Why money saving tips? I have an understanding of mental health and know that worrying about money can cause considerable stress and affect mental health. However, I am not a financial adviser and I do not offer financial advice and so while I can help with mental health, I can only offer money saving tips and signposting information that might help people experiencing financial stress. I’ll be using this page and a newsletter on LinkedIn for posting and signposting information that may help people experiencing money worries.
Spending Based on Need vs. Want
Needs are essential requirements for survival and wellbeing. These include:
- Food
- Shelter
- Clothing
- Healthcare
- Education
Wants are non-essential items that enhance lifestyle. Examples include:
- Luxury Goods
- Entertainment
- Gadgets
Money Saving Tips
Managing your finances effectively is crucial for reducing financial stress and achieving your goals. Below are money saving tips that can help you control your spending and improve your financial situation.
Track Your Income and Expenses
Regularly tracking your income and expenses is one of the best money saving tips. Use budgeting apps, spreadsheets or pen and paper to identify areas where you can cut back on wants.
Differentiate Between Needs and Wants
Before making a purchase, ask yourself if it’s a need or a want. This helps avoid unnecessary spending.
Plan Your Meals
Meal planning is a money saving tip that helps you avoid impulse buys and reduces the temptation for takeaway, ultimately saving you money.
Stick to a Shopping List
Adhering to a shopping list can prevent unnecessary purchases and help you manage your spending effectively.
Review Subscriptions Regularly
Assess subscriptions regularly and cancel those you don’t use. This can save you money and reduce expenses.
Use Coupons and Discounts
Always look for coupons and discounts before shopping. Using these can lower your spending on everyday items.
Try Cheaper Brands
Consider trying cheaper brands initially. This money saving tip can help you save money.
Set a Dining Out Budget
Establish a monthly budget for dining out to control your spending on meals outside the home. This money saving tip can lead to substantial savings over time.
Save on Electricity
Turn off lights and unplug devices when not in use. Reducing your electricity consumption is an effective way to save money on utility bills.
Use Cash Wisely
Withdraw a set amount of cash for the week or month to help control your spending and avoid overspending on non-essentials.
More Money Saving Tips: Negotiate Service Rates
Contact your service providers to negotiate lower rates when contracts are up for renewal. This money saving tip can lead to savings on bills.
Buy in Bulk
Purchasing non-perishable items in bulk, especially when they’re on sale, can save you money in the long run and reduce your overall spending.
Set Specific Savings Goals
Establish clear savings goals to keep yourself motivated and focused on reducing spending and increasing savings.
Use Your Bank’s ATMs
You are more likely to avoid withdrawal fees by using your bank’s ATMs. This simple tip may help you save money on banking fees.
Be Mindful of Credit Card Use
Consider whether you really need to use your credit card for purchases. Being mindful of credit card spending can help you avoid financial stress.
Buy Seasonal Items Off-Peak
Purchase seasonal items during off-peak times to take advantage of discounts and save money on your purchases.
Join Loyalty Programmes
Sign up for loyalty schemes to enjoy discounts and perks at your favorite stores, helping you save money on future purchases.
Drink Tap Water
Fill up a reusable water bottle instead of buying bottled water. This money saving tip can lead to significant savings over time.
Wait Before Non-Essential Purchases
Practice the 24-hour rule: wait a day before buying non-essential items to curb impulse spending and save money.
Declutter and Sell Unused Items
Sort through your belongings and sell items you no longer need. This not only declutters your space but also helps you make extra money.
Explore Free Local Events
Participate in free local events and activities.
More Money Saving Tips: Review Your Phone Plan
Evaluate your phone plan for potential savings. Switching to a more affordable option can help reduce your spending.
Browse Charity Shops
Browse charity shops for great bargains. This money saving tip is also a great way to support a good cause.
Time Purchases Around Sales
Plan purchases around major sales events to maximise savings and reduce your overall spending.
Compare Insurance Rates
Shop around for better rates on home and car insurance. Money saving tips such as this can lead to savings.
Use Price Comparison Websites
Use price comparison websites to find the best deals before making purchases, ensuring you save money on every transaction but also do independent research to find good deals.
Avoid Brand Loyalty
Don’t feel pressured to buy brands just to impress others. It could be costly.
Pay Off Credit Card Balances
If you use a credit card, try to pay off your balance in full each month to avoid interest charges.
Find Discounts with Shopping Apps
Use shopping apps to discover discounts and special offers.
Learn New Skills for Free
Take advantage of free local events or online resources to learn new skills without spending money.
