Tips to Start Saving Money

Last Updated on November 26, 2020 by Emma

 

We all know that to some degree, saving money is a good idea. You never know when you might face an emergency that hits your wallet hard, or when an irresistible opportunity may come your way that requires some funds. But what are the best ways to save money and where do you start?

Here are my top tips and I’d love to hear yours!

Disclaimer: This post contains affiliate links. Affiliate links mean that if you click through to a website and register or purchase something from some links on this blog, I may get a commission from that sale at no extra cost to you. Any commissions I receive help to fund this blog. Nothing in this article constitutes financial advice, and I recommend doing your own research when making financial decisions.

Save Money As A Long Term Strategy

1. Decide why you are saving money

Saving money requires effort and planning. It’s very easy to forget all about it if you don’t have a compelling reason to do it. Start by asking yourself ‘why am I saving money?’.

Is it for a rainy day fund that means you don’t have to max out your credit card?

Are you saving for a holiday?

For your future?

Once you have a motivating reason for saving, consider attaching a number to your goals. For example, you might want to save £10,000 for a new car to avoid taking out a car loan. Perhaps you are saving up for significant events, such as your wedding and honeymoon.

You can make this process super motivating by having a visual chart of your progress; perhaps you colour in a square for every £100 you save towards your goal. You can set milestone amounts where you have a little celebration for your progress so far.

Whatever your reason to start saving, it needs to be enough to keep you on track when you inevitably face tough decisions in the future; to spend or not to spend – that is the question!

2. Make a budget and stick to it

One of the most effective techniques to save money is to set a budget each month and stick to it. You can create a simple spreadsheet to track how much you usually spend on essentials such as:

• Food costs
• Electricity
• Heating
• Car fuel
• Insurance costs
• Debt repayments (such as loans, credit cards etc.)
• Clothing
• Cosmetics
• Gifts
• Entertainment
• Your children – shoes, clothing, visits to attractions, music lessons etc.

Look at each of these line items and decide which things you will aim to save money on. For example, perhaps rather than buying lunch out every day, you can commit to changing your spending habits and instead bring in a packed lunch a couple of days a week. Rather than heading to the shops to buy a new outfit, check what you already have in your closet first.

It can be very motivating to calculate how much money each budget tweak saves you over a month, a year and for the longer term.

If you live with a partner, it’s important to get them on board with the process and to carve out some time weekly, or at least monthly to set a budget and track your spending against it. The first few times you do this exercise can feel very painful, but these things become easier with time.

If you are parents, you may also choose to get your child involved in some form, so they also learn the value of money. For example, you could give them a pocket money allowance and help them to understand banking by having their own account.

3. Become debt free

This point is going to be controversial! In my opinion, one of the best ways to save money is to, ideally, become debt free.

If you look at your debt repayments each month, it can be quite frightening to see how much money is going towards interest payments. If you have an interest-bearing credit card, you could be paying interest rates of 18% upwards when you do not pay your balance off in full. With that type of APR you can be repaying a lot each month just to tread water.

I’m not a financial advisor, but it’s simple maths that if you save money while owing money on an account that charges you a high rate of interest, then you are going backwards. See if you qualify to transfer any debt with a high APR to an interest-free option.

Take a look to check that the interest you receive on your savings outweighs the interest you are paying elsewhere. The exception here may be your mortgage. For example, I’ve locked in at a low rate of only 1.8% so it’s relatively easy for me to find saving and investment options that offer me more in compound interest, than the interest I pay on my mortgage each month.

I am a big fan of the work of money guru Dave Ramsey. He has a system called the ‘seven baby steps’, to take control of your money, which includes some great tips for saving money. Dave has written the steps for a US audience, but most apply to the UK and other parts of the world as well. Dave recommends managing your money as follows:

1. Save $1,000 (let’s say £1,000 in the UK) for emergencies

2. Pay off all of your debt, except your mortgage, from smallest to biggest (known as the debt snowball)

3. Save three to six months of expenses to add to your emergency fund in case you lose your job or have another emergency, such as ill-health

4. Invest 15% of your income for retirement – whether that’s in a company-provided pension scheme or other retirement saving account

5. Save for your children’s university education – if you have kids. In the UK our student loan system is less expensive than the US system so you may decide not to contribute

6. Pay off your mortgage early

7. Build wealth and be generous with your giving

You can find out more by listening to the Dave Ramsey podcast, watching his YouTube channel or reading his books:

• The Total Money Makeover: A Proven Plan for Financial Fitness
• Dave Ramsey’s Complete Guide To Money

If you’re worried that you have left it too late to start this journey, then STOP WORRYING! You can begin the journey to being smarter with your money, at any age. We’ve all made a financial mistake at some stage, and it’s never too late to take control of the situation.

