Need to tighten your purse strings? According to Katie Morley, you don’t need to sacrifice your lifestyle to save money.

 

If you want to save some money, get smart at saving money on bills and food so you can still buy the things you enjoy.

 

Here are eight frugal living tips that could save you the most money:

 

1. Insurance

The cost of annual insurance premiums can skyrocket if you don’t switch providers regularly: insurance companies actually increase premiums for loyal customers who don’t shop around for the best deals. Use comparison sites like comparethemarket.com and MoneySuperMarket to find better deals on your home, car, buildings, travel and life insurance. Don’t forget to read the policy key points to check you’ve got the specific cover you need.

 

2. Broadband and phone bills

You could save several pounds a month by switching to a better phone and broadband deal. If you threaten to leave, some firms will give you a better deal on the spot, so it’s normally worth hearing them out. And online-only deals are usually cheaper than in-store offers. 

 

3. Bulk-buy food

Non-perishable food can be worth buying in large quantities. For example, buying a big can of olive oil and decanting it into a small bottle as and when you need it is more efficient and cheaper than buying several small bottles.

 

4. Don’t waste food

On the flipside, don’t buy too much food. The cost of food waste may alarm you: according to government research, the average British household wastes £700 worth of food each year. To avoid waste, plan meals, store food correctly, get your portions right, make good use of the freezer and get creative with leftovers.

 

5. Use discount websites to save on days out

You can save a fortune on days out by taking advantage of special offers. Sites like Groupon, VoucherCodes and Wowcher offer daily deals and discounts on events, activities, travel and restaurants across the UK.

 

6. Turn off the lights

Many of us leave lights and appliances on when they’re not in use – and it’s the same as throwing money down the drain! According to the Energy Saving Trust UK households spend between £50 and £86 a year on gadgets in a “non-active” or standby state - equivalent to 9%-16% of the average electricity bill. Just switching them off can save you money.

 

7. Save money on energy bills

You could also save money by switching energy providers. Many firms quietly move loyal customers onto more expensive tariffs, so review your providers every year by visiting an online switching service like https://www.uswitch.com/. You’ll see all the best deals and get help moving your account with as little hassle as possible.

 

8. Remortgage onto a better rate

And if you own your own home, you could save thousands by remortgaging for a better rate. Banks automatically shift people onto a worse rate when their deal ends: look out for the point where you switch to a “standard variable rate” and consider switching to a different lender.

 

It’s not easy to change your spending habits but the benefits are really worth it! Have a look at my guide on how to buy the things you want without getting into debt.

 

Need help navigating the mortgage maze? Read this guide to understanding mortgage options   

9/8/2017 2:31:35 PM