TRICIA PHILLIPS
If you’re working from home, use what would have been your time commuting get a grip on your finances, writes
MONDAY mornings are usually spent getting organised for the week ahead. If you apply this mantra to your finances you could be making some serious savings.
If you find it tricky to save and keep track of incomings and outgoings, an app such as Money Dashboard is a good place to start.
By linking your current and savings accounts, it groups your spending into categories such as bills, groceries, food and drink.
Over time it will analyse your preferences and become a personal financial assistant.
As well as being a handy and free tool, Money Dashboard claims its members can expect to save around £200 a year by taking control of their finances and seeing exactly where their money goes.
Another app worth a look is Chip. Many people struggle to remember to add to a savings account, but Chip does it for you.
Using an algorithm, it monitors your spending to calculate how much you can afford to put away.
Then, every four days, it sets aside a sum that’s enough to build meaningful savings, but not enough to leave you feeling short.
You can set goals for your savings, too. It obviously depends on your income and spending habits, but Chip claims its members save an average £1,800 per year.
■ SAVE: Up to £2,000 per year
Another great way to make a saving when switching is to do your switch via a cashback website. Sites such as Topcashback are paid a commission by providers. However, instead of keeping the commission, they pass it back to you as cashback.
It is not uncommon for those who switch energy suppliers to save at least £250 per year.
For further savings on bills each month, the Santander 123 Lite bank account costs £1 per month but offers up to £15 cashback per month on your bills. This is not limited to utility bills either – it includes broadband, mobile, television, council tax and more.
■ SAVE: £400+ per year
■ ebay deserves its own category because anything and everything can be sold here – just make sure you are realistic with your expectations.
Download the scanning app or click the advanced search button, and then ‘sold listings’.
Be timely with your listings and consider the current climate.
For example, now may be a great time to offload that gym equipment gathering dust. Sunday evenings are said to be one of the best times to sell, so calculate your auction to end at 7-9pm when it’s busiest.
■ Gumtree is great for bulky items such as furniture and gardening equipment that needs to be collected.
■ Musicmagpie, Amazon Marketplace, Ziffit and Webuybooks are the places to offload phones, DVDS, Blu-rays, games and books in bulk. It may take slightly more time than your usual commute, but if you want to maximise your cash, you’ll need to shop around to get the best price offer. However, at time of writing Webuybooks will give you a 5% bonus when you make £25.
■ For potentially collectible antiques, Valuemystuff or Wheretosell are worth a try for any vintage items that could be worth a bit. With Valuemystuff you have to pay a £20 fee for experts to provide an estimated valuation. Wheretosell connects you with nearby buyers of antiques, from sale rooms to national auctioneers or independent buyers.
■ MAKE: Millions (if you’re very lucky), but typically around the £100 mark for everyday bits.