Money saving tips

Geopar
Geopar Posts: 22
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edited 29 June 2021 at 7:45PM in Budgeting & bank accounts
Hi,

does anyone have any good money savings tips?

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  • Zanderman
    Zanderman Posts: 4,617
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    • get the weekly MSE email
    • regularly browse the MSE forum
  • colsten
    colsten Posts: 17,597
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  • jimjames
    jimjames Posts: 17,494
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    Geopar said:
    Hi,

    does anyone have any good money savings tips?
    Spend less than you earn. Even was the advice back in the 1800s from Charles Dickens
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Emma_p4
    Emma_p4 Posts: 3
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    I personally find Monzo Bank a great help. Gives me visibility over my finances, allows me to set budgets, and also create handy savings pots! 
  • Fuel costs and a long winter yet to come: 1) I wear snowsuit trousers over my other trousers, both inside and outdoors - makes a real difference.  2) Slow-cooker is packed with layers of food in heatproof Christmas pudding tubs (record is 4 hard-boiled eggs, 4 whole beetroot on a bed of rice and butter beans), lid well sealed with foil.  3) I have solid electric cooker plates and put a camping kettle half full of cold water on the plate when I finish cooking to draw out all the remaining heat (usually warm enough to provide water for washing up).  4) Surplus boiling water from kettle goes into thermos flask.  Small steps, but they make a difference! 
  • BooJewels
    BooJewels Posts: 2,713
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    Get into good habits in respect of managing your own money - budget and project for the month (I personally like a spreadsheet), record everything you spend and keep a tight rein on it - use your banking app or on-line access to check your bank account regularly. I spend 5 minutes every morning and that's enough to keep tabs on everything - largely because I've already put payments down as pending and checking the bank just confirms they've cleared or DDs etc have been paid.  Take responsibility for your own financial situation.

    We regularly see threads on here about payments gone awry, insurance expired, or problems with banks because people just don't keep on top of it.  Same with your energy use - read your meters monthly, submit them to the supplier and keep a record of what you use (photos on your phone if nothing else) and check your bills against your own records.  Again, it's a daily posting subject in the energy board - people who have no idea why they suddenly owe the supplier a vast sum of money, because they had no idea they were under-paying for the last 18 months on estimated readings!  Review all your devices and check you're using them efficiently.

    If you get into good habits, they become second nature and you're not going to get caught out with nasty surprises.
  • arnoldy
    arnoldy Posts: 505
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    Go for the "low hanging fruit" - for example on a typical family:

    1. TV packages £50/month wasted CANCEL
    2. 4 phones at £25 month - could be sim only at £10 month - saves £60/month
    3. Turn the thermostat down to 17C, wear extra clothes, dont heat the bedroom, turn off lights etc - saves £20 month
    4. Do without, cut your cloth according to your means and look to yourself: no one else is (or should) be managing your household finances. Mindset change.

    In the First World we have become used to describing what are effectively luxuries as a "crisis" when we cant afford them.
  • Zanderman
    Zanderman Posts: 4,617
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    This thread was started in June last year and the OP hasn't been active since then.

    The thread was resurrected by mysaffron4me posting on it a few days ago.

    It may be pointless adding more advice, certainly to the OP, now.
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