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Academy Course #3: Real-Life Strategies to Save Money Every Day

118118 Money Team  •  November 27, 2024

Welcome back to the 118 118 Money Financial Fitness Academy! So far, we’ve explored financial awareness, budgeting, and credit health. Now, let’s look at ways to save money in everyday life. This article will provide you with practical, actionable tips that you can start using immediately to cut costs without sacrificing quality. Achieving financial fitness does not require sacrifice. You just need to be SMART and ACTIVE. Follow these steps to improve your financial health and build your financial future.

Get ready to uncover some hidden savings in your food, shopping, home efficiency, transportation, and lifestyle habits. Let’s dive into the details!

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  1. Food: Cut Costs Without Cutting Taste

Food is a big part of everyone’s budget, but there are lots of ways to save without compromising on flavour. Here’s how:

  • Use Supermarket Apps and Rewards Programmes: Most supermarkets offer loyalty programmes or apps that provide discounts and cashback. Use these programmes to save on essentials and routine items.
  • Buy in Bulk and Share with Friends: Buying in bulk is usually cheaper per unit, but not everyone has room for that 24-pack of toilet paper. Team up with friends or family to split the cost and share the goods. Just make sure you stick to your list to avoid impulse buys.
  • Pack Your Own Lunch: Store-bought lunches can drain your budget. Packing leftovers from dinner can save you cash and time—and might just be healthier, too.
  • Skip the Pre-Packaged Foods: Supermarkets mark up the price of prepared foods for convenience. Opt for whole ingredients instead, and prep meals in advance for the week to avoid the allure of costly convenience foods.
  • Cook in Bulk and Freeze: Batch cooking saves money and time. Make larger portions, then freeze leftovers for future meals. This helps reduce food waste and means fewer takeaway temptations on busy nights.
  • Try the TooGoodToGo App: Love eating out but hate the cost? Use the “TooGoodToGo” app, which lets you buy surplus food from restaurants at discounted prices (often 50% off or more). It’s good for the budget and helps reduce food waste—win-win!
  • Order Pizza the Smart Way: Ever noticed you get more pizza with one 18-inch pizza than two 12-inch pizzas? Before you order online, check the app for deals and always do the math—there’s nearly always a discount or promo code.

By making small changes in your grocery and eating habits, you can save a surprising amount over time. This will help you start your financial journey and achieve your money goals faster.

  1. Shopping and Subscriptions: Trim the Excess

Shopping smart and managing subscriptions are easy ways to reduce unnecessary spending. Here are some strategies:

  • Be Selective About Where You Shop: Some stores use discounts to lure you in, only to overcharge on other items. Stay vigilant and compare prices at different shops. Don’t assume that just because it’s on sale, it’s a good deal.
  • Negotiate Your Bills: Choose one bill each year—like your internet, cable, or phone—and call to negotiate a lower rate. Many providers offer discounts if you ask, especially if they think you’re considering switching providers.
  • Limit Your Subscriptions: Subscription services can add up quickly. Assess each one to see if it’s truly necessary. For streaming services, consider rotating between them rather than paying for multiple platforms all year.
  • Rethink Amazon Prime: Amazon Prime is convenient but can be costly. Consider combining purchases to meet the free shipping threshold without paying for Prime. Check sites like eBay for potentially lower prices on similar items.
  • Buy Generic or Store Brand Products: Store brands are often just as good as name brands but come at a fraction of the price. Try a few generic products and see if you notice a difference—your wallet certainly will.
  • Opt for Refurbished Electronics: Refurbished phones, laptops, and other electronics can save you money and often come with warranties. You don’t need the latest model to get great functionality.
  • Make Your Own Coffee: It’s a small habit with a big impact—skipping your daily café coffee could save you hundreds over a year. Invest in a good coffee maker and enjoy café-quality coffee at home.
  • Check Your Mobile Phone Plan: Compare cell phone plans and make sure you’re not paying for unused features. Switching to a cheaper plan can be a quick and easy way to save.
  • Turn on “Find My Phone”: If you lose your phone, replacing it is costly. Enabling this feature helps you recover your device, saving you from a potentially expensive replacement.
  • Unsubscribe from Marketing Emails: Promotional emails are designed to tempt you to spend. Unsubscribing can reduce impulse buys and make it easier to stick to your budget.

Small changes like these can add up to big savings over the course of a year.

