14 SMALL CHANGES FOR BIGGER BUCKS

Hacks, tips and tricks to help you rethink your approach to money, starting today

Smart money advice

1 GET A BUDGETING APP

Too much month left at the end of the money? A budgeting app on your phone is a smart move. A techie version of keeping a spending diary, you simply enter the item and cost every time you spend and save by category. If you’ve put in your monthly spending limit, even better. We use Ontrees (free, Apple) and Wally (free, Apple and Android) on our mobiles.

2 SAVE IN STEPS

Save without really noticing it with this simple trick: on Monday save £1, £2 on Tuesday, £3 on Wednesday, working up to £7 on Sunday, then start again. You’ll save £28 a week, which translates to a whopping £1,456 over a year! You could put coins in a jar, or make it easy by setting up a transfer to a savings account once a week.

3 KEEP THEM KEEN

Insurance companies count on us automatically renewing and often push up prices every year. Use your renewal notice as a nudge to compare prices and get the best deal – check out uswitch.com and moneysavingexpert.com/ insurance to see what’s on offer.

4 LESS POST

Companies love customers who they can bill online and often offer a small incentivising discount to do so, so switch utilities and services to paper-free. (But we recommend you stick with paper copies of bank statements – it’s much easier to spot errors and keep an eye on spending when it’s under our noses.)

5 CUT THE HASSLE FACTOR

The cheapest way to pay for utilities and insurance is upfront annually but if that sounds like too much of a commitment, set up a monthly direct debit. You’ll save money too as direct debits often attract discounts. Set payments to leave your account at the start of the month, as it’s far easier to see what’s left if all the big hitters go early.

6 USE YOUR PHONE

You can now pay in cheques with your smartphone by sending an image of it to your bank, saving you the schlep to your local branch. Barclays were the first to offer this but several of the big banks have recently introduced it.

7 CHANGE BANK ACCOUNTS

If your current account isn’t delivering high enough interest rates – the best we’ve seen are around 5% but conditions apply – or the customer service you want, vote with your money and switch. Under the current account switch service initiative, moving accounts couldn’t be easier. The switch guarantee means the banks will do all the legwork for you and any switch is completed in just seven days. Better still, banks want your business, and can offer you cash incentives, as much as £150, to move to them. Compare current accounts at gocompare.com/ current-accounts.

8 SHOP AROUND

Regularly check you’re getting the best deal on your savings accounts. Many bank accounts start off with introductory

offers, which includes a competitive interest rate, but they expire after 12 months. Check the interest rate you’re on, then shop around – it’s likely you’ll find a better rate. Make a note in your diary to switch again when the rate changes to a lower one.

9 SPEND AND EARN

If you use a credit card, make sure it’s one that earns you cashback every time you spend – and bag yourself some free cash (typically an extra 3-5%) every time you buy. Check out the card options at moneysupermarket.com. Use your card for all your everyday purchases – groceries, petrol, lunch – and max up the cashback. But whatever your credit card usage, remember to set up a direct debit to repay it in full each month so you never pay interest.

10 DANGER ZONE!

Get a weekly alert on your mobile to warn you if your funds go under a set limit. Anyone registered for online banking can set this up. Set it for Friday morning so you know where you stand before a weekend splurge.

11 CASH IN A DASH

Paym (pronounced Pay Em) is a service that allows you to make payments directly into a friend’s current account without their account number or sort code. You’ll both need to register your mobile number with your bank – which you can do online or over the phone – then simply log in to your online banking account and enter the number of the person you want to pay.

12 YOUR FINANCIAL P.A

If your life is hectic, then the Moneysupermarket GO app (free, Apple and Android) can help you get organised. It allows you to create a personalised ‘to-do’ list, such as when to switch your energy supplier, renew car insurance or pay certain bills. You can also use the app to get quotes on insurance policies or utilities and switch, as well as store your policy details all in one place.

13 THE RIGHT BAND

Check you’re not paying too much council tax – make sure you’re in the right band at gov.uk/council-taxbands. You can also claim a 25% discount on your council tax if you’re the only adult in the house.

14 DECLUTTER YOUR PURSE

Fed up of all the loyalty cards in your wallet?

Enter Stocard (free, Apple and Android), an app that stores digital copies of your points cards by scanning their barcodes. Working with many chains across the country, including Boots and Waitrose, you can collect rewards without plastic.