Savvy savers reveal how they cut back costs – ‘surprised myself!’
Money saving can make a huge difference to many families over time, and by cutting costs on some items, Britons could leave themselves with more to spend on other areas of life. There are a variety of ways in which people have managed to tighten their belts, an issue which has become even more important amid the lockdown measures across the UK. And for those who are unsure as to where to begin, there is always helpful advice concerning how to get one’s finances in order.
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Several savvy savers have shared their top tips for revolutionising their saving habits, and how they managed to reduce their expenditure in various aspects of life.
Taking to the website Reddit two years ago, many shared their advice which could help families at this time.
One said: “I was quite bad for really wanting things and buying them as soon as I got paid. Of course, this was a problem as I got to the end of the month, and I had barely any money left.
“To fix this, instead of buying things at the start of the month, I decided to buy things at the end of the month if I still had enough wages to do so.
“Basically, patience and timing means I can still have what I want and not struggle. I’m in a much better place financially now.”
Another adopted a similar habit, but this time with their savings.
They wrote: “On every payday, I move half of what I had leftover from the last pay period into my savings account – paying yourself.
“Sometimes it’s not a lot, but it has added up quickly. I also added £5 to each of my kids savings accounts every payday.
“They each have over £1,000 and my personal savings have just reached five figures. As a single mum who has lived from pay check to pay check, I have surprised myself!”
Multiple people said budgeting was an option which worked for them.
By laying out a spreadsheet of income and expenditure, several savers said they were able to eliminate unnecessary items, and streamline their spending.
Another said they switched to own brands when shopping, which allowed them to save, adding: “I do this with a lot of stuff and I also buy in quantity when stuff is on sale.
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“For example, I like a particular toothpaste, but it is expensive, except every few months when it goes on sale. When that happens, I buy six or eight tubes and then I have a supply until it goes on sale again.”
A user with a family stated they cut back in various areas, with a few simple changes.
They said: “Learn to cook cheap food such as roast chicken, beans, pasta, oatmeal, eggs, shrimp, and in season fruits and vegetables.
“Get cheap hobbies such as reading, hiking, cooking and nature crafts, as well as buying your clothing second hand.
“You should also pay attention to phone, TV and internet costs to ensure you’re getting the best deal available in your area. Some things are worth it. But others are not. Learn to be proud and live modestly.”
But finally, another saver stated their savings came before the actions many other people take.
They wrote: “It may sound flippant, but as a recently first time ever unemployed person: don’t spend. Also have an emergency reserve of six months, but preferably one year.
“It is easier to not spend money than it is to try to find more money to save. The old standby of automatically saving money so you don’t touch or even see it is even better if it is in something you can’t cash for a while.”
According to the Office for National Statistics, in 2016, the average British household shelled out in spending around £529 per week.
This works out as over £27,500 per year for a variety of items, with the highest average spend going towards energy bills and transport.
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