Money saving is important to many Britons who are attempting to cut down on waste and preserve their income. In the current climate, with job losses and furloughing up and down the country, cutting costs and making additional savings has gained importance for many more families. Indeed, many on social media have expressed a need to save, and have reached out to others for tips.
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Fortunately, several savvy savers have taken up the call to share their money saving tips with others.
And in some cases, people were able to save hundreds of pounds across the year with just a few changes.
One wrote: “I’ve been able to cut my eating out down from about 300 a month – solely on dining out – to about 70-80 by taking food with me over eating out.
“Where I work, we have a fridge, allowing me to put sandwiches, leftovers and soups in. If you can, look into a cooler bag with sandwich making stuff.”
And another saver agreed with the tip, taking a similar approach.
They wrote: “I make way more than I owe in bills, but I constantly found myself scraping by and having to check to make sure I didn’t overdraw my account. My spending was going on going out to eat. Seriously!
“I abstained from eating at restaurants for one month, and saw a full saving of £400. Pack your lunches!”
Another saver had an interesting tip for creating both a healthy and a money saving shopping list.
They said: “Go grocery shopping based on what is on sale that week. If you don’t have any food and you don’t know what to get? Shop the rainbow.
“Get one fresh thing for each colour. Take the produce home and then look up a recipe on what to do with it. This keeps me from eating the same thing every day, so I don’t get sick of my leftovers.”
But another said it was important to look at the bigger picture when trying to make savings.
They said: “Don’t be penny wise and pound foolish.
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“Many people try to cut costs by shaving pennies on items which they don’t buy very often or were already cheap to begin with.
“The real savings can be found in big things, so start by looking at your cost of living.
It’s often cheaper to own a house than to rent one, and make sure to shop around for low mortgage rates. Living smaller and lower key than you can “afford” is one of the latest most effective ways to save money.”
Another efficient person stated they were able to accumulate more money by turning their hobby into earning on the side.
They advised those who enjoy sewing, making their own jewellery, creating customised models, and fashioning their own clothes to consider turning what they enjoy into a business.
NIDirect has offered advice on how to budget on a low income.
The government organisation states spending £5 per day on eating out can add up to £1,825 per year.
They advise people to eradicate unnecessary spending by using the money in other ways.
This can include saving for a rainy day, using extra money to pay off debts, and drawing up a spending plan to save money each month.
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