Money is often tight for Britons, and sadly due to the coronavirus crisis, this issue has often been exacerbated. It is often the case that expenses can snowball, and management of money can be difficult – but a clear money saving plan can be particularly helpful. For those who are struggling to manage their finances, and cut back on costs, several savers have provided in depth advice.
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Taking to the website Reddit, savvy savers described their tips and tricks, and the ways they managed to reduce their costs throughout the year.
One wrote: “I meal plan 98 percent of my meals. I do eat out sometimes for obligatory social reasons, but I can pretty much tell you what I’ll eat next Monday for dinner and what I will buy on Saturday morning.
“Helps immensely with spending to plan out everything from snacks to meals to drinks and to stick to a list when shopping.
“I then split trips to Costco with people. There is a lot of stuff that’s a bargain, but that a family of two can’t use all of in time, so I will go with a friend to split things like milk, butter, paper towels that neither of our households can use or store. Don’t underestimate the power of community!”
Another outlined their budgeting plans which enabled them to substantially cut down.
They said: “The first step of budgeting is to separate your “needs” from your “wants”. Track how much these things cost you.
“Then, identify which ones are priorities to you. Needs are your top priority, budget your money for those first, with the rest going towards the wants you have prioritised.”
However, another stated savers should not budget for every aspect of their lives.
Instead, evaluating recurring expenses, such as those placed on a debit card, should be prioritised.
By doing so, they said, cutting down on how much is spent a month will allow larger savings.
Another person who managed to save stated they looked at the small expenses in their life to cut back in the long run.
They wrote: “Buy a coffee out once a day? That’s £30 a week. Buy dinner once? Another £20. Dancing classes or yoga or the gym?
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“All these things can take up hundreds – a decent chunk of your wage – and these are all optional or leisure activities.
“If you want to save money, you need to decide which things you are going to cut out, and that’s where you start. You can’t have it all. Save money on the little things, and after a few weeks you’ll start noticing the difference in your bank account.”
A final saver revealed how they were able to earn extra money by the end of the year through budgeting.
They added: “Unplug all the things you don’t use, they’re called energy vampires. Then always call your utility companies to see if they can lower your supply charge.
“Also, when you save money at any store, save the receipt for the end of the year.
“Add up all you’ve saved for the year. Does what you saved up throughout the year equal that amount? If not, you know what money you should add to equal it.”
Britons can often save hundreds each year by making simple changes to their lifestyle.
The Money Advice Service has stressed Britons should work out how much they can afford to save, while budgeting and saving throughout the year.
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