So you want (or need) to save money? In today’s economic climate, reigning in your expenditure and maximising on your savings has never been more important.
Whether you’re exhaustively saving for that all-important minimum 5% house deposit, trying to pay off tuition fees, saving for your children’s future or just saving so you could kick back and enjoy life a little more – we know how tough it can be, so we’ve put together our top money saving tips to help you on your way!
Use loyalty cards
Yes, there is nothing more annoying than an overfull purse or wallet – unless its full of cash, of course. But by filling it with some of the UK’s top loyalty cards, you could save a pretty penny in the long run.
Points-based loyalty schemes are a particularly good way to get something back each time you spend. Generally, most loyalty schemes allow card holders to collect points for every pound they spend, which might eventually add up and turn into credit to spend in store.
We’re not saying all loyalty cards are great, but it’s certainly worth doing your research to find out which schemes are the most generous and whether using a loyalty card at your regular shops could make your money go further in the future.
Embrace the sharing economy
Sharing is caring, and once you start thinking about the sharing economy, you’ll realise there are many ways sharing could bring in an extra pound or two.
If you have spare storage space in your garage or loft, leave your driveway empty during the day or leave your home vacant over the holidays, you could rent these out to bring in some extra cash.
Short-term insurance companies such as our friends at Jaunt also allow you to get insured on a friend or family member’s car, van or motorhome to share the driving and save money. You could get insurance from as little as an hour, up to a full 30 days. If you’re interested, you could get an instant quote and be on the road in less than 15 minutes.
Use money saving apps
Several budgeting apps and bots have recently emerged to help make saving money, whilst managing your finances, far less complicated.
A number of firms now provide users with a prepaid debit card which links to an app to keep track of your spending. Taking into consideration all your incoming transactions, outgoings and saving goals, these nifty apps use unique algorithms to learn exactly when and where you spend your money. They’ll work out a daily budget so you know exactly where you stand financially at all times, just by checking your mobile app.
Other useful apps include supermarket list apps, which allow you to create a shopping list and then discover which supermarket is selling your chosen items at the lowest price, and voucher code applications, which feature the most suitable shop and restaurant deals for you based on your location or preferences.
If you signed up to the gym months or even years ago, and have barely attended since, it might be worth reviewing your membership. Fitness club memberships could be pricey and unless you’re attending twice or more a week, they may not be worth the cost.
Cancelling your membership doesn’t mean it’s the end though, and we aren’t by any means discouraging health and fitness! After all, a healthy lifestyle could mean you save money on your Life Insurance.
Instead, you could try newer pay-as-you-gym options, which, as it says on the tin, means you’ll pay for the gym each time you go. With lots of gyms across the country offering an alternative pay-as-you-go membership option, it also means you don’t have to stick with one gym.
Another option is to go with a joint gym membership. Often, if you and your partner attend the same gym, signing up together could mean a reduced monthly or annual premium. So it’s definitely worth asking at your local fitness centre.
Switch up your phone contract
Loyalty doesn’t always pay in today’s economy, especially when it comes to mobile phone contracts. For example – you may have been with the EE network since they were Orange but that doesn’t necessarily mean you’re getting the greatest value from your phone contract.
Taking a look on price comparison sites or visiting multiple-provider phone shops on the high street may enable you to find the same device and contract, just with a different provider, for cheaper. Providing your current phone contract has ended or is nearing its end, switching providers could be a quick way to reduce your monthly outgoings.
Take a packed lunch
Let’s face it, we all love a coffee on a working morning – usually followed by a café-bought sandwich or meal deal at lunch time – but potentially adding up to around £10 (or more!) a day, you could be looking at a total monthly lunch spend of over £200.
This is completely avoidable, however, as just 10 minutes of lunch making in the morning or the evening before work could save you massive amounts – and homemade is often healthier too. It doesn’t have to be boring either, with sandwiches, salads, soups and pasta providing just a few alternatives to pricey café and shop-bought options.
As for your daily coffee expense, you could significantly reduce this by purchasing some coffee to keep on your desk in the office. But if you’re not prepared to give up the morning coffee purchase just yet, we get it – packing a lunch could make a substantial difference, meaning you shouldn’t need to give up all the working day luxuries.
Get cheaper Life Insurance from Beagle Street
Here at Beagle Street, we know how important saving money is when it comes to achieving your lifetime goals. That’s why we have Life Insurance policies for different needs and a range of simple, affordable options such as Joint Life Insurance which could help you save money on your premium by protecting two people under one policy.
Talk to our team of experts today or get a Life Insurance quote online to find out how we could save you money on your Life Insurance policy.