Brits offered top tips for stretching their savings
It’s been a tough year in lockdown and many families have found their finances stretched to the limit. But help is at hand and Brits have been advised on the best ways to make savings stretch ahead of a busy summer.
Managing hard-earned savings can be a difficult task, but the penny-pinching pros at NetVoucherCodes. co.uk have devised a list of top tips to make money go the extra mile.
Carefully managing spending habits and adopting new ways of shopping can allow for greater freedom when enjoying fun activities and also allows a more flexible saving pattern.
A spokesperson for NetVoucherCodes.co.uk said: “Maintaining and improving your savings account has never been more important in today’s economic climate. Saving money should not be seen as a chore and it can be made easier by making some minor lifestyle adjustments, which, in the long run will pay off.”
Five top tips to help stretch your savings ...
1 Scan the web for deals. The Internet is arguably the best place to find deals on your favourite items.
Before purchasing online, search for the product you desire individually in order to find multiple retailers who sell the item. After this you can compare retailers side by side and pick the cheapest.
2 Choose your supermarkets wisely. The same concept as above applies when doing your weekly shop at the supermarkets too, make sure you are checking multiple retailers for similar items. Supermarkets such as Lidl and Aldi have been proven to be cheaper on average than the likes of Tesco and Sainsburys.
If you’re a dedicated Tesco shopper for example, try and buy your generic weekly shop from a budget supermarket for one week and see how they compare.
3 Savings apps. It can be difficult to work out how much you should be saving each month, especially when unexpected costs and expenses arise.
By downloading a budgeting
app or using a bank that has in-app budgeting features, you can relieve the stress of working out a savings figure every month.
Some of these apps work by rounding-up your spare change after every purchase. Others will analyse your monthly outgoings and will calculate an appropriate and affordable figure for you to save based on your earnings and outgoings.
4 Manage direct debits. Many of us have unexpected direct debits that leave our account, even after months of saying ‘I should cancel that’.
Organising your direct debits is a great way of sorting through unnecessary expenditure. For example, if you haven’t used your gym membership for the last six months, but you still have £30 leaving every month, consider freezing your membership until you return or
alternatively find a low budget commercial gym to lower the cost.
Companies such as Spotify and Apple offer family packages for their music streaming services, which are a smart way to save the pennies in a music-loving household.
5 Find freebies online. Instead of making your savings squirm at the thought of buying a new sofa, why not check online communities to see if you can get the same item for free? Sites such as Gumtree and Facebook marketplace are household gold mines. Whatever you’re searching for whether it be white appliances, dining tables, sofas, garden furniture, you’ll be able to find it on these sites. Not only will this spare the heartbreak of your savings account, but you will play your part in preventing these items ending up in landfill by giving them a second home.