How to Save Money Fast – Our Ten Top Tips
If you're looking to save money fast, we've detailed our top ten tips here. Hopefully they'll leave you in a much better financial situation!
In this article, we'll cover tips to save money fast:
- Start budgeting now
- Cut unnecessary spending
- Shop around for the best deals
- Claiming all the benefits you can?
- Can you stop the TV licence?
- Do you know where your direct debits are going?
- Got any clutter or items you’re not using?
- Can you reorganise the food shop?
- Buy in bulk
- Got an unused parking space?
- Still struggling? Perhaps we can help
You’d probably find it hard locating someone who doesn’t want to save money. Chances are, everyone wants more left over between their paychecks. Fortunately, the idea of keeping back a few hundred here and there isn’t as farfetched as it sounds.
If you want to start saving money today, then we’ve detailed our top ten tips below. With any luck, you could cut your costs within 24 hours:
01. Start budgeting now
If you’re not already budgeting, now’s the time to do so. You can’t make any sizable changes to your financial situation without knowing exactly where the money is coming and going. It’s also a good idea at this point to work out how much you want to save. This will give you a good target to aim for.
02. Cut unnecessary spending
Now you’ve got a budget sorted, you can see just what’s dominating your outgoings. There are usually plenty of opportunities for cutting back on a few things here. For example, on average, we spend almost £700 a year just eating out at our favourite restaurants.
However, you can also cut the cost when it comes to cinema trips, pub visits, socials, or going to the gym. Depending on how much money you want to save, all of this might have to go on the back burner until your finances are sorted.
03. Shop around for the best deals
Now we’ve cut the unnecessary spending, it’s time to look at the essentials. Investigate your phone contract and broadband supplier, for example, and see if you can get a better offer. In the case of your energy provider, there are usually opportunities to switch onto a cheaper deal.
In just one month, at least half a million Brits switched energy supplier – potentially tempted by some of the offers available through small and medium-sized companies. Commenting on this, a spokesperson from Energy UK stated:
“Our hope is that consumers will continue to take advantage of the ever-growing competition and choice and significant savings that are available by either contacting their existing supplier or shopping around for the right deal for them whether that’s a green tariff, cheaper deal or better customer service”.
Therefore, if you think you’re paying too much for your energy, shop around – you might be able to secure a better deal.
04. Claiming all the benefits you can?
Let’s take a quick look at what you’re bringing in. You may be able to supplement this through benefits such as universal credit or by claiming potential discounts on your council tax. It’s always worth taking time out to see if you’re receiving everything you’re entitled to. One report estimates the total amount in unclaimed benefits sits at around £16billion.
Go and see if you can grab some of that.
05. Can you stop the TV licence?
You need a television licence if you’re watching shows as they’re being broadcast or anything through the iPlayer. If you don’t tick these boxes – or think you can make do – then you might be able to cancel the licence and save yourself £157.50 per year.
While we’re on the subject, if you’re watching shows on multiple streaming services – for example, Disney Plus, Netflix, and Now TV – then you may wish to put a couple of these on pause. We get there’s a lot of TV available, but there’s no possible way you can watch all of it – right?
06. Do you know where your direct debits are going?
Do you know everything which goes on in your bank account? According to one report, probably not. Allegedly, the average Brit will lose more than £30,000 in a lifetime through direct debits which they either don’t use or have just completely forgotten about.
07. Got any clutter or items you’re not using?
If you’re looking to bring in more cash, dive into the wardrobe and see if there any clothes you aren’t using. It might also be worth having a clear out of the attic or storage rooms to find things which are just gathering dust.
If any of them aren’t useful to you anymore, consider listing them on eBay or taking them to an old-fashioned car boot sale.
08. Can you reorganise the food shop?
Perhaps one of the best ways to save money is to rethink your grocery shop. For example, you can switch out the premium brands for the supermarket’s labels. Although this change might seem to save just a few pounds here and there, it’s been estimated this action could leave you better off by around £520 a year.
Speaking of the food shop…
09. Buy in bulk
Buying meals is all well and good but batch cooking can really help you save costs on food. Furthermore, if you manage to buy ingredients in bulk, you can start making meals which could keep you going for weeks.
Speaking of which, we’d heartily recommend slow cookers for turning leftovers into something worth eating.
10. Got an unused parking space?
If you live in a building with space for a car but you’ve never used it, then consider renting out the parking to a neighbour. This could be especially useful if a resident struggles to park their car within several streets of their house.
Failing that, there are always websites where you can advertise spaces available online.
Still struggling? Perhaps we can help
These are a few of our favourite options for saving money fast but if you’re struggling to get where you need to be, perhaps we can help with a debt consolidation loan. Allowing you to repay many of your debts and just make one affordable monthly payment, you could use this to regain control of your outgoings.
Want to find out more? Click the button below:Do I Qualify?
APRs from 5.8% to 89.9%
We are a broker, not a lender.
Unsecured Loan Representative 69.9% APR
Borrowing £7,500 over 36 months, repaying £502 per month, total repayable £18,083. Total cost of credit £10,583. Interest rate 69.9% (variable). The lenders on our panel offer loans for 12-60 months, with rates from 5.8% APR to 89.9% APR. The Representative Example is based on all loans paid out by lenders between 19th Apr 2022 and 23rd Dec 2022.
Secured Representative 11.7% APR
If you choose to add fees to the loan: Assumed borrowing of £25,000 over 120 months, plus a broker fee of £2,500 and a lender fee of £250 would result in monthly repayments of £345.55, the borrowing rate is 8.6% (variable), the APRC is 11.7% (variable), total charge for credit £16,466.00 and the total amount payable £41,466.00. You can opt to pay the lender and/or broker fees upfront, your adviser will discuss these options with you.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. All rates vary subject to loan amount, loan type and status. Repaying your debt over a longer period of time may increase the amount you pay.