These money-saving ideas can save you over £2,500 per year. Some of them are tedious, but once completed, your life will not be drastically altered. It returns the amount in your bank account.
Don’t forget to use at least five of these money-saving ideas.
1. Refinance your Loan
Arises in value since you bought it? Or have rates fallen?
So you could save a lot of money by refinancing your mortgage.
Refinancing your mortgage usually comes with a one-time fee. So while it is not free, the long-term savings can be substantial.
Loan Monitoring (free or paid) from Mortgage Advisor notifies you when it pays to restructure your loan, saving you time contacting your bank adviser every month.
Their calculations include one-time fees and other costs, so your time investment is minimal.
Actions
- Try a Mortgage Advisor.
- Free Loan Monitoring
- Notify me when I can restructure my mortgage.
- Restructure your loan and save thousands of pounds
2. Use Auto-Savings
Do you know that by the end of the month, your money has vanished?
So you’re not alone!
- If you have £ 5,000 left after rent and fixed taxes, you will likely spend it all before your next monthly salary arrives.
- They are simple to use if the £5,000 is in your salary account.
- But if you save £1,000 every month, you will automatically start saving.
- You start saving because you only have £4,000 available this month.
- Payment in full in cash is another option.
- Having the money in your hands makes you more aware of how much you spend.
- Set up a monthly automatic savings payment via online banking in two minutes.
- If you can still live on 20% of your income after fixed expenses, you can still survive.
Try it for two months, then adjust the amount saved based on your savings goals. - Another method is to add a few pounds to your savings account each time you use your card.
- So you become aware of your spending habits and automatically save.
Actions
- Online Banking Login
- Find your payroll account and set up a monthly savings payment.
- Try it for two months, then adjust the amount.
3. Switch insurance companies to save £2700
Many Europeans overpay for insurance. You can even call several insurance companies to compare rates.
Actions
- Pick your policies
- “Receive offer”
- Fill out the form.
- Await insurance quotes
- Choosing a less expensive insurance policy
4. Change or Reduce Subscriptions and Services
How many services do you pay for monthly? Maybe too many?
Include:
- Spotify – £ 99/mo
- Netflix – £ 99/mo
- TV package – £ 199/m
- Phone – £99/month
- £149/month for fitness/sports
- Insurance – £299/mo
- Indemnity fund and trade union – £ +449
- Youth card – £390 – £618 (2021)
- Internet – £299 p.m.
- Electricity, water, and heating – £500-1,000 (typically)
THE MONTHLY COST IS £2,582-3310.
Consider what you can reduce or eliminate.
You don’t want to become an old miser who only spends on necessities, but rather consider what you actually need.
Actions:
- Remove unused items. Did you really workout 15 times this month…? If you haven’t used a service in 30 days, cancel it, unless it’s insurance or unemployment insurance.
- Give up the internet for more data. Data is often included in mobile subscriptions, or even free. If you can, cancel your Internet package and run on mobile data instead. You can still use Wi-Fi at work or studio.
5. Ditch the TV Package for Streaming
Streaming services The vast majority use streaming services. You can either downgrade to the free versions or share the subscriptions with others.
Save electricity, water, and heat. Buy timers for your sockets to turn off the electricity at night. Use energy-efficient light bulbs and water-saving faucets and showers. These are one-time installations.
Actions
- Make a list of all your fixed expenses, based on this section’s list. Look if needed. so you don’t miss anything.
- Except for insurance, unemployment insurance, and the like, immediately reduce non-essential spending.
- Consider ways to reduce remaining costs, and use if necessary. Use this section’s “action tips” for ideas.
6. Buy in for a week.
Surprised the council made the ‘easy and big savings’ section? Because you save both time and money.
Why do you save?
- You make fewer impulse purchases.
- Buying in bulk saves money.
- You shop ahead of time and avoid impulse purchases.
- You save time:
- You shop less. You trade four times a month instead of eight.
- Planning your purchases helps you focus while shopping.
- You can also order groceries online.
Actions
- Record at least five different evening meals that you enjoy eating and making on your phone.
- Make a shopping list with these items. Make a checklist on your phone.
- Pick one day a week to make all your inroads.
- Try it out and see how much easier it is.
- Alternative: Order groceries online and skip the store entirely.
- Reuse the shopping list every week to save time. You can always change your grocery list.
7. Save by Eating Out Less
- This is a lot if you eat out 3 times a week.
Don’t eat out all the time, save it for special occasions.
8. Drink or drop your morning coffee
- Every day, for 50 weeks, you’ll be buying 250 cups of morning coffee… make it yourself!
- That’s a lot of coffee.
- An instant coffee cup costs around 2 kroner per cup if you use 10 gr.
- You can choose a higher quality coffee if you don’t want to be so conservative. Still cheaper than buying it elsewhere.
It need not be scary, and even basic principles build a solid economic foundation. A little dedication can do wonders for your large savings.