The majority of us are looking for ways to cash money. Spending less, keeping more in our pocket and finding ways to reduce our outgoings is critical. Bills are going through the roof, the cost of everything is rising and many people are less well-off than they previously were. If you are struggling financially or simply want to retain some of your capital and keep it in the bank, we’ve got some great tips and ideas for you. Here is your guide to help you start saving cash at home.
Know exactly how much money you have
The first step on our saving cash at home journey is knowing exactly what you have. You need to take an evening, get the kids to bed and then sit with your finances. Look at your bank balance, and your savings accounts, and pull everything together. Print off those statements, collate your bills and write everything out in black and white. When you see it on paper, it is much easier to relate to what is actually happening.
Examine just how much money you have, what is coming in every month and what is dripping out on bills and other payments. You will be able to see if there is a deficit in your finances. This is when you are bringing in less than what is going out. If you have any savings you might be able to use those for a short while to plug the gap. However, the idea is to cut down on the amount you are paying out. This is where saving cash at home can help.
Change suppliers
When was the last time your changed suppliers? If you haven’t in a long time, you are likely paying more than you need to be. Of course, there are a lot fewer energy suppliers than there have been in previous years so let’s avoid those in this instance. There are lots of suppliers that we use at home every day. Many of these have competitors where we can get a better deal. These include TV subscription services, broadband, telephone, mobile, home insurance, car insurance, life insurance and lots more! For those insurance policies, many of us simply accept the renewal price and our policies continue.
However, that renewal price is so often more than swapping to another company and getting a new one. Same with your broadband and phone. If it is up for renewal, see if shifting to another company will get you a better deal. It’s worth looking anyway, then calling the company you’ve been with as they might price match! By changing suppliers, we can often get a better deal or even pay less and get improved services. How does speedier broadband at a cheaper price sound?!
Compare prices
Be sure to always compare prices when you are shopping or buying anything, in person or online. When shopping on the internet we can easily use online tools to ensure that we are paying a fair price for our products, goods or services. When shopping in the store we can compare the price of things on the shelves. Did you know that there is an online comparison site that gives you the best place to buy food and drink? This can help direct you to the cheapest supermarket for you, for the things you actually buy! Much better than going off an advertisement on the side of a bus.
If you can save £5 a week on what you are buying day-to-day, this adds up to £250+ over the course of a year. That is a huge saving and one you shouldn’t turn your nose up at. Now is the time to start comparing prices for the things we are beeping our contactless card for or buying online. What could you use that money for instead?
Assess and cut subscriptions
A great idea is to cut back on your subscriptions. Those monthly payments that you once signed up for are still going out of your account! It might even be that you don’t use the service anymore or forgot you had access to them! Go through your direct debits and get rid of those things you don’t need. Do you really need to be paying for Amazon Prime? Cull those streaming sites.
You might be shocked at the amount of money that you are paying out every month for things like TV subscriptions! When did you last go to the gym? If you only use the running machine, run in your local park for free! Sure, there might be some that you want to stay a member of, but it’s well worth an evening of cutting out those subscriptions that you can do without.
Earn cashback
When you shop, do you earn cashback? If you don’t, you are missing out on free money in your pocket. Cashback is a great way to cut down the price of things that we are paying. You can shop via cashback sites and apps or even earn cashback with a debit or credit card. It’s even better when you combine these to get double cashback on a purchase. A 1% cashback card will give you money back on your everyday spending. Do your entire month of shopping with this card and you’ll earn a decent wedge of cashback.
Rather than clicking through to a retailer when shopping online, go via a cashback site to claim a percentage of cashback. There are plenty of apps that will help you earn cashback as well. Many cashback users earn hundreds of pounds in cashback every year. This can go into your savings fund or help you pay those pesky rising bills.
Make saving a priority
When saving cash at home, we must make saving a priority. It is all too easy, especially these days, to simply beep our card and not think of the money leaving our account. Consider the cash you are spending and if you really need to part with it. Could it be used better? In a way to make your family happier or healthier? It is s important to find ways to improve your financial situation and if we make this a priority, we can push forward and better ourselves.
