When the economy is bad and interest rates are low, saving money can be difficult. But, there are ways to save money in the UK. You can use these tips to put your mind to saving money. And besides, you will be surprised by all the savings options available. Read on to discover more about saving money in the UK. It may surprise you to know that the most common savings options are:
Saving money by cutting back on food
If you have an extensive grocery budget, one way to save money on food is by eating less meat. Meat is one of the most expensive ingredients in most meals. Cutting back on meat will help you save money on your monthly food bills while eating a healthier diet. You can also set aside a certain amount of cash each week or month for groceries. You can track your expenses by creating a grocery list, and plan meals to stick to that budget.
Paying bills on time
In the UK, more people are realising how crucial paying bills on time is. Last year, 14% of households found themselves behind on essential bills, and 7 million people will be left in the same situation by 2020. Fortunately, there are measures you can take to cut your monthly spending, including switching suppliers and using comparison sites to find the best deals. Read on for more information. We’ve also compiled a list of accredited comparison websites for your convenience.
Using loyalty cards
You can save money by using loyalty cards at your favorite retail stores. Some stores have double points promotions, which can increase sales by 20%. Some other stores offer bonus events and birthday gifts, such as a $25 reward for spending a certain amount of money on a selected item. The benefits of using loyalty cards are endless. Here are some examples:
Taking the bus instead of the train
You can get around the UK much cheaper if you take the bus or train instead of driving. There are plenty of buses that operate round the clock and you can use your contactless or Oyster card. Taking public transport takes away the hassle of driving and reduces fuel consumption. Taking a bus also beats traffic and eliminates the need for stairs and long walks. A 40-mile commute is not that long so you can easily make this work for you.
Making a packed lunch
One of the best ways to cut back on your food bills is by making your own packed lunches. Packing your own lunch will also help to save on the environment. Use reusable containers to cut down on waste. Make sure you purchase insulated containers to avoid food going cold. You can also invest in insulated bags to make your lunches last longer. Using reusable cups will save you 25p a cup in coffee shops and the LSE campus.
Shopping online
There are many ways to save money shopping online in the UK. You can find discount codes and coupon codes that work very similar to couponing services. Coupons enable you to get discounts and free shipping. Another way to save money is to purchase more than one item at a time. This way, you will get the lowest price and maximum discount. You can also subscribe to newsletters of top UK brands to get the latest news and special offers.
Using instant access savings accounts
Instant access savings accounts allow you to deposit money into your account with a simple PS1 transaction. Instant access means you can access your money instantly, while flexibility allows you to save money over time. In addition, instant access savings accounts show you the annual equivalent rate so you can compare the return on your money with other financial products. These accounts also provide a safe place to store your savings, and can offer competitive interest rates.
Tracking every penny you spend
Keeping track of what you spend is one of the best ways to save money in the UK. There are many apps that can help you track your spending. Some of them categorise your spending by type, such as grocery shopping, entertainment, and dining. Others will allow you to round up your spending to the nearest pound. You can also track your spending by method, such as using a debit card or credit card.