With inflation at a nine-year high, interest rates on the rise, and the cost-of-living crisis biting, it’s not surprising that many of us are looking for money-saving tips. Read on to discover top tips to help you cut costs on bills and everyday essentials.
At Openwage, we talk a great deal about the importance of financial resilience. But building up financial resilience is much harder when everything seems to cost more and more.
The cost-of-living crisis is presenting a new challenge. With finances being closely connected to mental health, it’s never being more important to take steps to get on top of financial wellbeing.
We’ll share 10 reputable websites that offer a whole load of money-saving tips. What’s amazing about these sites is that they all cover a range of areas where you can save, and they’re all completely unbiased. Read on and start your journey towards saving now.
Tip 1. Use a budget to find where you can cut costs
Budgeting is the first step toward saving money. Whether you’re looking for how to save money on groceries, buying a house, or your bills, budgeting is a good place to start.
How does budgeting save me money?
Good question. Creating a budget means you’ll write down exactly how much you have coming in (your income, for example, your job). Then you’ll write down how much you’re spending (this could be essentials like food, but also bills, and other spending like Christmas presents and holidays).
Review your outgoings carefully. What can you ditch? What could you save on? Seeing on paper how much you’re spending in specific areas can help motivate you to spend less.
I want to create a budget. Where do I start?
To create a budget quickly and for free, check out the Budget Planner from Money Helper. This is a Government-backed site where you can find plenty of advice too.
Tip 2. Spend less at the supermarket
If you’re looking for money-saving tips for groceries and other household items, you’re certainly not alone. As of May 2022, the average prices of food and drink soared by 6%.
The impact of COVID-19 is still being felt. Add to this the knock-on effects of Brexit and the war in Ukraine, many people are worrying that prices will keep increasing. Food is costing more, and our money is worth less (because of inflation).
But, we all need to eat, right? How to spend less at the supermarket by Which? is a good place to find lots of great tips. For example, avoiding convenience stores and switching grocery ranges are simply ways to keep your food bills down.
Tip 3. Save money on your heating bills
It’s been a bleak few months for gas prices and it doesn’t look like this is going to change any time soon. With gas and electricity prices soaring, the average household is already paying £693 more than it did last year.
The energy cap is due to increase again in October, meaning that prices could jump up again. Now is a good time to think about how you can save money on your heating bills this winter.
The Money Saving Expert’s Heat the human, not the home guide is certainly worth a read. There is some expert advice to ensure you keep yourself warm without paying the earth. These really are some of the best money-saving tips for heating bills around.
Tip 4. Save up to £375 a year on your bills
It’s hard to escape the fact that we all have certain bills to pay. Gas, electricity, and water can wipe out a good percentage of our monthly income. Given how the cost of practically everything is on the up, there’s a genuine need for money-saving tips for utility bills.
Quick tips to save energy from the Energy Saving Trust will show you how you can save energy and therefore reduce your bills. Taking shorter showers and using your washing machine more carefully are just some of the many tips you’ll find.
Tip 5. Maximise your income as a parent
Money-saving tips for parents are perhaps some of the most valuable tips that you’ll come across. Caring for children can be an expensive business.
What some parents and carers don’t realise is that there’s financial help available to them. There are lots of benefits and grants that you may be able to claim if you’re eligible.
Bringing up a Child by Turn 2 Us is an informative article on all the benefits and grants you might be able to claim with useful links to find out more.
Tip 6. Spend less on groceries
Money-saving tips for groceries are a must for pretty much everyone right now. With food prices climbing higher and higher, money-saving tips here are vital.
One big way of saving is to reduce food waste. In the UK alone, we waste an astonishing 9.5 million tonnes of food every year. Bread, milk and potatoes are the most common items. By using leftovers instead of throwing them away, we can cut back on waste and save money too.
If you’re at a loss about what to do with your leftovers, check out Love Food Hate Waste. Simply type in the food you want to use up and it’ll show you some great recipes using that ingredient. Perfect for when you need some dinner inspiration!
Tip 7. Save on fuel and driving costs
With diesel topping £2 per litre in some areas of the country, travelling to work is becoming a significant expense for those with a vehicle. Because of this, many of us are looking for money-saving tips for drivers.
Check out Confused.com’s fuel-saving tips and find out how you can rescue your fuel consumption. From checking your tyre pressure to driving more smoothly, there are lots of things you can do to cut your fuel use.
Tip 8. Get the best deal on your travel money
With most travel restrictions easing and summer holidays on most peoples’ minds, money-saving tips for travel money are well worth exploring.
It’s easy to pay more than you need to for foreign currency when going abroad. If you want to be smarter when buying your foreign currency, Money Saving Expert’s Cheap travel money tips can help. One of the best tips? Don’t leave it too late to buy your travel money.
Tip 9. Save money on your mortgage
Perhaps you already have a mortgage, or you’re looking to buy a home soon. Buying a property is expensive. The fees for arranging a mortgage and hiring a solicitor mean the costs quickly add up.
Buying a home is exciting. But mortgages can be a little confusing, and taking one on is an enormous responsibility. So it’s important to understand how they work.
That’s why it’s a good idea to get the best advice that you can. This guide to mortgages by USwitch is a great place to start and will explain how mortgages work, mortgage types, and how to get one.
Tip 10. Your workplace benefits could save you hundreds
Some companies use benefits providers like Ben or Perkbox, where employees can see all their benefits and rewards in one place (using an online platform).
If your company doesn’t use one of these providers, they’ll have information about all the benefits you can access.
Check what benefits you get as part of your employment package by asking your HR team. They’ll be able to tell you about the range of benefits that are available (many of which could save you money).
You may be able to save on health care, childcare, insurance, or a whole load of other things just by tapping into your benefits. So it’s definitely worth investigating.
The information in this article is for general information only. It does not constitute professional advice from Openwage. Openwage is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the information in this document relates to your unique circumstances.