How to Save a Grand in 24 Hours: Couple discover savings total
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Whether it’s a shiny new car, a house deposit or a dream holiday, we all have a savings goal in mind. But many of us will be spending money unnecessarily, money which could be better spent elsewhere. Express.co.uk spoke to finance experts for their top tips on saving money in a flash.
Phil Foster, Chief Executive Officer of Love Energy Savings, advised taking energy costs into consideration when trying to save money.
Mr Foster said: “One, often forgotten, aspect that people don’t consider when trying to save money is their energy bills.
“Although most of us don’t crank up the heating during the warmer months, as we start feeling that winter chill, the thermostat is usually the first thing we reach for – and it can cause our energy bills to skyrocket.
“By thinking ahead and switching to a cheaper energy deal before the winter freeze kicks in, you can lower your bills and even kick some extra funds to a savings account.
“With the UK energy price cap set to increase by £139 in October 2021, it’s more important than ever to switch to the right energy deal. You’ll thank yourself when those extra savings come in handy.”
Reduce your food waste
Lots of us throw away food – and subsequently our hard-earned cash – every week. But this doesn’t have to be the case.
Nutmeg’s personal finance expert, Annabelle Williams, told Express.co.uk: “Food waste is a big problem in British households and a lot of people buy foods that they end up throwing out.
“Go through your kitchen cupboards and the freezer and see what can be used up.
“Write down what you’re going to make with random jars of sauces or bags of rice and frozen peas.
“Then draw up a meal plan for the coming week and buy the ingredients you need to use up the things you already have in the cupboard.”
Check your subscriptions
TV, music and food subscriptions could be putting an unnecessary drain on your finances.
Stacey Kane, Business Development Lead at EasyMerchant, said: “Cancel any unneeded subscriptions or memberships.
“Examine any current and recurring subscriptions you have and discard those that you rarely use or no longer require.
“Your monthly credit card and bank statements are the best places to search for recurring and current subscriptions and memberships.
“Put the money you saved after cancelling unneeded services and subscriptions into a savings account.”
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Round-up your cash
Lots of banking apps offer the option of round-ups nowadays, and it is an easy way to add to a savings pot.
Anthony Morrow, co-founder of financial advice platform Open Money, told Express.co.uk: “A good trick and mindset to adopt when it comes to saving, is to round the numbers up.
“For example, if you buy a takeaway coffee for £2.70 on your debit card, add this extra 30p into a separate savings account.
“Many banks and apps offer this as a service, but if not, simply add it up over the course of a week and deposit it into your savings account.”
Commit to zero spending periods
Mr Morrow added that committing to a zero spending period once a week “ensures you’re accountable for your actions and spending habits.”
He added: “Set yourself a goal and commit to a day or a morning/afternoon once a week where you do not spend any money at all.
“The more you do this, the easier it will become.”
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