7 min read
Did you know around 15% of Britons have no savings at all, while approximately a third of us have less than £1,500 in reserve? If you’re one of these people, then you understandably probably want to start trying to save money fast.
Don’t worry though because there are a few ways you can help make ends meet – and save money fast too. Here are our top ten suggestions:
The first step to saving money is to identify where your cash is going. Therefore, it’s important to set up a budget. By figuring out just how much you have going in and coming out, you can make adjustments until your finances are much easier to manage.
We’re looking to save money fast so – now you have a budget – you can cut the unnecessary spending. There’s plenty of cash to be saved here. For example, on average, we spend almost £700 a year on eating out at our favourite restaurants.
However, it’s not just this – going to watch sports, cinema trips, pub visits, all of these are arguably unnecessary spending. In the short term, these should be cut until you have a better grip on your financial situation.
Now we’ve sorted unnecessary spending, it’s time to investigate the essentials – and ensure you’re getting the best deal possible. For example, could you get a better deal on your energy supply? In just one month, more than half a million Brits moved to a new provider – tempted by some of the offers available through small and medium-sized companies. Commenting on the findings, a spokesperson from Energy UK stated:
Our hope is that consumers will continue to take advantage of the ever-growing competition and choice and significant savings that are available by either contacting their existing supplier or shopping around for the right deal for them whether that’s a green tariff, cheaper deal or better customer service.”
However, it’s not just saving money on energy. You could shop around for a cheaper phone contract or broadband deal. Regardless of what arrangement you’re currently on, you might be able to cut the cost.
To bring a bit more in, you should identify whether you are claiming everything you should. This could include discounts on your council tax or just making sure you’re receiving all your benefits. According to Entitled To, annually, the amount of unclaimed benefits totals around £16billion.
It’s time to evaluate your financial situation and see if you could receive some extra support.
If you don’t watch live programs or the BBC iPlayer, you might be able to cancel the TV licence. Considering this costs £157.50 every year, this is a decent saving. Speaking of which, if you have multiple streaming services on the go, such as Netflix, Now TV, and Disney Plus, consider putting a few of these subscriptions on pause.
After all, there’s no way you can watch all that television, right?
It’s time to review what’s going out and see if any of these direct debits can be stopped. This broadly falls under the category of ‘unnecessary spending’ but there may also be some opportunities to cancel anything which you just don’t need.
For example, over a lifetime, the average Briton will lose more than £30,000 through direct debits which they just don’t use or will have forgotten about. As a result, it’s definitely time to review your spending here!
There’s something quite wonderful about a clear out. Go through the attic, the wardrobe, or other rooms in your house to find items you don’t need or aren’t using. If you can sell any of it, then it’s time for a clear out.
Whether using websites such as eBay or going to a good old-fashioned car boot sale, you might be able to bring in extra income here – not to mention free up some space in your house.
Next, let’s take a look at how much you’re spending on food. Evaluate where you’re getting your food from and see just where you can make savings. For example, you can cut out premium brands and switch these out for the supermarket’s own branded supplies.
It’s been estimated this downsizing can save you around £520 a year.
Speaking of changing supermarkets, it’s time to start cooking from scratch. Buy products in bulk and you should be in a great position to make large meals which can keep you going for days. Furthermore, do you have a slow cooker? It can be a great instrument for turning meat into a nice filling stew.
If you live somewhere with room for a car but don’t own one, try renting out your parking space to other residents. This offer could be especially tempting if your neighbour has to park several streets away. You can also advertise the space available online.
Although this task might seem slightly daunting, the right budget can help you save money fast.