Looking for super simple money-saving tips? The truth is that saving money doesn’t have to be hard. Still, over half of Brits had no savings pre-pandemic.
That changed after the first lockdown, as data shows that Brits got serious about their savings and significantly increased how much money they put aside. If you’re not one of them, it might be time to look into your money choices.
Even if you’re already saving money ‘the usual way’, here are some unconventional tips to help you save even more.
1. Don’t wait until you have money to invest
Do you know the old adage of ‘pay yourself first’? Well, this applies not only to saving money but also to investing in your future.
It’s a myth that only people who are financially well off can invest. In fact, investing is a great way to grow your wealth even if you start with only £100 a month.
The earlier you start putting money into the market, the more years you have to grow that money.
2. Embrace frugal living
Perhaps one of the best money-saving tips you can adopt is to ‘live on less’. Don’t think of living frugally as something temporary that you do when you’re on a tight budget. Instead, make a frugal lifestyle your normal.
For example, do you really need to pay for three streaming services, take Ubers to work regularly or buy gourmet coffee? Look into getting a bike instead or pick your favourite streaming service and cancel the rest.
These are small changes that won’t feel like a big sacrifice but will reduce your overall expenses, meaning you can save more. Buying second-hand and finding ways to entertain yourself that don’t involve spending money will also help you live more frugally.
3. Correct your bad habits early
Here’s an easy tip: no matter how much you earn, overspending will always interfere with your money-saving goals. For example, if you tend to overspend when you’re feeling sad or lonely, find other ways to entertain yourself.
The same is true if you shop online out of boredom or keep eating out regularly when you can’t really afford to. The sooner you correct behaviours that are not serving your financial future, the better off you will be.
4. Learn DIY skills
When it comes to tips on saving money, we can’t stress it enough: the more you can do yourself, the less you’ll spend. While you don’t want to mess with your home’s electrical or gas systems, anybody can learn some basic home maintenance skills, including how to patch holes in plasterboard, use a drill and fix a clogged sink.
You can even learn how to change your car’s oil and filter for big savings. These are things that would take a professional 10 minutes to fix and would likely cost you hundreds of pounds. You can easily learn to do them yourself by taking a class or watching some YouTube videos.
5. Don’t be afraid to try some crazy money-saving tips
You can ‘find’ extra money by pushing your limits once in a while to save more. For example, you can try a spending freeze for a week or a month, where you don’t allow yourself any purchases except the essentials.
You can also try not driving at all for a month and bike, use public transportation or walk everywhere instead.
Or you can do an electricity-free evening a couple of times a month. Turn everything off and spend time playing a board game by candlelight.
If you’re looking for more ways to make your money work for you, why not sign up for MyWalletHero’s email newsletter? You’ll receive our team’s top money-saving tips, lifestyle hacks and handy personal finance ‘must-knows’ – delivered straight to your inbox…
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