Unique tip could see Britons saving over £500 in 2022 – ‘not many people are aware!’
Martin Lewis lays out the best savings deals available
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Amongst rising inflation, low interest rates and increasing cost of living, Britons are struggling to stick to their savings goals as one in four adults haven’t put away savings over the last year. However, Richard Lynch, managing director of Suits Me, shared seven simple ways to save money every month with Express.co.uk, without sacrificing your lifestyle.
As the pandemic continues to thwart global economies and personal finances, many have started the new year with the goal of starting a savings pot or refilling the one they emptied during 2020 and 2021.
While January is usually the month of sales, many of these resolutions may be forgotten about by February.
Mr Lynch shared some easy savings methods that could help Britons save hundreds every month without much effort.
It’s estimated Britons spend an incredible £676 on work lunches, but Mr Lynch shared a unique way to cut this cost dramatically.
Mr Lynch advised having everyone in a work team take turns making lunch as this enables people to cook in batches, which is generally cheaper per person, and will stop these cheeky mid-day shopping sprees.
He explained: “With this, you’ll only have to make lunch once or twice a week which is an added bonus. I particularly like this one as buying lunch out every day can be an extortionate expense and the food can be quite temperamental.”
Avoid meat and buy in season
Food is a non-negotiable expense, but that doesn’t mean there aren’t any ways to cut this bill.
Mr Lynch commented: “Becoming a vegetarian can cut your yearly food bill by approximately £550 and can really challenge your creativity in the kitchen. It’s also a good idea to pair this with eating seasonal produce as it’s always cheaper than food that is out of season and, because it hasn’t been flown half way around the world or preserved, it always tastes better too.”
He added that leftover food apps such as Oolio and Too Good To Go offer a cheaper and more eco-friendly grocery bill by reducing food waste.
“Not many people are aware of these apps but not only do they reduce food waste, they can also reduce your shopping by roughly £1,008 (per year) if you use them three times a week.”
The round-up method
This savings method works by rounding up every purchase one makes to the nearest pound and putting this extra amount into a savings account.
This method doesn’t require one to cut back on expenses like many other savings plans, and still enables people to save a fair amount every month whilst discouraging impulse purchases.
Yellow sticker items
Buying discounted and yellow sticker items can quickly add up in savings and Mr Lynch advised going shopping towards the end of the day to find an abundance of both.
Take only what is needed
When going for routine shopping trips or purchasing something with a known price tag can quickly turn into a much more expensive endeavour.
Mr Lynch shared: “Leave your purse or wallet at home and take only what you need for the day to stop yourself impulse buying. If you want to avoid temptation, leave the object that will allow you to be tempted at home.”
Weather forecast method
One of the more unique savings methods, this uses the average temperature of the month as a savings goal.
For those with extremely tight budgets, celsius temperature ratings offers single digit monthly savings whilst fahrenheit readings can help savers put away over £50 a month.
Mr Lynch shared: “You’ll never have wished for cold weather so hard in your life.”
He provided an example based on 2020’s temperature forecasts:
January – 6.7C/44.06F – £44.06
February – 6.4C/43.52F – £43.52
March – 6.8C/44.24F – £44.24
April – 10.8C/51.44F – £51.44
May – 12.6C/54.68F – £54.68
June – 15.1C/59.18F – £59.18
July – 15.7C/60.26F – £60.26
August -17.2C/62.96 – £62.96
September – 14C/57.20F – £57.20
October – 10.5C/50.90F – £50.90
November – 8.7C/47.66F – £47.66
December – 5.3C/41.54F – £41.54
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