There’s no doubt many families are having to think about their spending very carefully right now, and many are looking for extra ways to save, cut back and make their cash stretch that bit further – but are there things you might not have thought of?
We asked some money-saving experts to share some top tips to help households stay in the best financial shape possible…
1. Walk, cycle or get the bus
It might seem simple, but ditching the car could make a massive difference.
“Petrol is insanely expensive right now, as are trains. But there are great deals on railcards,” says Jasmine Birtles, founder of MoneyMagpie.com.
Buses, generally, are the cheapest mode of public transport. And if you do still need a car for some things, it might be possible to keep costs as low as possible.
“Check out websites... to see where you can get fuel the cheapest,” suggests Birtles. “Or consider carsharing for regular journeys.” In some cities, there are also options to rent cars by the minute for short but essential journeys.
View this post on InstagramAdvertisement
2. If you didn’t miss something during the pandemic, don’t spend money on it now
The start of the pandemic in early 2020 halted all of our lives and changed them in so many ways – but it also meant that for some people, who could no longer spend on socialising and travel, for example, opportunities to save money grew. Could some of these changes be useful to keep hold of?
Richard Dana, co-founder and CEO of ‘family-focused mortgage broker’ Money, says he was able to save more than usual during the lockdowns, as travel, little luxuries and days out were put on hold – and it has influenced his family’s approach to spending now.
“We haven’t done any travelling or been out much, so we have focused on enforced saving. Now we have come out of that, we are much more conscious of what we spent, and now we know we don’t miss certain things,” Dana explains.
3. Be savvy with food shopping
Birtles says the first way to save money on your food shopping and groceries is to go down a brand. “If you are used to buying Heinz beans, try the Lidl or Aldi alternative,” she says. Those savings can make a big difference over the course of a month or year.
Minna Chen, a growth strategic marketer and Chinese social media influencer, has a wealth of tips. “People often forget to use cashback sites when purchasing groceries. As long as you are shopping online, you can get cashback by going through the provider’s website first,” says Chen. “Just be aware that sometimes these offers are only for new customers, so you may have to shop from a few different supermarkets to get the cashback each time.”
4. Budget wisely
Money TikToker Gabriel Nussbaum has amassed over a million followers with his life and finance tips. And when it comes to budgeting, he believes following a strategy is key, thinking carefully about where you’re cutting back. This isn’t about stripping away all of your daily pleasures – which could just backfire.
“Always look to save money from one of your three big expenses: housing, travel and food,” suggests Nussbaum.
“Little savings are of course important, but often these can be small luxuries that actually improve your life drastically compared to their cost. Take buying a coffee for example: that coffee could be your morning ritual that gives you an extra burst of energy and brightens up your mornings – cutting it out won’t save you a lot of money, and would take away something your truly enjoy.”