Image for Household Efficiency

  1. Household Efficiency: Save on Bills and Essentials

Home expenses don’t have to be a drain on your wallet. Here are some ways to save on household costs:

  • Switch to Energy-Efficient Bulbs: These bulbs use less power and last longer, cutting both your electricity bill and replacement costs.
  • Insulate and Use Nighttime Energy Tariffs: Insulating your home conserves heat, lowering heating costs in the winter. If possible, take advantage of nighttime energy tariffs for things like laundry or charging electronics.
  • DIY Repairs and Beauty Routines: Doing small repairs, home cooking, or even beauty routines like hair touch-ups can save on service fees. Try handling simple tasks yourself and see how much you save over time.
  • Bulk-Buy Essentials: Cleaning supplies, paper products, and detergents are often cheaper in bulk. Store what you don’t need immediately and stock up when there’s a sale.
  • Get a Water Meter: For some households, a water meter can lower bills. Check if your usage is below average for your area—if so, a meter could save you money.
  • Print Smart: When printing at home, avoid colour if you don’t need it and print on both sides. These small savings on paper and ink add up over time.
  • Check Pet Insurance Options: Vet bills can be expensive. If you have a pet, consider insurance to help cover unexpected medical costs—after all, pets don’t have an NHS!

Using these tips, you can make your home run more efficiently while lowering your monthly expenses. Take control of your finances and become financially fit.

  1. Transportation and Utility Savings: Move and Save Smarter

Transportation and utilities can be expensive, but there are plenty of ways to save.

  • Choose Public Transportation, Cycling, or Carpooling: If you can, switch to cheaper modes of transport. Not only does this save money on fuel and parking, but it’s also better for the environment.
  • Compare Providers Regularly: Check rates for your utility, mobile, and car insurance providers annually. Often, companies give better rates to new customers, so switching providers might save you a good chunk of change.
  • Bundle Insurance Policies: Combining car, home, and life insurance can often lead to discounts. Regularly assess your life insurance needs to ensure your coverage still aligns with your circumstances.
  • Save to Pay Insurance Premiums Annually: Paying in monthly installments often comes with added fees. If possible, save in advance and pay your insurance in one annual payment to avoid these hidden costs.
  • Shop Around for MOT and Car Repairs: Using the same garage every year for your MOT can be convenient, but it might not be the cheapest option. Spend a few minutes comparing local prices, especially for larger expenses like new tyres.
  • Avoid Motorway Service Stations for Petrol: Service stations on the motorway charge significantly more for petrol. If you can, plan to fill up elsewhere to avoid the markup.

Making conscious choices about how you get around and where you purchase services can lead to significant savings over time.

  1. Embrace Minimalism: Buy Only What Adds Value

Minimalism isn’t about owning less—it’s about focusing on what truly adds value to your life. Here’s how to make it work for you:

  • Focus on Value, Not Quantity: Try to buy items that will serve you well over time rather than purchasing cheaper items that wear out quickly. Quality over quantity saves money in the long run.
  • Consider Pre-Loved Cars: Instead of splurging on a new car, consider a well-maintained used car with a warranty. Better yet, explore carpooling options to save on insurance, fuel, and maintenance.
  • Sell What You Don’t Need: If you have items you don’t use, sell them online. Old phones, electronics, clothes, and even gold jewellery you don’t like can fetch a good price on resale platforms.
  • Clothing Exchanges for Kids: Kids grow quickly, and clothing costs can add up. Look for local clothing exchange groups or websites to find pre-loved kids’ clothes.

By adopting a minimalist mindset, you’ll find yourself spending less and appreciating what you have more.

  1. Repair: Extend the Life of What You Own

Repairing and maintaining items you already own is a powerful way to save money. Here’s how to make things last longer:

  • Re-Sole Expensive Shoes: High-quality shoes can be re-soled and last for years. This not only saves you from buying new shoes but keeps your favourite pairs around longer.
  • Do DIY Repairs When Possible: For small home repairs or beauty touch-ups, DIY can save you a lot. Try changing a car light, patching a wall, or learning basic appliance maintenance to avoid service fees.
  • Insulate Your Home: Invest in curtains, blinds, and draught stoppers to help retain heat and reduce your heating bill. Little changes can make a big difference in overall energy costs.
  • Choose Local Handymen Over Large Firms: Find a trusted local handyman rather than a big-name service provider. For major work, get three quotes to compare, ensuring quality without unnecessary cost.

A little extra care and maintenance can stretch the life of your belongings and keep money in your pocket.

Conclusion

With these cost-saving strategies, you’re now equipped to make small changes that can lead to big savings over time. Every pound saved is a pound you can redirect toward building a secure financial future. Remember, being mindful with your money isn’t about deprivation—it’s about making choices that benefit you in the long run.

Start applying these tips today and watch your savings grow!

If you have not read our article titled “Build a Brighter Financial Future: Start Your Journey to Build Today”, click here to access it. This article will help you understand how taking control of your finances can be empowering. It will also help you think about how to make conscious, SMART and ACTIVE choices with your spending. Stop obsessing over your credit score and focus on improving your underlying financial behaviours.

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