4. Pause before buying

We’re exposed to advertising constantly throughout the day. If the advertisers do their jobs, then we are motivated to buy when we see an advert on television, in a magazine or when searching online. Things we buy in this way are known as ‘impulse buys’, and they are often mistakes because we don’t really need them.

You can fight against this by pausing before spending, especially if the urge comes from ads you’ve seen. Consider waiting 24 hours before making non-essential purchases; perhaps even longer if it’s a big item.

Wait and see how important that item seems once you’ve slept on it a few times. Often you’ll realise it’s just not that essential after all.

What is the 30 day rule?

If you’ve done other research about saving money, you may have come across a technique called the ’30 day rule’ which people use as one of the ways to save money. It involves waiting for 30 days whenever you feel the itch to spend on a non-essential, to really be certain that you need the item. The savings you can make with this one technique alone are incredible.

5. Open a savings account and set up an automatic payment each month

People with dedicated savings accounts find it much easier to start saving; otherwise, the money gets lost in your bank account. You can quickly develop a savings habit by setting up a standing order payment that automatically takes money out of your bank accounts when you get your salary each month. The money will safely find its way to your savings account before you have time to spend it!

The rate of interest you receive on your savings account is less important than developing a savings habit.

6. Take care with credit cards

Credit cards are always a bad idea if you don’t pay them off in full each month. Some people believe that these cards are straight-up 100% bad for you, because you feel less pain buying something on credit than if you were to take out the equivalent amount in cash from your bank account, or even if you use a debit card. Also, if you make a payment late, then you are in danger of damaging your credit score.

Other people see credit cards as credible ways to save money if you select an account that gives you points, cashback, air miles or other rewards. They can also be a cheaper method of borrowing than using your overdraft, if you incur a daily interest rate on your overdraft, which is fairly standard in the UK. With a card, you typically get 30 days to repay the money before you get charged, which can be an advantage if you have a very short term funding gap.

My personal opinion is that cards offering credit can be helpful if you are very disciplined in how you use them, and as long as you have an emergency fund to buffer you from spending without paying your balance in full. If you face any challenges in paying off your balance in full every single month, then I would avoid the temptation of this type of account.

7. Don’t buy gifts, make personalised presents

It’s so tempting to dip into our savings at Christmas or for birthdays, to buy someone an expensive present. That’s how many families rack up debts each year.

Instead, put some time aside to learn a hobby, or use your skills to create personalised gifts. You’ll often find that your family will appreciate these items a lot more, because of the effort that you have put into creating them. You could make food items such as decorated cookies, or make smellies to put in the car etc. Take the time to package them nicely, and you’ll be amazed at how professional your gifts can look, while still having that personal touch.

Save Money With Spending Hacks

8. Sign up to cashback sites

If you have decided that you really want to buy something, then you may as well get paid for doing so! Using a top cashback site will give you money every time you make a purchase. My favourite is Quidco, and you can get a £10 new member bonus if you sign up using this link and start spending to get cashback.

Just this weekend I saved £10 on a Sainsbury’s supermarket shop by simply letting a cashback site do its thing in my browser.

9. Search for voucher codes

Numerous websites give you voucher codes to save money on your purchases. However, for these to be a successful way to save money, make sure that finding a voucher code does not encourage you to spend money that you had no intention of spending previously. For example, if you see a great voucher code for light bulbs, but you don’t need them now or in the near future, then that is essentially overspending.

Voucher codes only help you save money if you find ones relevant to items you need to buy.

Save Money On Your Living Expenses

10. Take in a lodger to cut your living expenses

Ok, so this one is not for everyone, but an effective way to start saving money on rent and other household bills is to rent out a bedroom in your home to a lodger. If you are on a rental agreement or a mortgage, you may need to check if you need permission to do this.

As long as you find a person who is easy to live with, it can be a great way to meet new people and fight loneliness. It’s sensible to collect a deposit that you hold as protection against damage to your property or late rental payments. If you are concerned about safety, you can ask your potential tenant to supply references, or even use a company to do a background check on them, with the lodger’s permission.

At the time of writing this article, in the UK, the Government let you earn up to £7,500 a year tax free if you rent a furnished area of your home. If you make more than that you’ll need to complete a tax return. That’s a lot of money that you can put towards your household bills!

