Money savings tips can be particularly useful for Britons who are unsure as to where they should start reducing their spending. Sadly, due to unemployment and furloughing brought about by the coronavirus crisis, many are finding it difficult to spend in their usual way. As a result, living in a more efficient way can provide a helping hand to those reassessing their financial situation.
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However, some people who are well versed in the art of saving were happy to share their tips and tricks for making cutbacks to assist others.
Using the website Reddit, money saving tips were shared which aimed to assist one user looking to make significant savings.
The user, who had just started a new job, was looking to manage their finances and save money.
One Reddit user reached out with advice, stating: “Most of my money saving comes from planning in advance.
“By the dry goods you use in bulk, such as toilet paper, paper towels, cereal, coffee and tea – this saves us a lot of money over the year.
“Pack your lunch and don’t eat out often. Eat seasonally – fruits and vegetables are so much cheaper when they are in season. And never go grocery shopping when you are hungry.
“If you go out for a drink or two, there is usually something on sale. Pay attention and drink that.
“And if you are going out to eat with friends and you are a bit strapped for cash, or just want to save money, eat a sandwich at home or something beforehand – then you can order something smaller.”
A second user wrote: “Learn to cook. Bring sandwiches to work for lunch and control your spending because that is a lot easier than controlling your income.
“Savings are good. Investments that pay dividends are better. Investments that pay dividends that grow every single year are a LOT better.”
And a third offered their advice, saying: “When you want to buy something, don’t buy it yet, wait two weeks, and if you still want it then, then buy it.
“This trick will save you lots of money that would’ve been wasted on things you would’ve only used once and never again.”
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A fourth savvy saver revealed budgeting was their key to cutting back on unnecessary expenditure.
They said focusing on their current resources alone, allowing them to manage unavoidable, everyday expenses such as rent, utilities and food shopping bills, whilst putting aside any extra money into a savings account for the future.
Speaking of their situation, they wrote: “Whenever I talk to people about budgeting they always look at me and say ‘That means I have to stop having fun?’
“It doesn’t. It just means you can pick and choose activities that are fun without worrying about making your rent at the end of the month. Sure, you may have to cut back a bit, but saving in the short-term will help out long-term.”
The government has also offered advice on how Britons could stand to make money through savings.
It states switching bank accounts could save people on average £70 a year.
In addition, the government has also offered advice on a variety of schemes including pension options, the Marriage Allowance, and ISAs.
The Money Advice Service has also been set up by the government to assist Britons in their saving endeavours, with the organisation providing a budget planner in order to help savers get in control of their household spending.
Advice is also issued by the service over the phone or online to cater to individual circumstances and situations which may arise.
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