Money Saving Chart
Staff Writer, Halal Incorp
Exploring ways to boost your savings? Consider incorporating some clever shortcuts and unconventional tips into your routine. These unconventional strategies can rev up your efforts to regularly stash away money and make your finances work more efficiently for you.
Money Saving Chart
If you’re just embarking on your savings journey, adopting a series of small, savvy steps can lead to significant savings over time, fostering the development of a positive new habit. To gather some of the most effective hacks, we reached out to our colleagues at Barclays, friends, and family, and we were thrilled with the wealth of responses we received.
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Highlighted below are some of our favourite tips, presented in quotes. They range from inventive twists on familiar practices to entirely novel approaches. With 10 diverse tips to experiment with, why not assess which ones yield the most savings for you over the course of a year? Given the rising cost of living, these hacks may empower you to cut expenses and maintain control over your finances.
- 1p Savings Challenge: “This is a year-long scaling challenge! Save one penny on day 1, 2p on day 2, 3p on the third day, and so forth. After 365 days, you could amass savings exceeding £650.”
- ‘No Spend’ Weekend: “Designate a ‘no spend weekend’ every other month, if possible. Engage in activities like walks, movie nights, board games, or explore free museums. Utilize leftover food from the week to make your salary stretch further each month.”
- Pre-splurge Saving Ritual: “Before indulging in a treat with your regular spending money, such as a £30 dress, challenge yourself to save the same sum first. By forgoing small expenditures like a daily coffee (£3 saved) or preparing extra homemade meals (£10 saved), accumulate £30 and transfer it from your current account to your savings. This not only boosts savings but instills a habit of prudent spending.”
- Oddly-shaped Veg Bargains: “Look for discounted oddly-shaped vegetables in boxes, often several pounds cheaper due to customer aversion to their appearance. Embrace the unique shapes and enjoy an easy saving.”
- Police Auction Bargains: “Explore police auctions for lost and stolen items. These auctions feature a wide array of goods—from bikes and razors to toys and candles. Search ‘police stolen goods auction’ online to find events near you and be prepared to collect items in person.”
- Avoid Monthly Insurance Interest: “Beware of high interest charges on monthly insurance payments. While monthly premiums may seem affordable, paying upfront can save you an additional 10% or more. For instance, a £500 car cover policy could cost an extra £50 when paid monthly.”
- Scrutinize Your Tax Code: “Don’t overlook your tax code—double-check to ensure it’s accurate. An incorrect code can lead to overpayment or a hefty bill later on. Many individuals pay the wrong amount each year, so explore HMRC tax tips to verify your code.”
- Monthly Mortgage Overpayment: “Consider adding £50 extra to your monthly mortgage payment. This overpayment can significantly reduce your mortgage term, saving thousands in interest. However, always check for early-repayment charges.”
- Earn While You Shop Online: “After finding the best online price, check for cashback options using sites like Topcashback and Quidco. Some retailers offer codes that provide discounts on your selected items, effectively paying you to make a purchase.”
- Prioritize High-interest Debt Repayment: “If you have costly debts, prioritize paying them off. For instance, clearing a £1,000 credit card balance at 18% interest and concurrently having £1,000 in savings at 1% interest would leave you £170 better off annually by using your savings to pay off the card balance.”
Experiment with these tips and discover which ones contribute most to your annual savings. In a climate of increasing living costs, these strategies can empower you to trim expenses and maintain financial control.