11. Rent out an unused parking space

If you live in a popular town or city, you may be able to make money from an unused parking that you own. Numerous sites let you rent out your space, and they’ll tell you the registration of the vehicle that will be parking there on any particular day. Any strategies that help us to profit from unused space in our homes are winners! Often they are relatively hassle-free.

Take a look online, and you may find there is demand to rent storage space in your garage, shed, loft or basement.

12. Cut the costs of utility bills

Electricity, heating and water bills can be one of the larger expense categories.

A simple way to minimise your utility bills is to find a credible price comparison and switching service to make sure you are always saving the maximum amount of money you can. Changing service providers can bring considerable savings on your utilities and other household expenses such as your internet service.

You can then also try simple tactics such as switching off lights, using energy-saving light bulbs, turning off appliances and electronics that you are not using, and turning down the heating when you are going out.

13. Get a thermostat

If you are out of the house for most of the day, you may be wasting money on heating. Nowadays you can get thermostats that you can control remotely and set the temperature to a maintenance level when you are out of the house to save you some money.

14. Fully use products

It’s easy to waste money on cosmetics and cleaning products by throwing them out when there is more product still to use in the bottle or container. Make sure to really squeeze that toothpaste to get everything out! If you have freebies from staying in hotels, make the most of them. You’ll be able to reminisce about your holiday and save money!

15. Review your subscriptions and memberships

We’re all guilty of signing up for things on a whim and then not using them; whether it’s a gym membership fee, a piece of computer software, a magazine or newspaper subscriptions.

First, stop and think before signing up to a subscription; will it move you towards your savings goal?

Get into the habit of reviewing your bank statements regularly and cancel any subscription account that you are not using; in fact, consider cancelling anything that you are not using and are not under contract to keep. You can put the cash equivalent that you have freed up in a saving account, or use it to pay off some debt. Remember to cancel a credit card with an annual fee if you are not getting sufficient benefits from the card to justify the expense.

16. Take your lunch to work

Last night’s leftovers will often make a far tastier and nutritious meal than a pre-packed sandwich, at a mere fraction of the cost. By not venturing into shops at lunchtime you will experience less temptation to spend money.

17. Make your tea and coffee at home and avoid bottled water

I calculated that by making my coffee at home every day, I would save the equivalent of £650 a year, which was enough to convince me to change my coffee spending habits. What’s more, if I feel tempted to buy that Costa Coffee or that smoothie that I really don’t need, I get out my phone instead and transfer the equivalent amount from my bank account to either my mortgage (as an overpayment) or a savings account.

Tap water is also a cost-effective and more environmentally friendly option than buying bottled water if you live in an area where the water is safe to drink.

18. Don’t upgrade your phone

Phone companies encourage us to upgrade to the latest phone models every one to two years when, in fact, the handset that we currently have is often still in good working order. In this instance, some people will decide to save money by selling their old phone and putting those pennies towards their new monthly contract. A smarter way to save money is to downgrade your phone contract to sim only and keep your current handset while it’s still working fine. Check how much data you use before selecting the best sim-only deal for you.

If your phone stops giving you a good experience in the future, then you will likely save a lot of money by buying a new handset for cash.

19. Live in a cheaper area

An effective long term strategy to save money is living in a cheaper area. This lifestyle choice could save you money every single day, for example, through:

• Lower council tax
• Lower rent
• Lower house prices
• Cheaper transport options (and perhaps less need for a car if you live in an area with good public transport or where it’s safe to cycle)
• Lower cost of home supplies, such as food

We moved from London to Kent in the UK around seven years ago, during which time I have now switched my lifestyle completely, so I work from home. This shift saves me a ton of money as I eat lunch at home, and I have no commuting costs, so it’s a lifestyle change that brought me closer to my savings goal.

20. Quit your gym membership and exercise for free

Many people love the idea of being a gym bunny, but far fewer are getting the benefit of the money they spend each month. Instead, you can find free ways of exercising, including:

• Go for a run outdoors
• Join a free running, walking or power walking club near your home or the place you work
• See if there are free outdoor gyms in your area
• Follow free exercise classes on YouTube

Or you could even turn exercises into money-making opportunities by getting paid to walk someone’s dog. Some apps will cover your insurance needs if you get a booking through their service.

21. Shop around for the best home insurance deal

If you have been with the same home insurance provider for some time, the odds are likely that you will be able to save money by using a price comparison site to find a cheaper deal, without compromising on the level of cover that you need.

