Top 10 tips for saving money / reducing debt

EagerLearner

Hi all,

Here are my top 10 money-savings tips, I hope this post can become somewhere where everyone will post their top 10 :j – ideally please keep it in a similar format to below so it’s easier to scan/read and maybe not as waffly as mine!

This will motivate all other posters & hopefully some great top 10 tips can be posted here :T

1. Avoid the shops – particularly dangerous at lunch times and weekends. Enjoy a good (library) book instead…

2. Make your own lunches for work rather than buying them each day…

3. Take limited cash - If you go to a shop, take limited cash & no debit/credit card…

4. Stay outta town - At least one weekend per month do not go into ‘town’- stay home & enjoy a hobby. Try to do this 2 weekends per month and you will see massive savings…

5. Order online - If you are still tempted to go into town on one of those 2 weekends, ‘just for a food shop’ – don’t. Order online with Tesco/Sainsbury’s etc – they may charge £4 to deliver but you will save more than that by not buying impulse food or things you ‘need’ in other shops…

6. Save electric - turn off all electric points when you are not using them rather than leaving on stand-by…

7. Get a water meter installed - if you are living on your own or a couple with little use of water (ie: you don’t run several clothes washes a day or use a dishwasher etc) get one installed now.

8. Savings - Set up a standing order for savings when your wages come in – you won’t notice it as much and you will feel good. Make sure the savings account is a good earner like ICICI to get max benefits.

9. Cashback sites - Join Quidco.com to earn cashback on things you would normally buy anyway. Pigsback.com is also good but for minor items.

10. Eat food you already have - Last but not least, make sure the food you are buying each week is actually ‘needed’ rather than ‘wanted’ – check your store cupboards, can you use up any items you already have…

Of course, you can still have a life but top 10 tops on this post may help in small ways that turn into big ways... :T

jessicamb

I'll bump this for you to see if there are any more ideas - I'll have to have a think.

halloweenqueen_2

I had a weeks challnege where I didn't go food shopping - i had milk in the freezer, do you know I survived quite well, we had meals that were really nice, i got extra things done in the time I would have spent shopping and had a bit more room in my cupboards! I really didn't need all that stuff filling them to the gills!

newleaf

Keep busy - the devil makes shopping for idle hands.
Learn new skills - follow mrbadexample's example, learn to cook, or sew, or become a DIY expert.
Step back in time - do things the OS way.
Look after the small stuff - pennies make pounds.
Simplify - Stardrops, microfibre and vinegar will clean anything.
Be pragmatic - do whatever works best for you.
Stay optimistic - this isn't going to last forever.
Stay legal - don't commit fraudulent acts or knowingly deceive others.
Keep things in perspective - there is a difference between frugal and mean.
Maintain a sense of humour - fun people are nice to know!

yikes_2

1. Keep a mini notebook. Write down everything you spend as you spend it and attach receipt on multiple items, include miles and purpose of trip.

2. If you're tempted by something you "need", write it down on a to-buy list. Only purchase if you still "need" it a week later.

3. Change your social activities. Have "bring a bottle" nights rather than going out into town with your friends. Keep a list of cheap/free entertainment for children.

4. Use your library. Free books, cheap DVDs, sometimes have schemes/activities for children.

5. Swop favours with friends. For example, braid someone's hair in return for a car service or just straight swop- babysitting hours or car lifts etc.

6. Chase up debts owed to you, from individuals, companies etc. including returning products that have broken before their time.

7. Every 6 months clear your house out for ebay/carboot sale.

8. Plan for b'days in advance, buy things in sales and gradually leading up to the day.

9. If on a low income, use a Social Fund loan to pay off a higher interest one.

10. Read these forums and newsletters.

EagerLearner

Excellent tips so far - I like the 'stap back in time' newleaf, and also the swap favours idea - will take those on - have heard so much about Stardrops, must find some - do Sommerfield or Sainsbury's do it?

More ideas:

1 - Make larger portions of food then freeze some for another dinner or to take to work

2 - Always buy toothpaste, toilet roll and washing powder when they're on special offer.

3 - Take cash only to the supermarket to avoid going over your budget.

4 - Save old wrapping paper to re-use for another occasion (if it's not torn)

5 - Scour e-bay and boot fairs for good presents for birthdays & Christmas

6 - Register for Freeview and cancel DVD rentals and buying DVD's

7 - Use Skype (for FREE pc to pc calls) and voipcheap.com (for pc to landline FREE calls) for calls

8 - Agree with your family that there will be no presents for adult birthdays, only kiddies - but that Christmas may be a time when you spend more on food & drink.

9 - Buy items for Christmas throughout the year - cheap January sales etc.

10 - Finally, get a standing order sent from your current account as soon as your wages are in - EVEN if it's just £2 a month - it will add up...

overbudget

Here's mine - as a newbie moneysaver!

1. Check every regular payment you make – do you really need it and, if so, can you get it cheaper?

2. Plan your meals – only buy what you need

3. Dust down your bike – save on travel and get fit at the same time

4. Get your family on board – you can’t save money if they are still spending it!

5. Get a pig for small change – you won’t miss it but it adds up

6. Shop around – if you need something check different shops and comparison sites to get the best deal

7. Make friends with eBay – buy stuff you need (but only stuff you need!) cheaply and sell everything you don’t use, need or love!

8. Set money saving challenges – especially if you are a competitive person.

9. Snowball debts and save money long term.

10. Use this site!

EagerLearner

Thanks Overbudget - I like point 4! Point 5 is also excellent - I got my piggybank from Pigsback.co.uk for free - by accumulating some points...