Slash unnecessary spends with pain-free saving tips
Most people are keen to save money where they can, but experts advise we are all vulnerable to impulse buying.
So which everyday purchases could we do with skipping, to see the pounds start mounting up?
It turns out our unconscious purchases, which we often buy on impulse, can add up and sabotage savings.
By becoming aware of this and introducing techniques to manage unnecessary spending, it can be avoided.
Rachel Harte, an expert at Claro app-based digital financial coach, said: “It can be hard to think of ways to cut down on spending and many of us don’t realise how much money we spend on items we could easily do without.
“By cutting the costs of everyday frivolous spending, it can lead to smarter money decisions overall, which in turn can help with growing savings and developing a better money mindset.”
Claro has highlighted some of the biggest culprits when it comes to impulse spending.
Online Shopping Hauls
It’s Friday night in lockdown after a glass of wine and that £102.40 online shopping basket full of essentials for when restrictions lift seems like a great idea! Rather than hit ‘Buy Now’, wait until Saturday morning and reconsider your basket. A little perspective will make you realise which items you really want, let alone need.
Switch Up Your Food
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We all have favourite brands, but does that wellknown ketchup really taste different from the supermarket’s own brand? And what about your supermarket? Do you pay more for the same items you would get at a budget grocer? Why not try switching to own brand products and see how much you save, or try a more economic retailer. This can be a quick way of bringing down bills.
Make a Weekly Menu as a little organisation goes a long way. Do you leave the supermarket with more than you intended to buy but nothing to make a meal from? This can be solved by making a menu for breakfast, lunch and dinner each week. Stop wasting food. Fruit and veg are essential to healthy living, but do you throw away mouldy blueberries? Why not switch a few fresh fruit and veg purchases for frozen. It’s not just mixed bags of peas, carrots and sweetcorn; tender stem broccoli, mango and even avocado can all be found frozen and are sure to save you cash in the long run.
Hide take-away apps, as after a long day at work nothing seems more appealing than letting someone else do the cooking. But takeaways can really sabotage your savings. Move all takeaway apps to a folder on your phone, and try your hand at a fakeaway or meal-prep.
Why not keep from restarting that gym membership and put that monthly amount into savings. Investing home gym equipment can save money over time. Or make the most of the warmer weather and start hiking, running or cycling.
It doesn’t pay to be loyal, and a simple way to save money is by switching energy or insurance providers. Introductory offers typically don’t last longer than 12 months and you may find your bills rising then. Head to a price comparison website and make sure you are getting the best deal possible. This switch can take minutes and save you thousands.
Use your own coffee and snacks. A recent study found that workers spend an average £6.08 on lunch a day, or £1,580 a year. Buy a thermal cup and take coffee from home, and create recipes to enjoy from your lunch box.
For more information visit https://claromoney.co.uk/ website.