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Saving money tips?

29 replies

NameChange101113 · 14/07/2024 17:05

That’s it really. What’s your favourite tips that saves money?

OP posts:
Lovelydovey · 14/07/2024 17:06

Fresh Mondays on Uber Eats - 50% off fruit and veg from a range of supermarkets (for me Sainsbury's local, co-op, Morrisons and Waitrose).

TheSandgroper · 14/07/2024 17:09

Make your mortgage payments fortnightly instead of monthly.

Especiallymoist · 14/07/2024 17:11

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Shallysally · 14/07/2024 17:15

TheSandgroper · 14/07/2024 17:09

Make your mortgage payments fortnightly instead of monthly.

Does this make a real difference please?

Shallysally · 14/07/2024 17:16

Check for cheaper deals in utilities, phone contracts etc.
Swap food brands for supermarket own.

something2say · 14/07/2024 17:18

I budget well. I have a list of my bills, then I do add ons for the month such as car bills, parties, then I save to normal savings and holiday funds, then I buy things I might need that month.

I started off going over and needing to borrow from savings each month, then realised I wasn't getting anywhere fast and tightened my spending choices. Now I am building nicely and I make a list of things I think I want for next payday, but often when that day comes I have changed my mind.

Money is power and 'stuff' can be a waste of my working time.

Hugesunflower · 14/07/2024 17:18

Know where you’re spending your money.

JC03745 · 14/07/2024 17:20

It obviously depends on YOUR outgoings and what savings YOU can make. None of us can guess OP, but something things that can help:

  • meal plan, shop around and know your prices
  • join olio and too good to go apps
  • reduce meat and alcohol. Bulk out food with legumes.
  • good from scratch rather than ready meals/pre made
  • get an evening/weekend job
  • Reduce electric/gas and water use
  • Always us compare websites when renewing insurance- pet, car, house etc
Elley123 · 14/07/2024 17:42

It's an old tip but it works. Been doing this for years. If you have a weekly budget and shop weekly stretch it to every 8 days. I.e shop Friday wk 1 Sat wk 2 etc. That way you gain an extra 6 week's housekeeping money a year which I save for xmas

Sprig1 · 14/07/2024 17:44

Don't go to the shops. It's much easier to stay out of temptations way and not spends money than it is to earn more.

NoSquirrels · 14/07/2024 17:47

Shallysally · 14/07/2024 17:15

Does this make a real difference please?

Depends on your mortgage provider and when they calculate the interest. So it’s not a universal thing, as I understand it. The basic idea is that by paying every 2 weeks you’d make an extra payment a year over time.

bbq007 · 14/07/2024 18:23

Matched betting

Ribenaberry12 · 14/07/2024 18:29

I buy the vast majority of my clothes from charity shops and Vinted and I sell on when I don’t want to wear them anymore.

SootspriteSearcher · 14/07/2024 18:32

Utilise olio and/or yellow sticker food. I havent bought bread/rolls or the kids weekend pastries in months. This does breakfasts and lunches for free.

When cooking meals make an extra or 2 for the freezer. Eg curry, Bolognase, dahl, chilli, soup. Then when you have a can't be bothered to cook night you can get leftovers out. We have freezer pot luck at least once a month.

Meal prep on days off - I chop all fresh ingredients on Sundays and Wednesdays. That means in the morning I just chuck it in the slow cooker and dinners ready when we all get home.

Plan easy or treat meals once a week. This will reduce the temptation for takeaways. Better to pre-empt it as it will be far cheaper than the takeaway.

Look at all bills, what is really necessary. We rotate tv streaming services and only have 2 max at a time. I buy dvds in charity shops (10 for £1) or carboots.

Sim only will always be cheaper for mobile phones, I put money into savings for if we need to replace a handset. (Never more than £200 on music magpie for a decent one, if that lasts 2 years that's still only £8.30 a month, less if it lasts longer) our sim only is £5 a month for 10GB data plus unlimited calls/texts on o2. I used uswitch to compare and switch. For an equivalent contract including a phone I would be looking at £30+

Sell old items/clothes on vinted before buying new. I also look there first before buying new. In my toughest times money wise I would buy from charity shops and sell on for more. In my mind I gave them the asking price and I could then sell to buy what I needed.

