Whether you’re trying to build up your savings, budgeting to buy a house or are just plain sick of watching tumbleweeds bouncing around your bank account, we could all benefit from saving a little extra money each month. Even if you’re a budgeting expert and you’ve cut out all unnecessary expenses, there are still plenty of ways to save even more. Today I’m sharing my top 10 money saving hacks to help you spend less and save more.
1. Pay in cash
One of the easiest ways to save money is to switch from paying on card to paying in cash. When you have to physically hand over your money, you become much more aware of how much you’re spending. Plus, if you withdraw your entire budget at the start of the week or month, you won’t be able to accidentally overspend without realising it.
2. Use coupons
Let me just say that no one is too cool for coupons. In fact, coupons are cool. I mean, to an extent. The point is, you should never make a purchase without checking to see if there’s a money off voucher available.
To save you precious time, you can install Honey. It’s a browser plugin that scans the internet for online coupons and discount codes whenever you shop online. Essentially, it does all the hard work for you so you don’t have to scroll through pages and pages of expired coupons. I can’t recommend it enough and, best of all, it’s free!
3. Use cashback sites
When people first hear about cahsback sites, they tend to get kind of weird about it. After all, these sites essentially pay you to shop online and that definitely does seem too good to be true. But I assure you, it’s not. I’ve used cashback sites for years and I’ve earned a considerable amount of money, just by buying things I was planning on buying anyway.
All you need to do is signup and then each time you want to purchase something online, check the cashback site first to see if there’s a cashback offer available. Some purchases might offer less than £1 cashback, some offer £10 or more, but it all adds up.
I use Topcashback for all my online shopping in the UK and Rakuten for all my US orders. I’ve tried others in the past, but these are my favourites. Even better, if you sign up for Rakuten and earn $25 in cashabck, they’ll give you a bonus $10!
4. Use reward cards
I’ve earned everything from free coffee to a £5 book voucher and even a set of brand new hair straighteners, just by using reward cards. Some shops work on a points basis and at others you collect stamps every time you make a purchase. It comes down to the same thing, though – free stuff.
5. Keep an eye on your outgoings
You need to be proactive when it comes to contracts for things like mobile phones, broadband, gas and electric and anything else you pay for on an ongoing basis. As soon as your initial contact is up, shop around for a better deal. This is definitely one of my top money saving hacks.
6. Switch up your bank account
Lots of banks have really great introductory offers for new customers, whether it’s a switching bonus where they’ll literally give you cash just for opening an account with them or great interest rates for the first year. Once those benefits dry up, shop around for the next best offer. Switching bank accounts every year or so might seem like a huge inconvenience, but it could end up saving you a huge amount of money in the end.
7. Shop around
It’s 2020. We have Google. Shop around and compare prices before you make any big purchases. You’d be surprised how many shops are willing to price-match.
8. Don’t buy branded
We’ve already talked about why Martin Lewis, the money saving expert, advises against buying brand named medicines. But there are plenty of other areas where you can forego the brand name too. From cereal to shampoo, mayonnaise to dish soap, there’s a lot of money to be saved by switching to the generic versions of your everyday items. And you might even prefer the cheaper option!
9. Unsubscribe from email lists
You don’t need a daily bombardment of sales, offers and ‘must-have’ new collections. Remove temptation by simply unsubscribing.
10. Find discount days
Lots of places offer discount days. It might be a happy hour deal, 2 for 1 on a certain day of the week or a kids eat free offer. Take to the internet and find out what offers are available near you.
There are plenty of easy ways to save money and take advantage of bargains. These quick, simple money saving hacks have the potential to save you a lot of money over the course of the next few months. Imagine how much you could save in an entire year!
If you want to learn to set a budget and boost your savings, check out my post on budgeting for beginners.
