Money saving tips: Britons reveal simple everyday changes to make big savings
With the onset of the coronavirus crisis, people up and down the country have been tightening their belts to adapt to a new financial situation. Although the Financial Conduct Authority (FCA) has offered advice on payment holidays, which cover the more substantial expenses, people are looking to save money elsewhere. And several Britons have shared tips on how they were able to save money in a variety of different ways. Taking to the website Reddit earlier in the year, social media users spoke about how they were able to cut corners in key areas of life.
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One wrote: “I have been tracking my money via a spreadsheet. I used to not know how much money I actually have, but having that all laid out in front of me, along with the current amount in savings and investments is really motivating me to keep on track.
“It allows me to plan where my money goes long term instead of living from paycheck to paycheck and that is a huge weight off my shoulders.”
Another user highlighted the three key areas they were targeting in order to save money.
They said: “Enjoy pure water as a drink, cook lunches and dinners as this is way cheaper – even if it is pasta with an extra sauce which takes maybe 10 minutes to make.
“And don’t overspend on gym and other monthly subscriptions – I saved about £75 per month for gym, mobile, broadband and Netflix.”
A third Reddit user highlighted their supermarket savings.
“I switched all of my shopping to Lidl. The vegetables are better, the meat is better and household bits like cleaning products are the same but loads cheaper.
“I can do a weekly shop for about £50, all fresh and healthy, and it would have cost me over double that in Tesco.”
And one savvy and frugal Briton revealed how they were able to cut costs.
They wrote: “Most UK bank accounts are free, but some actually pay you for your custom! Barclays, Santander, NetWest and RBS offer such accounts, where you can get cash back based on your expenditure.
“H&M and Primark are great options for clothes, as are some charity shops. You can get around the UK without a car – for occasional intercity journeys and lots of local journeys, get a bike and use the train.”
Other Britons advised cutting out on branded items, and only buying absolute necessities.
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Those looking to save extra cash were encouraged to shift down on branded items to own brands until there was a noticeable taste difference.
Cutting costs during a time of financial hardship is an approach which has been adopted by many people.
The consumer magazine Which? advised Britons to review their monthly subscriptions and direct debits amid the lockdown.
And a recent study revealed many are now using the time spent indoors to give themselves a ‘Financial MOT’.
Research undertaken by the payments service, Ordo, showed over a third of UK adults asked, have cancelled or plan to cancel at least one direct debit during the lockdown period.
These include gym memberships, music streaming services and television subscriptions.
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