. Try making evening meals with leftovers for lunch or whip up a sandwich from your weekly shop.
If you’re a meal deal addict as well as a coffee connoisseur, you could be saving double the amount above. That’s a grand total of £1400 a year saved on packet sandwiches and fancy coffees. Imagine saying no you can't go on that luxury holiday or pay your Stamp Duty because you've bought too many lunches...
Swap pints for pistes
When does ‘one pint’ after work ever mean only one pint? Even if you cut down from two pints to one during Friday drinks you’d save roughly £260 a year. That’s definitely enough for a flight to the Alps if it's a holiday you're saving for!
Thank yourself when you’re having that extra pint in a cosy chalet sporting a very fetching goggle tan.
Take a look at every bill or monthly Direct Debit that you pay and assess them.
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For example, if you have a necessary Direct Debit, such as an energy bill, call your provider to see what they can do. Removing something from your package or changing a tariff could save you money. If they can’t do anything, consider switching to find a cheaper deal.
- Do you have Direct Debits you could live without? See what you can do to make them cheaper. Consider switching to a family Spotify account. Or, share a Netflix account amongst friends instead of all paying the total amount.
- Are you spending on things you no longer use or need? Cancel these Direct Debits straight away and you’ll save.
It’s time to have a clear out. Scour your house to find things that you could sell. Try websites like eBay, Depop, Facebook Marketplace or Gumtree. Or, kick it old school at a car boot sale. There are plenty of options for selling your old stuff - you'll surprise yourself with how much you make.
You’ll need to spend money at some point, of course! But, when you do shop - shop smarter. Here are some top tips.
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Decide on your meals for the week, write a list and stick to it when it comes to food shopping. Plan your meals to include some of the same ingredients. This way you’ll have less random leftovers in your fridge!
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Don’t get distracted by 3 for 2 offers if you actually only need one of the items in the first place. You’re still spending more than you planned to.
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Shop online if you need to buy something. You might get a better deal and interesting displays or other shops can't tempt you on your trip!
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Whilst shopping online, search for voucher codes or cashback before buying.
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Wait a week before buying yourself a treat. The urge should disappear, you'll realise you don't need it and you won’t end up spending the money on a whim.
They say there’s no such thing as a free lunch but there are definitely freebies to be had if you’re a savvy shopper. Here are some great ways to nab a freebie.
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Sign up to newsletters. Many bars and restaurants offer free drinks for joining newsletters or downloading apps. Some even email out free drinks monthly.
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Complete online surveys to earn cash or shopping vouchers.
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Download cashback apps which will give you money back when you buy certain products and services. Some will even give you the whole amount back for new products!
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Check if your mobile phone network offers any freebies with their apps such as a weekly coffee.
Set up a Standing Order for payday to make your savings leave your account first. If you see your savings as an outgoing or a bill and it's automatic you won’t forget to save!
Lots of current accounts allow you to ‘round up’ your spending to the nearest pound. Switch this on and you'll be surprised how quickly the pennies add up. Lots of little savings like this add up when you’ve been doing it for a while.
If you’re planning to budget your disposable income, take it out in cash. You’ll be less inclined to spend it if you have cold hard cash in your wallet or purse. Plus, when it’s gone, you know that your budget for the week is really gone!
Saving money doesn’t mean that your social life has to suffer. Get your friends round, ask them to chip in £5 each for food and bring their own drinks. Whip up a huge lasagne or buffet spread and watch your favourite series! Who needs an expensive night out to have fun?
It doesn’t have to be these exact swaps but trying one new idea a week can help get you into the savings habit. You don't need to go cold-turkey - having one barista-made coffee a week instead of four will have a huge impact on your finances. It’s completely up to you how much you want to save and spend.
Check out all of our savings accounts and how they compare against each other. To find out more call us on 0344 481 1225 or visit one of our branches.
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