10 Things You Can do Right Now to Save Money

With the current cost of living crisis and more people having to consider their outgoings, there is no better time to get on top of your finances and make some savings which will help you to either pay down your debt or save for the future.  Here are 10 easy ways you can save money right now to help you with that goal.

1. Create a budget

One of the most important and overlooked aspects of personal finances. It’s not necessarily about restricting your spending, but rather about understanding where your money is going and how you can make it work better for you. Start by listing all your sources of income, from your pay to any benefits, side hustles or passive income streams. Then, jot down all your expenses, from fixed costs like rent and utilities to variable ones like groceries and entertainment. Don’t forget those sneaky little expenses that add up, like your daily coffee or subscriptions! Once you have a clear picture of your finances, set realistic goals for saving and spending. Remember, it’s all about balance and making choices that align with your priorities. So, grab a cup of tea (or coffee if that’s your thing) and get ready to take control of your finances one budget at a time! I have a fantastic spreadsheet that I have created to make this easy. Watch this space as it will be available soon.

2. Meal Plan and prep

Having a plan for meals will help you to save money by always knowing that you have something for dinner.  Pick meals that you know your family likes and will enjoy eating as there is nothing worse than spending time and money on a meal and your family turning up their noses!  I plan a week at a time and do a big weekly shop, but you can plan monthly if that’s more your thing. Make your life even easier by batch cooking and freezing a second portion for a later date when you can’t be bothered to cook. Your future self will thank you! As a bonus, it also saves energy on cooking that meal twice. It sounds tedious to have to think about what you’re going to cook for a week or a month, but once you get started, it’s super easy.  To make things even easier, you can use a meal planner and shopping list like this one.

3. Check your subscriptions

Take the time to go through your bank and card statements to check every subscription to see if you are still using it and make sure it brings you value. Be ruthless.  We often keep subscriptions to things because we ‘might’ use them. You can always resubscribe if you miss something and often there are free trials available when you have not been a customer for a while. 

4. Negotiate your bills

So you’ve looked at your bills and subscriptions and you have seen that you pay more for a service than you’d like.  You can cancel and go with another, cheaper provider, or call and negotiate that bill.  TV services can often be switched down or swapped, car insurance can be changed, just watch out for fees. This is a quick and easy way to make savings.

5. Cut down your takeaways

If cutting out takeaways entirely is a step too far, try first cutting down to one per week and you will still potentially save £30 to £60.  Try to use offers and discounts when you do have a takeaway.  HyperJar has some takeaway restaurants where you can get cashback if you buy vouchers.  This can be a great way to make your money go further and save that cashback to spend at a later date with that retailer or another on the app I personally budget for one takeaway per month, so I know that no matter what, I have that to look forward to. I am not frivolous with it and tend to save it for a weekend treat with the kids.  If you are interested in finding out more about HyperJar and how it helps with budgeting, read my review here.

6. Shop second hand

I make no secret of the fact I love to shop second hand for pretty much everything!  Vinted is a firm favourite of mine and I buy the majority of my clothes there.  I have got some great bargains and get to try out different looks without breaking the bank.  If something doesn’t fit or suit, you can alway sell on.  Win, win!  I would rather buy good quality second hand items than buy something new which is of lesser quality.  Pretty much anything you could possibly want can be bought second hand. Be choosy and pick well but save your cash and buy pre-loved.

7. Lower your membership

Are you a member of a fancy gym that costs an arm and a leg?  Do you only use the main gym machines and free weights and never the classes or swimming pool?  Consider taking your membership down a level to only cover the gym.  Only work out during off peak times?  Some gyms offer a cheaper membership for daytimes when it is quieter.  Want to workout but trim down the cost and don’t mind where you train?  Look around for local leisure centre gyms.  Often cheaper than health club type gyms and offer a number of membership options and discounts.  There are also free/cheap options you can do from home.  CrossFit sends out a daily workout by email which you can follow or adapt based on your skill level and equipment availability.  There are some fantastic free workouts on YouTube.  I love Caroline Girvan for her dumbbell workouts which I have been doing for a while now, saving me time and money.  I have these hex dumbbells which are brilliant and well worth the investment.

8. Quit or cut down on unhealthy habits

Do you drink, smoke or vape?  These habits cost you so much more than your health.  Let’s say you drink half a £5 bottle of wine a day.  This is £912.50 per year.  Up that to a bottle of wine a day and it’s £1825 per year!!  When you add it up, it’s quite frightening. Cut that down to one bottle per week and it’s £260 per year.  Your pocket and health will feel that benefit.  If you smoke, could you cut down gradually?  Maybe one less cigarette per day over a number of weeks and months will help you to save money and ultimately quit. The average cost of a pack of 20 cigarettes is £10.60. If you smoke 20 per day, that is an eye watering £3869 per year! Vaping is a cheaper option, but still around £1000 per year.

9. Create a plan to pay down debt

If you have debt, you need to have a plan.  Any debt other than mortgage (and student loan debt for those in the UK), should be tackled first before you even consider saving.  This may sound counter intuitive when you are desperate to start saving and investing for the future, but trust me, getting rid of your debt first is the best way.  Look at all debt you currently have and deal with the most expensive debt you have first.  Be aggressive with your payments.  Don’t just pay the minimum, pay as much as you can afford using savings you have made elsewhere.  If that is only an extra £10, every little helps!

10. Get some fresh air

Not just a way to save money, but will also help your fitness and health, both physical and mental, walking is a great way to get around if you can leave your car at home.  With fuel prices at their current level, every journey done on foot will save you money and wear and tear on your vehicle. You can also earn money while you walk by downloading apps which pay you for your steps.

Applying these tips will easily save you some cash which can be used for paying down debt, saving or redirecting to other needs. Want to read more about taking charge of your finances? Read this post next and give your finances an overhaul!