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  • Writer's pictureMoney Mentor

10 Ways Of Saving Money

Updated: May 16, 2022

This 10 ways of saving money blog will provide you with an easy to follow list of money saving ideas and tips to help you through the current cost of living crisis.

If you adopt just a few of them, you should be able to save hundreds of pounds at least!

Ways Of Saving Money image
10 Ways Of Saving Money

(1) Lower your energy bills.

Did you know that by making a few changes to your home, you can save money on your power bill? Start with basic changes like taking shorter showers (not fewer), repairing faulty pipes, washing your clothing in cold tap water, and installing dimmer switches and LED lightbulbs.

This is one of the very easy ways of saving money. Also check on MoneySupermarket that you are getting a great deal on your energy

(2) Make good use of any excess or unexpected funds.

Put a nice work bonus (congrats! ), inheritance, or tax refund (or other random stimulation!) to good use. And by "good use," we don't mean adding that fancy new stamp to your stamp collection or simply stashing it in the bank to camp out.

If you still have debt, you'd be better off utilizing those earnings to pay off your student loans or credit card amount than putting them in a savings account.

If you're debt-free, put the additional money toward your emergency fund, which you'll need in case of an emergency.

Bonus tip: If you consistently receive significant tax refunds, it's time to alter your withholding on your paycheck so you can take home even more money each month.

Plus, you don't want to give the government any more money than is really necessary, do you?

(3) Lunch should be brought with you (and eat at home).

Another top ways of Saving Money. Get this: the average family spends £2,526 on food outside the home every year. That works out to £210 per month!

Buying lunch a couple times a week may seem harmless at first (especially if your favorite restaurant is within walking distance of your office), but packing your lunch can save you a lot of money.

Not only that, but you can often get a week's worth of food for less than the cost of two dinners out. Instead, cook your meals at home and watch your money grow month after month.

(4) Put a spending moratorium in place.

For a week—or maybe a month—don't buy any non-essential products! Consider it a contentment challenge. While you're at it, make a daily list of what you're grateful for. This should help you get rid of your "want-itis"!

Make your spending freeze work by making meals using what you already have on hand, avoiding locations where you're prone to impulsive purchases (did someone say Target pound spot? ), and saying no to anything that isn't a necessary.

(5) Don't go to the coffee shop.

Ouch. We understand how hard this one is. However, rather of spending £4 on a daily latte, you can save money by preparing coffee at home.

Listen, we're not suggesting that you solely drink instant coffee (unless you like it that way). However, buying a bag of local beans from your local coffee shop and brewing it at home will save you a lot of money over time.

(6)Consider a staycation.

A trip is the worst thing you could spend your money on if your goal is to save money right now. Try becoming a tourist in your own city instead of whisking your family away to the Greek Islands.

Not only will you save hundreds (if not thousands) of pounds, but you'll also be able to explore your neighbourhood with new eyes and have fun while doing so.

(7)Get rid of everything that doesn't make you happy.

Marie Kondo is on to something. Declutter the items in your home that you no longer require and are prepared to part with for the benefit of your financial security.

What about the antique chair your aunt gave you? It should be sold.

That antique shop find of a crystal vase? It should be sold. You'd be astonished at how much junk (that you don't even use or think about) you have in your home.

And the money you can generate from those activities could mean the difference between living pay check to pay check or not.

(8) The library is a good buddy of yours.

Before you click "add to basket" on that brand-new book, verify if you can borrow it from your local library!

Audiobooks and digital copies of your favourite novels are also available for rent at most libraries. It's a simple method to get your reading done without going broke and another of our ways of Saving Money

(9) Everything is DIY!

Consider doing it yourself before you spend the money on a new backsplash, expensive light fixture, or seat. The cost of materials and a quick Google or YouTube search may usually save you a lot of money on your most recent home improvement.

You also won't have to pay someone to perform something that you can probably do yourself. However, if you're the sort that can't manage to nail it, you might want to enlist the help of a friend or neighbour so you don't have to spend money on new drywall.

(10) Reduce your grocery spending.

This is one of the best ways of saving money. Most individuals are surprised to learn how much they spend at the grocery shop each month after creating a budget.

And if you're a typical family of four (with two children under the age of five), you're likely paying roughly £6,000 per year.

Yikes! It's so simple to stroll through those aisles, picking up a pack of Oreos here and a few bags of chips there, and then topping it off with the delightful treats at the cashier.

However, those small purchases (also known as budget busters) build up quickly and wind up blowing the budget every month.

Plan your weekly meals and take a hard look at what you already have in your cupboard before going to the market to save money on groceries. Why would you want to acquire more of something you already own?

Leave the kids stay home if you truly want to keep to your list.

Would you like to save money and time? Try ordering groceries online and having them delivered. It's available at most big supermarkets these days (sometimes even for free), and it can save you a lot of money.

Picking up your groceries eliminates the temptation you may have felt if you smelled those freshly baked chocolate chip cookies floating across the aisles. In other words, you're compelled to stick to your shopping list and prevent impulse purchases.

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