Save Money On Groceries

22. Make a shopping list

When you head to a supermarket or grocery store, it’s so easy to get sidetracked by the latest offers and the fancy displays and suddenly find yourself with a big bill. You can start saving today by making a simple shopping list with a pen and paper or on your phone, and sticking to that rigidly as you shop. If you use a smart shop terminal, you can even keep track of how much your shopping costs as you go around the place beeping.

If you have storage space, you can consider buying essential items in bulk, as long as the items won’t perish before you use them.

23. Shop at a cheaper place

Supermarkets vary in price. If you are working to a tight budget, you can also consider shopping at a cheaper place such as Lidl or Aldi.

24. Try vegetarian food options

Consider some vegetarian meals to save on the cost of meat. You may find a delicious new recipe, and you can feel good about reducing your impact on the environment.

25. Check out the discount aisle

When you’re food shopping, why not check out the discount aisle to see if you can find a bargain for dinner tonight? They quite often have delicious food options that are close to their sell-by dates, so you can easily save money, without compromising on food quality as long as you eat it before the use-by date.

I love this money-saving hack! I always feel a buzz whenever I get a bargain.

You can also focus on buying cheaper items such as the staples of pasta, beans, rice, bread, local fruits and vegetables.

26. Remember your loyalty card

If you shop in a store that gives loyalty points, remember to scan your loyalty card or download the app version so that you don’t miss out on other ways to save money. I often convert my points into trips out (well before Covid-19!), restaurant meals or money off of my shopping. I then transfer the saving into my mortgage account to take another step towards paying it off faster.

27. Never go grocery shopping if you are hungry!

If you’re hungry when walking around a grocery store, you are bound to stuff your trolley with unnecessary items. If you don’t have time to eat before your shop, drinking a large glass of water could help.

28. Avoid name brand products

If you make a switch to the store’s products over more expensive name brand products, you will save a significant amount of money weekly. Often they taste pretty similar, so give them a try and figure out which products you are happy to switch for the long term.

29. Start batch cooking

Batch cooking on the weekend, or another convenient time, can not only make a difference to your life in the form of saved time, but it also allows you to buy foods in bulk and benefit from cost savings as a result. Every time you save money on dining out, or buying your lunch out, due to batch cooking you can feel smug about the money you have saved!

30. Grow your own ingredients

If you have a garden or even a window box or ledges along your windows, you can grow some of your own produce. Some people find it to be a relaxing hobby as well as a route to reducing your food bill. You’ll find plenty of articles online for getting started and you won’t need many tools.

Save Money When Eating Out

31. Don’t eat out!

The top way to save money when thinking about eating out is not to! Making your meals at home avoids food waste and is considerably cheaper. It also doesn’t mean you need to be a hermit. Invite your friends over for some entertainment at your place!

Some people go as far as asking each of their friends to bring over one course of the meal, which makes it extra helpful for their finances and gives everyone the chance to bring their favourite dish.

32. Order a starter for your main course

In some restaurants, the starters are fairly substantial for their relative cost. You can ask the waiter to serve your starter as a main course and enjoy that smug feeling of saving some money and calories.

33. Skip the alcohol and order water

Cocktails and other alcoholic drinks can be pretty pricey. You can avoid these costs and enjoy some health benefits by ordering tap water in the restaurant.

Skipping alcohol also means that you can drive rather than having to pay for a taxi.

This one hack alone can save hundreds of pounds or dollars each year; just think what would happen if instead you put the funds into investments throughout your life.

34. Look for coupons

Check the restaurant’s website for applicable discounts before you visit. Some companies may offer you incentives to dine with them at less popular times, or money off on your birthday.

35. Ask for gift cards for presents

If you like to treat yourself to a nice meal out every now and again, there is nothing wrong with that. One way to do that without any budget guilt is to ask for a gift card or vouchers for your favourite website when it’s a special occasion such as your birthday.

You can also earn gift cards as a reward from many survey sites. These sites will ask you for your opinions on a range of topics, and you may receive free products in exchange for your feedback, for example, in return for reviewing housewares or a movie.

Save Money On Transportation

36. Shop around for the best car insurance deal

Another way to make significant savings is to shop around for vehicle insurance using a credible price comparison service. If you’ve stayed with the same provider for several years, it’s incredibly important to make sure that you are still getting a good deal and not paying over the odds.

Use a price comparison site that shops around for the best deals, every time your vehicle insurance is up for renewal. It’s one great way that anyone with a vehicle can save money each year.