Free Trials
Make use of free trials before committing to subscriptions or services.
Buy Refurbished Technology
Consider purchasing refurbished electronics to save money.
More Money Saving Tips: Live Below Your Means
Organise your finances and try to live below your means to build savings and avoid debt.
Book Holidays Early
Plan your holidays in advance to secure lower flight prices or be flexible with dates for last minute deals.
Prepare Meals in Bulk
Cook meals in bulk to save time and money and freeze portions for later use.
Use Freecycle Platforms
Don’t spend money unnecessarily. Explore platforms like Freegle etc. to try and find items you need before going shopping.
Schedule Online Shopping
Set specific times or days for online shopping to avoid impulse buys. Make shopping intentional rather than a casual activity.
Use Your Local Library
Take advantage of your local library for free access to books and other resources instead of purchasing them.
Get Fit for Free
Engage in free community activities or use outdoor gyms to stay fit without the cost of a gym membership.
Avoid Automatic Renewals
Don’t automatically renew your home and car insurance. Shop around for better deals each year.
Prevent Drafts
Seal drafts in your home to save on heating costs. Simple measures can lead to significant savings.
Style Over Fashion
Dress well but don’t be a slave to fashion, reduce needless spending on clothes.
Maintain an Inventory
Keep an inventory of your belongings for insurance purposes and to avoid buying items you already own.
More Money Saving Tips: Regular Maintenance
Perform regular maintenance on appliances to extend their lifespan and save money on replacements.
Improve Energy Efficiency
Identify areas in your home where you can improve energy efficiency.
Make Coffee at Home
Make your coffee at home instead of buying it from cafes to save money.
Pack Your Lunch
Prepare packed lunches instead of buying lunch at work or school to save money and eat healthier.
Household Cleaning Products
Create your own cleaning products using inexpensive ingredients like vinegar and baking soda to save on shop-bought cleaners.
Plan Staycations
Consider staycations or local trips to save on travel expenses.
Free Exercise
Take up walking, jogging or running for free exercise.
Use Free Online Workouts
Access free online workout videos instead of paying for fitness classes to save money.
Build an Emergency Fund
Save for unexpected expenses to avoid going into debt when emergencies arise.
Set Payment Reminders
Avoid late fees by setting reminders for due dates on bills and payments.
Educate Yourself on Finances
Read books or take courses on personal finance to improve your financial literacy.
More Money Saving Tips: Be Cautious with Loans
Try to avoid taking out loans, but if necessary, shop around for the best rates and terms.
Budget for Gifts
Set a budget for gifts and stick to it to avoid overspending during holidays and special occasions.
Teach Children About Money
Educate your children about money management, budgeting and saving from an early age to instill good habits.
Avoid Lifestyle Creep
Be mindful of lifestyle inflation; avoid increasing your spending as your income rises to maintain financial stability. Save the extra money instead.
Create a No-Spend Challenge
You don’t need to spend money every day. Have a no-spend challenge a day or two a week.
Unsubscribe from Marketing Emails
Don’t sign up for promotional emails and reduce temptation by unsubscribing from marketing emails.
Home Repairs
Learn from online tutorials and, where possible, do basic home repairs yourself to save money.
Maintain Your Car / Mode of Transport
Regular maintenance may prevent costly repairs.
Car vs Public Transport
Consider the cost of owning a car versus using public transport. Work out which offers better value long-term.
Use Streaming Services Wisely
Give careful consideration to what services you sign up for. Being selective can save you a significant amount of money over time.
Use Leftovers
Transform leftovers into new meals to reduce waste and save money.
More Money Saving Tips: Use Free Software
Do some research and, if viable, opt for free alternatives to expensive software.
Buy Reusable Items
Where possible, invest in reusable items to save money in the long run.
Expiry Dates
Check for discounts on items nearing the expiry date.
Debt
I am not a debt adviser and cannot offer debt advice but there are many organisations that can help you. If you are concerned about money or need information about debt, please use an organisation regulated by the Financial Conduct Authority (FCA) and make sure the organisation provides FREE debt advice.
The Independent Advice Network, providing advice to those who need it most. See Advice NI
Debt Advice Foundation: Free, confidential debt advice from a UK charity. See Debt Advice Foundation
National Debtline: Independent Debt Advice Charity. See National Debtline
StepChange Debt Charity offer free advice. See StepChange
Christians Against Poverty (CAP) offers free debt help and support through local churches across the UK, See CAPUK