7 Little known facts that can boost your saving
admin • May 14, 2020
We all need to save a bit of money here and there, to help pay off those unexpected bills, debts, book holidays, set up a child’s university fund, or just have something to fall back on when surprise expenses hit you. To help cut costs you can think of:
- Saving money with food purchases and other household items
- Saving money on petrol
- Cutting down on common expenses
But saving is easier said than done right?
Well the 118 118 twins have been investigating some useful facts that could mean just a little effort could make a big difference to your wallet.
1.Save money on petrol
For many a car is a necessity, but you won’t get very far if you can’t afford the petrol! It may feel like you’re always at the garage, which can amount to a big part of your weekly budget, but there are a few quick fixes you can do to shave a few pennies off the price of filling up.
- Pump it up! By keeping your tyres inflated you improve fuel efficiency by up to 3%.
- Throw it out! Are you guilty of using your boot as storage for that old pram, box of toys or endless tools? Move it out of your car and back into your home to save up to 2%.
- Take it off! Got a roof rack? If it’s perching emptily on top of your car it could be costing you an extra 10% fuel consumption.
- Heat it up! If you’re blasting air con at a lower speed this is going to use up a LOT of fuel, up to 10%! So, remember, the slower you go the less it should blow.
- Don’t fill up! Do you get a full tank every time you go to the garage? Stop! A fuller tank makes for a heavier car, which could use up an extra 1% of fuel, so save those pennies and keep a quarter tank clear.
Now your car is de-cluttered, warm and roof rack free you should be sorted right? Well, according to moneysavingexpert.com (http://www.moneysavingexpert.com/travel/cheaper-fuel) there are still things you can do whilst on the road to cut down on fuel costs, such as easing up on the accelerator and brake and changing up a gear sooner.
2.In need of a fashion fix?
It’s a new season and with it comes clothing needs for the whole family, but thankfully there are a number of alternatives to the high street stores if your budget is a little tighter than you’d like.
Clothes swapping is no longer something that you did with your best friend when you were young, there are now lots of websites dedicated to the swapping of items you no longer wear or need, for those you want. Swishing is a one-stop-shop for all your clothes exchange needs, so it’s a great opportunity to do a bit of decluttering in your own wardrobe, before topping it up!
Or you could host your own ‘recycled’ fashion party with family and friends. Just remember to smile politely if you’re offered that green velour scarf from your Nan.
If you like to browse why not try your local charity shop? Fashion moves fast so, with a bit of patience; you might find exactly what you need at a knock down price. Why not get creative and opt for something a bit different, and don’t forget that adjustments can always be made to items that are a less than perfect fit.
There are plenty of clothes stores on ebay, but if you want even more of a bargain look for items that are spelt incorrectly. Sounds tricky? Well sites like BayCrazy can give you hints or tips on ‘alternative’ spellings, because the harder an item is to find the fewer bids there’ll be!
3.Eat before you shop!
Going food shopping on an empty stomach is tempting fate, you’re more likely to waste money on food you may not need or snacks on the way around.
Also, if you eat healthy snacks before you go shopping, you’re more likely to make healthier (and cheaper) choices. A recent study has shown that those that ate an apple before shopping bought 25% more fruit and veg, so a quick healthy snack before food shopping isn’t only good for your bank account but your waistline too!
4.Little and often
You may think that you don’t have enough coming in at the moment to afford to save anything, but still feel the fear of having nothing to fall back on.
Hardly any of us are ever in the position where we can put aside a lump sum, but you don’t have to wait for a windfall to start creating a cushion for you and your family.
Start by putting aside £1 a week. Doesn’t sound much does it? But if you start in January, by the end of the year that’s £52.
When you start focusing on saving you’ll be amazed at the daily costs you start considering non-essential, so you can contribute even more to your own security and your family’s future.
5.Coupon Crazy!
Most supermarkets and shops have some kind of loyalty card or points scheme now, which you can use to help save up for those big shops throughout the year – like Christmas. For example, the Nectar card can be used in a number of stores, including Argos, Homebase, Pizza Express and even Easy Jet. It’s worth taking a look at them to see which ones will work best for you, depending on where you do most of your shopping.
Of course you don’t need loyalty cards to get money off; spending a bit of time researching online, or rifling through supermarket magazines, you can find downloadable coupons to help cut some of the cost of your shopping. Websites like vouchercode.co.uk and myvouchercodes.co.uk will help you find the best deals for you.
So get clicking, and start saving!
6.How social media can save you money
According to Business Insider 1.44 billion monthly Facebook users spend an average of 20 minutes per day on the social network. That usually involves updating statuses, trawling friends’ pages, and sharing various content media.
But Facebook and other social media sites can also help save you money! Get in the habit of sharing latest special offers and great cheap days out with friends, or follow groups like Coupon Mama UK and UK Extreme Couponing and Freebies for updates on some great ways to save.
7.How to save money with interest rates
One of the quickest ways to save money is to assess your current credit agreements and see if you can get better deals. In the right circumstances, debt consolidation loans can take a huge weight off your shoulders. But there are pitfalls.
For example, you may be on a great rate with a credit card already so you shouldn’t consolidate that debt into a loan on a higher rate. Also you should avoid consolidating loans on a longer payment terms because it will mean you’ll pay more interest in the long run – interest that could have been going towards your savings in the future.
If you think a consolidation loan will cut your interest and help pay off your debt quicker then consider things like the length of time you will have to pay off the loan, how much interest you will pay by the time you have paid it off, whether you might be able to pay it off early, and what additional fees you might incur. Above all consider what you can reasonably afford.
Remember the 118 118 Money team are full of top tips on ways to help you save money on those everyday essentials, and if you’ve got an amazing tip of your own why not drop us a line? Sharing is caring after all, and we are here to help.