Savers reveal tricks to cutting costs – ‘a penny saved is a penny earned!’

Savers reveal tricks to cutting costs – ‘a penny saved is a penny earned!’

Money saving tips have helped many Britons along the way in their savings journey, and some are passing the experiences they have shared onto others. In order to save money, many people look towards traditional tips such as budgeting or cutting costs, however, there are other ways of tightening one’s belt which could be worthwhile. Several savers have taken to the website Reddit to discuss how they managed to reduce their spending, and the top tricks which may help others to do the same.

“And I mean dirt cheap. Like ready-to-go salads or pasta for 10p, chicken or other meats for less than a pound.”

A third saver said their secret was in their savings account.

They stated: “Set up a savings account that you don’t have easy access to and start automatic transfers.

“I set up a secondary savings account at my bank that was not connected in any way to my main account – and set up an automatic transfer of 45 per week. 

“Next thing I know, I forget about the account for eight months and there’s well over a grand I forgot I had.”

Another chose to adopt what they called ‘no spend’ days to make larger savings.

They said: “Set aside a few days a week and do not spend a penny. Pre-make your meals the day before. Don’t buy snacks. If you can, walk to work. 

“It really does help, and it’s also very satisfying that by the end of that day, you haven’t spent any money and still made it through.”

And a final saver offered tips on learning pricing and how much people can spend without realising.

They wrote: “Learn the prices of things in the stores around you – a penny saved is a penny earned! 

“The other day I bought sugar for 2.50, at the next store I went to, the sugar was on sale for 2.19. To me, I just lost 31p.

“Buy generic, it’s cheaper and is’t too bad. If something is on sale that requires you to buy x amount, ask yourself if you will be back to the store to buy it again, if so then purchase it.

“Buy non-perishables in bulk, and don’t be tempted by the parties or prepared foods and they’re more expensive. And don’t forget – potatoes are your best friend.”

Money saving can be achieved through creating a strict budget and shopping around, according to the Money Advice Service.

By monitoring income and expenditure, Britons may be able to slash costs in particular areas of life. 

Published at Tue, 16 Jun 2020 16:03:00 +0000