37. Walk or cycle whenever possible

Walking and cycling are great ways to stay mentally and physically fit and healthy, while also saving money on fuel, wear and tear, and maintenance on your car. If you are considering moving, transport links are one of the things to consider when making your decision on which place to live. I really enjoy the fact that my home is in an area with lots of safe cycle paths, so I do not have to use the car every time I go out.

If you don’t own a bike, you may find a cheap one for sale online in your area. You may even find that your neighbors have one that they are happy for you to borrow.

38. Rideshare your commute

If you have to drive to the office every day, consider sharing the journey with a colleague or a friend who works in a similar area. Either take it in turns to drive your vehicles or agree on a cash amount that they will contribute to transport costs each month. Not only will this help you save money, but it also allows you to get to know a colleague or a group of colleagues better.

39. Maintain your vehicle

Making sure that you keep your vehicle properly maintained can save you a lot of money on faults. A simple tip such as making sure you inflate your tires to the optimal level recommended by your car’s manual can save you money on fuel for every trip you make.

Spend Less Money on Travel and Entertainment

40. Organise nights in with friends

Rather than always meeting at pubs, bars or restaurants, a great money-saving hack is to arrange nights in at home with your circle of friends where you catch up over some drinks and snacks, and maybe watch a film on Netflix. If everyone contributes a dish and a drink, this can be a fun and cost-effective way to help you save money.

41. Use card points to pay for flights

If you feel that you have the discipline to get the benefits of a credit card with Airmiles or another points system, without incurring fees on your spending, then this can be a great way to get free or reduced-price flights and hotel accommodation as you travel.

42. Find free things to do in your area

It’s amazing how many free things there are to do close to home that we are just not aware of. If you Google ‘free things to do in [insert your location]’ you should find some great options that require zero money. For example, there may be a great local walk that you can do with a friend or family member.

Also consider joining local community groups on Facebook or other social media channels for recommendations. If you’re out of ideas, ask these groups for suggestions and keep a note of good ideas as you see them, so you have a list of options to refer to next time you need a day out.

43. Use your local library

Rather than buying books from new, you can often borrow them for free from your local library. These spaces often also have a quiet working place that you can use for free as a change of scenery.

If you have a surplus of books in your house, consider selling some on eBay, Amazon, Facebook Marketplace or another selling platform. That way, someone else can get value from them, while you clear a bit of space and get some additional money.

44. Listen to free podcasts

If you enjoy audiobooks, you will find a vast number of free podcasts available to listen to within your podcast app. You can also listen to the highlights of one audiobook a day for free on the app Blinkist.

Spend Less Money Through General Life Hacks

45. Watch less TV and ignore more advertising

While it can be enjoyable to relax in the front of the TV to see your favourite show, when we are just passively channel surfing we are actually getting exposure to a lot of advertising which causes many people to spend more money than they intended to. Everything from the language to the imagery inspires us to spend our hard-earned cash.

By all means, watch your favourite show, but try to ignore the adverts, for example, you can put them on silent or get up and make yourself a drink during the ad breaks.

Also switch off the TV when you are not getting value from it and do something more productive such as exercising, learning a new skill or simply reading a book. You may be surprised at the difference this makes to your spending urges.

46. Repair rather than replace

At one time, our ancestors and older family members would have mended their possessions to get more use out of their things. Now we live in more of a throwaway society where debt and spending spirals out of control as many people want a constant stream of the latest fashion and new items.

Instead, consider buying higher quality items that you love and want to keep. If they break or become worn, think about whether there is a way to fix them. If you are not sure how to mend an item look online for free tutorials from experts.

I recently got a hole in a pair of boots and stopped wearing them, but somehow I could not quite convince myself to chuck them away. Instead, I eventually mended them so I can keep wearing them.

47. Buy second hand

One way to boost your savings account is to buy second hand, rather than always paying for new items. You’ll find great sources of second-hand items through eBay, Facebook Marketplace, local community social media pages, Craigslist in the US, boot fairs, charity shops, and many other places.

The more expensive the item, the more you will save by spending your money on second-hand items. For example, if you buy a new car, as soon as you drive it off of the forecourt, you lose a lot of money in depreciation. However, if you buy a car that is a few years old, then it will have been through the steepest depreciation drop. If you save up and pay cash, you’ll also save money on debt repayments, because you won’t have any debt to repay!

Get into the habit of checking for second-hand options first, before you buy new.