Days out look for cheap or free offers. Especially if you are on low income lots of places offer discount for universal credit. Alternatively if travelling by train lots of 2 for 1 deals available. With some research and time exciting days out are within reach for all families. Book train fare in advance, I recently did a return to London with my daughter for £12 instead of the usual £27. We took a packed lunch, saw the sights and went to a free museum.

Be open and honest with friends about whether you can afford it. If you can't afford drinks and dinner out, they could come to you, or go for lunch, go for a picnic. Find a restaurant that let's you bring your own drinks (several now popped up near me) They may appreciate your honesty and just aren't brave enough to say it.

Most importantly work out your priorities and cut back accordingly to afford them. For us our priorities are having experiences and days out. So we don't drink (except rare nights outs), food is on a super tight budget (vegetarian, no processed snacks), no expensive make up/toiletries etc. Our food/cat/toiletries/household cleaning budget is £300 a month for 2 adults, 2 teens and 2 cats. We eat well with occasional treats. We don't drive, walk as much as possible and get public transport if its more than a 45 min/1hr walk.

TheSandgroper · 15/07/2024 00:53

@Shallysally Yes it does. Assume the loan calculates interest on your principal daily and credits it to your account monthly. Repayments are set up monthly.

When you make your monthly payment, a percentage pays your interest first and the leftover pays off the principal. In the beginning, a lot of interest is charged and only a little pays off the principal. The idea is to reduce your principal quicker.

1). 12 payments = 26 fortnights. This is because each month has two fortnights plus extra days. After 6 months, the extra days add up and the cycle takes a fortnightly payment. This goes totally to paying off the balance of your principal. This happens again six months later. So, over twelve months, a complete monthly payment is made that goes directly to paying off the principal.

2). Two payments per month (plus the two extra payments). Interest is calculated every day on the balance of your principal but isn’t actually applied until the end of your month. So, when you make your first payment of the month, you directly pay off the principal. So the second fortnight of the month has the daily interest calculated on that smaller balance. When the bank comes to calculate the total interest for the month, apply it to your loan and charge you, it also recognises any and all payments you made as part of your monthly payment obligation. Therefore, the percentage of your repayment that goes to paying off the interest gets lower and the percentage that pays off the principal increases.

I’m not long awake here. I will try to find my bank statements later and show you. There is a calculator here https://www.canstar.com.au/home-loans/weekly-fortnightly-monthly-repayments-better/. Note the little extra benefit in going from fortnightly to weekly.

ILiveInSalemsLot · 15/07/2024 09:05

Saving money is usually a bit of a misery so my favourite tipis go out and do something free every weekend. Sometimes incorporate food and travel expense, other times it might be throwing a frisbee in a park or bike ride in the afternoon that doesn't cost anything (assuming you have a bike) or just a walk in a local nature area.
Museums are free
Libraries often have free activities for younger kids, volunteering opportunities for older kids.
Take advantage of any council run free or low cost activities.

It takes the edge off feeling like life is a total slog and maybe even give you lots of enjoyment.

Decafflatteplease · 15/07/2024 09:16

SootspriteSearcher · 14/07/2024 18:32

Utilise olio and/or yellow sticker food. I havent bought bread/rolls or the kids weekend pastries in months. This does breakfasts and lunches for free.

When cooking meals make an extra or 2 for the freezer. Eg curry, Bolognase, dahl, chilli, soup. Then when you have a can't be bothered to cook night you can get leftovers out. We have freezer pot luck at least once a month.

Meal prep on days off - I chop all fresh ingredients on Sundays and Wednesdays. That means in the morning I just chuck it in the slow cooker and dinners ready when we all get home.

Plan easy or treat meals once a week. This will reduce the temptation for takeaways. Better to pre-empt it as it will be far cheaper than the takeaway.

Look at all bills, what is really necessary. We rotate tv streaming services and only have 2 max at a time. I buy dvds in charity shops (10 for £1) or carboots.

