How to save money

 

The average worker in the UK is paid less and spends more than he or she would have done a few decades ago. Wages are lower in real terms, and the cost of living is higher, meaning that more and more people are looking to make savings where possible. For example, the average house price in the UK was £74,096 in 1999, whereas it is over £220,000 in 2018. Here are some useful tips to help you save more money.

Live by the 30-day rule

Impulse buying is something that you need to stop doing if you want to save money. Use the 30-day rule and stop impulse buying. Basically, when you feel the urge to buy something, like a new pair of shoes or a new video game, wait for 30 days. If, after 30 days, you still want to buy it then go ahead. If you no longer want it then you have saved yourself the money you would have spent on it.


Check for insurance compensation

You might have been mis-sold PPI in the 1990s or 2000s when you took out a loan. If you were mis-sold PPI, then you could be eligible for thousands of pounds in compensation which will certainly help out with your budgeting. It is simple to find out if you are eligible to make a Barclays PPI claim. Make sure you have your claim registered before the August 2019 deadline.

Stop eating out

Eating out is very pleasant but it is also far more expensive than cooking at home. There are plenty of cheap recipes for you to cook that will save you loads in the long run.

Spend your change

Look for all of the change that’s lying around in your house and spend it next time you go shopping. Self-checkout machines will let you pay for your food shopping using a combination of cash and card. You can feed your coins into the machine to have less money debited from the card that you use to pay the remainder.

Pay bills by direct debit

Utility companies will charge you extra for paper billing, so you should use the direct debit option.

Hire out your driveway

This may seem like a mad thing to do but the price of parking is encouraging people to hire out their driveways to people who want to pay less when attending events or that commute into work each day. Sites like yourparkingspace.co.uk allow you to publish your driveway’s details and people will pay to use the parking space.

Sell old stuff

Don’t hoard old TVs and electronics, sell them. You might not get a huge amount of money for a PlayStation 2 but every little helps. An old smartphone could also be worth a fair amount. Use sites like eBay or Gumtree to sell your old stuff or you could even sell them at car boot sales.

Wear more clothes


When it gets colder, it can be tempting to turn up the heating thermostat. However, heating is one of your major household costs and you don’t want to use it unnecessarily. Invest in jumpers, hats, fingerless gloves and scarves so that you can spend more time with the heating turned down.

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