Here are some simple tips to help you save money at home and build habits that will benefit your long term financial wellbeing.
Search out your spending
A good place to start is looking at your current spending activity to make sure you’re getting value for money in areas that are easy to overlook:
Get monthly spend down to the basics
- List all of your bills and any expenses that can’t be avoided (tools like our Budget Calculator can help).
Add these together and use as the benchmark for how much you need to spend. The closer your future outgoings are to this figure the more resilient you will be to future changes in income.
Tip: If you make Direct Debits to small local businesses consider the possible impact cancelling these might have
Check internet and phone tariffs
Do you pay for a data allowance on your mobile phone but use the Wi-Fi in your house instead?
You might be able to move to a cheaper tariff with less data. Or if you don’t have Wi-Fi at home, consider looking for a new mobile phone tariff. This will help you to avoid needing to purchase additional data on your smart phone which can be very costly to buy as and when you need it. Avoid busy call centres by making changes like these through the app or website for your mobile network provider.
Save energy and money on bills
– Keep an eye on energy use through the house, especially in the kitchen:
Always make sure the washing machine and dish washer are full before using them
Use lower heat settings on these appliances and on your heating thermostat
Only boil as much water in the kettle as you need each time and don’t use larger pots on the hob than required
- If you already have all the tools available at home without needing to shop, why not roll up your sleeves and try some DIY?
From putting up shelves to painting your bathroom, there’s no shortage of helpful and creative things to do at home. And as the weather improves, there’s nothing to stop you from growing your own food by starting a vegetable garden. This will help you sustain your own needs in future. For more outdoors ideas, visit our guide to Garden makeovers on a budget.
Make spending online for non-essentials harder
– It is easy to buy more when you don’t have the physical sensation of handing over money.
And many websites are making it even easier to spend online by remembering your card details. Sign out or delete details from websites and apps to make it harder to shop next time. Try to notice whenever you start browsing online shops and distract yourself with something else.
Build a financial plan and review it regularly
- Start a simple financial plan by pulling together an overview of your costs and income;
include things like debt, savings accounts, pensions and retirement plans, investments and insurance. Set yourself some goals, such as building an emergency fund, and work backwards to see what you have to do reach them.
Choose savings accounts online that suit your needs
There is information on the YBS website about how different accounts will suit your short or long term needs - you can find this on our Compare Savings Accounts Guide. For example, if you need to be able to access money quickly, consider putting your savings into an easy access account. If you can afford to put some money away for longer consider an ISA or fixed rate bonds.
There are lots of things to do at home that will help save money – find alternative budgeting ideas and more savings tips, by visiting My Money Guides.