Careful budgeting, home cooking and even taking your own treats to the cinema are three of the most popular money-saving tips, according to research compiled by GoCompare.com.
It is claimed that each of us could save up to £530 a year by using vouchers, apps and other money-saving tips. (See the top 25 money-saving tips listed below.) It is perhaps impractical to suggest that we could each adopt every single one of the tips, but there is undoubtedly something that each of us could be doing to help save a few extra pounds.
1 Use vouchers, coupons, money-off apps
2 Take a packed lunch to work
3 Use loyalty and cashback schemes
4 Turn the thermostat down to reduce heating bills
5 Do more home cooking and batch cooking
6 Cut down on takeaway meals
7 Shop around for insurance
8 Keep a coin jar and save change
9 Switch energy supplier
10 Cut out takeaway coffee/coffee shop treats
11 Draw up a budget and stick to it
12 Plan meals, make a shopping list and stick to it
13 Switch to a cheaper supermarket
14 Never impulse buy, sleep on it
15 Only use debit cards, not cash - spend the exact amount
16 Take your own treats to the cinema
17 Buy second-hand instead of new, use sites like eBay or Freecycle
18 Review your satellite or cable subscription or cancel it altogether
19 Don't use a tumble dryer
20 Never grocery shop on an empty stomach
21 Review your mobile phone contract or come off a contract altogether
22 Leave the car at home and walk or use public transport
23 Cut up your credit cards
24 Transfer all credit card debt to a 0% card
25 Holiday in the UK rather than abroad
I'm known for coming up with weird and wonderful challenges and I thought it would be interesting to see just how much I could save by adopting as many of these tips as possible in a 24-hour period. Here is how I got on.
I took my own packed lunch to work, saving £4.00 (TIP 2)
I made a coffee and took it to work in a travel mug, saving £2.20 (TIP 10)
I walked the mile or so to work, instead of taking a bus, saving £1.50 (TIP 22)
I walked the mile or so back to the station, saving £1.50 (TIP 22)
I decided not the buy the new 48" LED TV I saw on the way home, saving £499.00 (TIP 14)
I cooked my own meal instead of ordering a takeaway, saving £22.00 (TIP 6)
I shopped for that meal at Tesco instead of Waitrose, saving £1.25 (TIP 13)
I turned down the thermostat, saving approximately £0.50 (TIP 4)
I decided to hang the washing on a clothes horse, instead of using a tumble dryer, saving £0.50 (TIP 19)
Total Saving £532.45
So there we have it, proof that by using just a few of the tips listed above, you could save as much as £194,000 per year. Okay, so the numbers were swayed by the decision not to purchase the TV, and of course you can't really factor that in as a true saving.
If I re-work the figures to disregard the TV, (not because I don't consider it a true saving, but because I almost certainly would have bought it eventually anyway,) it still adds up to a very respectable £33.45.
Why don't you take up the challenge yourself? Or perhaps just take on one or two of the tips above and let us know how you got on.