Ways to save money in 2020
If you’ve overspent at Christmas and you’re determined to look after your finances in 2020, it can be tricky working out how to get the most from your money.
From saving on your household bills to making sure you’re getting the best possible credit deals, here’s how to give your bank balance a break and start the New Year with healthier financial habits.
How to save money on bills
A big step in potentially reducing your monthly outgoings is to make sure they’re accurate.
One way you could start reducing your outgoings is to switch your supplier. Ofgem found that many households could save over £300 by switching tariff.
You can’t switch water suppliers, but if you’re worried your money is trickling down the drain, there are still ways to plug up potential wastes. You could:
- Have a free water meter installed
- Stop taking baths and switch to showers
- Switch to a more efficient shower head
How to save money on food
Brits bin an average of 7 million tonnes of food a year – that food waste is a waste of money.
You can save on your food shop in multiple ways. First, try to stick to a plan. If you only shop for what you know you’ll use, your waste will be reduced.
Another step to try is to compare brands –you can use websites like mySupermarket to total up your food shop and see if you’re getting the best prices.
Making money on eBay
It’s safe to assume that most of us have an outfit we’ve never actually worn and clothes still with their tags in hanging at the back of the wardrobe. It’s time to let go. You could be holding onto potential income.
From loose change to put into your savings to bringing in thousands, selling unwanted items can have a massive impact on your finances. So, dig through your wardrobes, closets and shelves and garages for any books, clothes, antiques, collectibles you no longer use or need. You might be surprised at what selling unwanted items can do to help you earn some spare cash.
If you’re employed, check you’re not missing out on any of your work perk plans.
There are plenty of reward schemes and corporate perks out there that offer discounts across major retailers, discounted tickets to amusement parks and popular attractions, free drinks each month and much more. You can also cut your monthly outgoings with discounts on gym memberships and food delivery services.
Similarly, find out if your work includes a health insurance plan. In addition to giving you free private healthcare cover, some health plans include free gym memberships, weekly free cinema tickets and even discounts on flights.
Credit card benefits and savings
Coming out of Christmas, you might be more interested in paying off credit cards than applying for a new one, but a new card could help manage your debts easier.
Show your loyalty
You’ll save even more money if you make a meal plan and stick to it – set aside some time in the weekend to prep meals for the week ahead – but if there are times where you can’t quite get it together, you can still watch your budgets while buying your lunch.
Plenty of companies offer loyalty points that can really make a difference to your outgoings. Many places offer a stamp system where you collect points to earn free food or drink with each visit.
Be sure to collect store points with your grocery and toiletries shopping too – these can convert into big discounts and vouchers.
Go green, keep your costs lean
You could save up to £130 a year just by investing in a reusable coffee cup.
You can save by stocking up on your favourite brews or blends at home, or you can use your cup to grab a discount at most high street cafes. Many of the big names will charge less if you take your own cup. Some places can offer up to 50p off.
Spending and saving well isn’t about making huge, sweeping changes which you won’t be able to maintain – it’s all about small steps which add up over time. If you need motivation, it can be helpful to have a goal you want to save for – for example, a family holiday or a deposit for a house.
- What is Open Banking?
- Could Covid-19 help you save?
- What does the term “furlough” mean?
- Ways to save money in 2020
- Infographic: Parents and Christmas
- How do tax credits work?
- What is a trust fund?
- What is Inheritance Tax?
- Closing down a bank account after a death
- What is Marriage Tax Allowance?
- What happens if you don’t leave a will?
- Registering a death
- What happens to property after a divorce?
- Will a prenup protect me if I get a divorce?
- How much does a divorce cost?
- Looking after your credit score while you’re at university
- Guide to credit and debit card protection
- Cashless society and changing savings habits for kids
- Living and working on the UK Minimum Wage
- How to budget if you’re a single parent
- Infographic: Average Equifax Credit Scores across the UK
- How to budget at university
- Guide to sending money overseas
- How to budget for kids going back to school
- How the 2021 Budget affects your finances
- Infographic: How much does it cost to get married?
- What is the workplace pension?
- Infographic: Millennials and money - What kind of side hustles are they doing?
- Budgeting for the holiday season - gifts
- Budgeting for a wedding
- How much rent can I afford?
- Pension tools and resources
- Planning for early retirement
- Downsizing your home
- What will my state pension be?
- Budgeting for a baby
- Budgeting for a holiday
- An introduction to investments
- Budgeting for a funeral
- Financial planning for parents
- How transferring pensions works
- Helping elderly parents manage their money
- Budgeting for school holidays
- Looking after your financial documents
- New Year, new start to your finances
- How to avoid overspending on special occasions
- Financial Jargon Buster
- Getting Financial Help – The Best Online Resources
- Explaining the Different Types of Savings Accounts
- Understanding Payment Cards
- Money Saving Strategies – Tips on How to Save
- How to Budget Your Finances