Lots of us are feeling the pinch. Money is tight, bills are going up and there seems to be more going out the door than coming through it. How can we get a hold on your finances right now? Maybe you aren’t sure? That uncertainty is why we’ve collated some top ideas for you. Let’s have a look at 9 ways to save money on a tight budget UK.
Move Your Money
Firstly, where is your money right now? What is the interest rate for your current bank account? Lots of interest rates have hit rock bottom and aren’t giving you more than a few pence a year. Whilst there aren’t a lot of other options for your savings, be sure that you are getting the maximum that you can get. 0.7% is much better than 0.05%!
Change Your Utility Company
Secondly, we’re looking at energy! Energy prices are going through the roof. How much are paying for your gas and electricity? Lock in today at a low rate to make sure that you avoid price hikes over the coming year or two. Whilst you might read that some energy companies have gone bust recently, don’t let that put you off from switching to smaller, unknown companies. Even if they go bust, your supply won’t be disrupted and you’ll simply be moved to a new provider. You’ll then be able to switch again should you wish to.
Sell Your Stuff
Thirdly and next on our list of ways to save money on a tight budget UK is selling your stuff. There could be hundreds of pounds worth of stuff in your house that you no longer use. Stuff you don’t need, haven’t worn for months and are simply gathering dust. Get those things sold on fee free platforms. You’ll free up space and be able to put that money you make into your savings.
Switch Where You Shop
Where do you shop? There are places that sell the same stuff, but charge different prices. Now is the time to start saving money by finding out the cheapest places for the things that you buy. Why would you buy a bag of pasta for £2 when you could get it for 50p? Pasta is pasta. It’s time to ditch those expensive shops and switch to budget supermarkets.
Make Coffee At Home
Have you thought about how much cash you’re throwing at coffee shops every year? Yes we all love meeting up with friends for a coffee and a cake. We love that shot of caffeine on the way to work. However at £2.50 a pop, it adds up. Four of those a week is over £40 a month! That’s Almost £500 a year! I’m not saying to stop meeting friends but those brews on your commute can be replaced by a flask of your homemade coffee!
Stop Buying Takeaways
In the same vein, stop buying takeaways. Cook for yourself! A little bit of planning a preparation will mean that you can cook fresh and healthy food, sitting round the table as a family. Much better for you than waiting for someone to bring your hot food to the door. You could save over £25 a week doing this. Make your own lunch for work too and you can save £5 a day!
Cut The Subscriptions
Next on our list of ways to save money on a tight budget UK is cutting your subscriptions. Lots of us have subscriptions that we’ve signed up for but never use. We’ve forgotten about them! We sign up for free trials and then forget to cancel. That’s what the companies hope you do. That’s how they make their cash! Do you need to be subscribed to Netflix and Disney+ at the same time? Do you really need Amazon Prime or is it tempting you to buy things you don’t need. Can you find a cheaper gym membership? Maybe a pay as you go option would work out cheaper for you. Look at the things you’re signed up to and cut some of them out!
Find Free Things To Do
You don’t have to spend money to have a good time. Go for a family walk in the woods. Head to the beach. Get the bicycles out the shed and go for a bike ride! There are so many free things that we can do to spend time together and stay entertained. When was the last time you got boards games out the sideboard? Find some free things to do!
Pay With Cash
Finally, it is so easy today to just beep our contactless card. Furthermore, we sometimes don’t even look at how much it is anymore! When you start reverting to only carrying cash, you have to physically hand that cash over. You know how much you are handing over and what you are getting back. No beeping here! Get cash out and you’ll be less likely to impulse buy!
There are so many other ideas we can use. From using free trials to finding discount codes when we shop. In conclusion, when we are worried about finances we must find ways to save money on a tight budget UK.
