Having more money in your pocket each month comes down to either earning more or spending less. We’ll leave the earning potential to you; but as far as spending less goes (and imagining replacing favourite meals with packet pastas probably isn’t a desired route), exploring easy tricks to save on household bills could rapidly see you quids in.
Unused Subscription Services
Be it Netflix, Amazon Prime, the gym, a magazine or something else, it really pays to have a spring clean of your regular subscriptions to see what’s in there.
In most instances, unused repeat subscriptions are those that have initially been taken on a free trial, and we have forgotten to cancel them. And on average, it’s estimated we can save around £500 each per year by assessing what we really need and, more to the point, what we actually use.
Switching your utility provider is now one of the quickest and easiest ways to make big savings. Simply shop around for your gas, electric and water, seeing what the best offers and incentives are, or better still, use a comparison site to do the work for you.
With an average saving of around £300 per year, it’s well worth your time.
Bank account benefits are a real grey area for many customers – less than half of us even know the full benefits from our monthly fee, let alone utilise them.
What’s more, even if you don’t pay a fee, switching to a new bank can often win you a cash incentive. You might need to move a couple of direct debits and have a set amount going into the account each month – usually £1,000 – but doing so can earn you a tidy joiner’s fee of anything up to £250.
Unless you’re a gadget nut who always needs to have the latest model, sim-only plans for mobile phones start at as little as £6 per month.
A notable feature of lockdown was the number of people using food delivery services. As a result, the average adult couple now spend around £30 per takeaway, twice a week. That expense doubles for families, and even losing one takeaway treat at the weekend would save the average household over a thousand pounds per year.
The 1p Challenge?
Put away (in a jar, into a savings account, or wherever) a penny on January 1st, 2p on January 2nd, 3p on the 3rd, and so on.
Having ‘banked’ £4.96 in January, in July you’ll be putting aside £61.07, and by the time Christmas comes round, you will be a week away from an annual savings bounty of £667.95. Try it!