48. Have a clear-out

It’s incredible how many things we have in our home that we don’t use any more. You can cut your spending by going through all of your drawers and cupboards and taking stock of all the toys, clothes, cosmetics etc., you already have. You may suddenly find that you don’t need to go shopping for tinned or freezer food items for some time. You may also be able to cut spending on clothes by wearing more of what you already have in your wardrobe.

Alternatively, if you have items that you won’t use, then have a garage sale, or list them online so you can make some cash to put towards savings, debt repayments, or every day spending such as food bills.

Many people report that having less clutter around the house makes them enjoy their home life more. Try it yourself and once you’ve had success with your personal items, consider getting the whole family involved. You’ll be amazed at just how many things you were holding onto that do not make a positive difference to your life.

49. Swap things with friends and neighbours

Rather than buying expensive items that you infrequently use, perhaps equipment such as hedge trimmers, lawnmowers, carpet cleaners etc., if you have good relationships with friends and neighbours nearby you can consider making savings by sharing these items. You will need a good enough relationship to schedule the time when one of you will need to use the item, and to deal with any issues if you break any of the things you share. You may just find this arrangement leads you to have a more social and community-focused life.

50. Swap services with friends and neighbours

Alongside physical items, you can also exchange services and labor with friends and neighbours such as:

• Babysitting at home
• School runs – using a neighborhood carpool with people you trust
• Taking the kids to the movies so your neighbours can have a date night
• Looking after pets while on holidays
• Watering plants and any vegetables in the garden while your neighbour is away on vacation or business
• Making specific recipes
• Passing on magazines you have read
• Using and sharing your skills; perhaps one of your neighbours is a professional hair dresser and can do your family’s haircuts at home, and another is great at DIY or gardening; get creative!

These arrangements are similar to how the barter economy used to work in older times.

51. Unsubscribe from shopping email lists

We’re all guilty of buying things that we don’t need based on offers that pop up in our email accounts. One easy way to avoid this temptation is simply to unsubscribe from any emails lists that are causing you to spend money on unnecessary items. Keep the emails that help and motivate you to manage your money wisely.

52. Opt-out of marketing options at the sign-up stage

When you are joining a new service in-store or online, one of the things you can do to avoid future temptation is to opt-out of marketing communications about new products and services. Retailers and big brands are masters at finding ways to get their customers coming back for more; they somehow know which bag or gadget you just can’t resist! If they can’t get into your inbox and SMS messages, then you reduce your chances of info about their latest offers reaching you.

If some offers reach you – look for that unsubscribe button!

53. Don’t go to shopping centres; find a hobby!

One surefire way to spend money is to head to a shopping centre. You may think you are just there to meet a friend for coffee, but the chances are that a sale will catch your eye and before you know it, you are heading home with a host of new possessions that you don’t need.

Instead, invite your friends over to your home for coffee.

If shopping has been one of your hobbies, find a new one such as:

• A new craft that you find relaxing and can use to make presents for others
• Volunteering with a charity to do some good while getting a change of scenery
• Walking in the country.

54. Look for off-peak savings

If you do need to spend money for entertainment or to solve a problem, then look for off-peak options that may be cheaper. For example, you can get a significant discount on off-peak train travel, and dozens of gyms and restaurants have more affordable options for times that are less attractive to the average customer.

55. Quit expensive habits

This point is a controversial one! A surefire way to save thousands and challenge yourself to better health is to quit smoking and excessive drinking. You’ll need a strong mindset to achieve this, but even just reducing your habit will reduce the pressure on your wallet dramatically. A typical pack of twenty cigarettes costs around £13 in most stores and bottles of wine can set you back around £20 or more if you drink out.

If you’re a smoker, you may be able to get free support and information to quit the habit through your local health service in the UK.

56. Set yourself a no-spend challenge

If you are extremely motivated to attack some money problems aggressively, then one option is to set yourself a no-spend challenge. This plan involves not spending any money bar essential household bills for a particular length of time. You could start by doing this one day a week, then build up to a week, a month or longer. I watched a story on YouTube of a girl who had managed to keep this up for a whole year! She’d still managed to live a good life that was full of free activities.

Imagine the sense of achievement you would feel if you completed a no-spend challenge for even part of a week. All it takes is a bit of planning, so you have lunch to take out with you.

What are your Favourite Money-Saving Tips?

I hope that you got some new ideas for making savings in various aspects of your life from this article.

I‘d love to hear what your favourite money-saving hacks are! Please drop a comment below with your best hacks for making savings.