Sim only will always be cheaper for mobile phones, I put money into savings for if we need to replace a handset. (Never more than £200 on music magpie for a decent one, if that lasts 2 years that's still only £8.30 a month, less if it lasts longer) our sim only is £5 a month for 10GB data plus unlimited calls/texts on o2. I used uswitch to compare and switch. For an equivalent contract including a phone I would be looking at £30+

Sell old items/clothes on vinted before buying new. I also look there first before buying new. In my toughest times money wise I would buy from charity shops and sell on for more. In my mind I gave them the asking price and I could then sell to buy what I needed.

Days out look for cheap or free offers. Especially if you are on low income lots of places offer discount for universal credit. Alternatively if travelling by train lots of 2 for 1 deals available. With some research and time exciting days out are within reach for all families. Book train fare in advance, I recently did a return to London with my daughter for £12 instead of the usual £27. We took a packed lunch, saw the sights and went to a free museum.

Be open and honest with friends about whether you can afford it. If you can't afford drinks and dinner out, they could come to you, or go for lunch, go for a picnic. Find a restaurant that let's you bring your own drinks (several now popped up near me) They may appreciate your honesty and just aren't brave enough to say it.

Most importantly work out your priorities and cut back accordingly to afford them. For us our priorities are having experiences and days out. So we don't drink (except rare nights outs), food is on a super tight budget (vegetarian, no processed snacks), no expensive make up/toiletries etc. Our food/cat/toiletries/household cleaning budget is £300 a month for 2 adults, 2 teens and 2 cats. We eat well with occasional treats. We don't drive, walk as much as possible and get public transport if its more than a 45 min/1hr walk.

@SootspriteSearcher can you tell me more about the meal prepping on Sunday and weds? Is it like a slow cooker dump bag? Do the ingredients stay ok for a few days once chopped? Would love some recipe ideas please!

Merrow · 15/07/2024 09:49

It really depends where you spend your money. DP and I aren't big shoppers, but we spend crazy amounts on food. We've cut down our spending on this in a few different ways, but the biggest difference is just acknowledging that during the week there's only a few days that we're actually going to be able to cook from scratch. The roasting tin is great for quick and good options, and then we batch cook at the weekend. There's generally something in the freezer as well that we can cook from frozen, like fish cakes.

Madickenxx · 15/07/2024 10:01

All depends on your financial situation. Already some good advice on here but what works for me is to save upfront so that it's treated as an expense or bill and I can't spend it on other things. Also reduce or stop takeaways and buying coffees.

Merrow · 15/07/2024 10:19

I also think you have to be realistic about what you can do and not attempt extreme changes. DP and I realised we were absolutely miserable with a week of meals where the focus was saving money and then inevitably ended up splurging on a nice meal out at the weekend. Now some of what we have has a pretty high cost per head for a meal at home, but it's still a lot cheaper than going out.

Having said that, we are saving money to go on holiday rather than because we're living outside our means, so we don't have to be solely focused on money saving.

I've also made over £1000 on bank switches, which are easy source of cash.

Nothingeverything · 15/07/2024 10:21

Sprig1 · 14/07/2024 17:44

Don't go to the shops. It's much easier to stay out of temptations way and not spends money than it is to earn more.

On this theme - don't take your wallet with you. I don't use my phone to pay either as it is too tempting.

bbq007 · 15/07/2024 12:15

Set up a regularly savings amount out of bank each month to a savings account
With the savings account, use one where you have to log into, rather than too easily accessible on your phone. Your less likely to remove your stash!

Also when your coppers/5ps/20ps build up, cash them in and add to savings account or overpay your mortgage...it all adds up x

NameChange101113 · 15/07/2024 22:52

Thank you!

OP posts:
alexdgr8 · 15/07/2024 23:14

i have always watered down washing up liquid and liquid soap.
shop at lidl or aldi inc for suncream and toiletries and clothes.
as someone else said, just don't go into shops so often.
can usually find something to eat from stock at home.

Nsky62 · 15/07/2024 23:20

Do save the change, you don’t miss the odd monies going out!
consider want or need for new purchases, seek discount codes too.
Downgrade stuff.
Do not water down stuff, it fails, use less , hard water here, buy magno ball in dishwasher/washing machine reduces limescale cheaply

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