WITH the cost of living getting more and more expensive, we’re all looking for ways to save a little extra cash.
Fortunately, insurance company SO-SURE has provided six tips to help people save money next year, including avoiding the one thing that could save more than £1,000 a year.
Beware of discounts
Bargain hunters, beware. How many times have you walked into a supermarket and cracked the “buy one, get one free” offer?
We’ve all done it and are led to believe that we’re saving money, but we often buy things we don’t need.
A better tip for supermarket savers is to use vouchers and check the discounted section. Most supermarkets have loyalty programs that reward you with coupons or vouchers if you are a regular.
They will also have collapsed sections where you can make big savings on products nearing the end of their life cycle.
Households could save £147 a year simply by switching electronics off from the mains, instead of leaving them on standby when not in use.
Turning off vampire devices (devices that consume power even when they’re not turned on) like satellite boxes, game consoles, and coffee machines could add up to very useful savings year after year.
Devices like laptops, broadband routers, and televisions all consume power in this way. Rest assured, almost all electrical devices can be switched off on the mains without affecting their programming, but check beforehand if you are concerned.
Track your expenses
The key to managing a budget is tracking what you’re spending, and there are plenty of ways to do this.
Many banking apps now offer instant alerts that tell you how much and where you are spending your money. It is worth activating them to become aware of your expenses.
Setting a budget and doing your best to stick to it is a great way to avoid overspending. You can also use budgeting apps like Mint, YNAB, and Goodbudget to help you on your way.
Demotion of supermarkets
We all have our favorite staples and swear by the taste of specific branded teabags, cereals and sauces, but making smart food swaps can save you £100 on your purchases.
You may even find that using a supermarket’s own brand tastes very similar, if not identical, to your favorite premium brands. It’s making those little switches (or downshifting as it’s sometimes called), that can save pennies on small items and big books in general.
According to Martin Lewis, downgrading typically reduces grocery bills by 30%. Even if you’ve only swapped half the items, that’s still a 15% saving, which could be worth £100 or £1,000.
Configure automatic switching
Automatic switching is a simple way to cut costs when managing household bills for everything from gas to insurance.
Although energy costs are at an all-time high, using auto-switching can be a great way to find lower rates in today’s climate.
With many autoswitch sites now available, all you have to do is sign up and they do all the heavy lifting for you, switching you to the best provider every year.
Buy online privately
Using this information, they have been known to increase the price of things like flights based on user interest.
If you shop using private browsers, you have no online history and therefore look like a new website visitor every time and should see lower original prices. Keep this in mind when planning your next vacation!