Saving money always feels like an undefeatable task on a to-do list or a New Year's resolution that you can never accomplish but here are seven 'small' and 'simple' tips that could go a long way.
The internet is full of influencers and social media experts with the latest money-saving trends to try but it's so difficult to know where to start.
As many Brits continue to battle with the ongoing cost of living crisis, what is realistic when it comes to spending and saving can be a bit of a mystery.
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The UK’s greener digital bank Tandem has revealed that searches for ‘easy ways to save’ have increased by 191% in the past month alone.
More and more people are looking to tackle their personal finances but simply don't know where to begin.
“The ‘perfect’ saver doesn’t exist, and this concept is one of the biggest ideas that holds us back when unlocking our financial goals," Tom Ellmers, Head of Savings at Tandem, commented.
"We all have financial commitments, but also commitments when it comes to looking after ourselves.
"From meeting up with friends over a coffee, treating yourself to something you really want, or travelling the world, we all make these purchases to feel a bit happier through a release of dopamine, and ultimately that’s where the ‘retail therapy’ theory comes from".
Mr Ellmers also revealed what the 'key to success' of becoming a successful saver really is.
The personal finance expert explained: "Find the habits that work for you, and starting small and savvy can help lead to those bigger saving goals.
"With the cost of living crisis impacting individuals across the country, these simple saving methods can be a great way to kickstart your financial goals, in an attainable way".
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The 1p savings challenge
One 'super easy' way to save £650 in a year is to build your savings up throughout the year.
The personal finance experts suggest that on day one, you’d save one penny.
On day two, you’d save two pennies. On day three, three pennies and so on.
The experts explain: "Starting off slow and small is a great way to save as you are less likely to feel the impact when you still want to spend on the things you love, and it’s a great way to get into the habit of putting money away every day.
"Digital-only savings accounts are a great and easy way to transfer this money from your current account into a separate savings account and often offer higher interest rates than your high street banks.
"Plus, when transferring from your current account to your savings account, it can be a great way to get you checking your banking app daily and becoming more familiar with your bank balance".
Check for cashback offerings
There are many apps and websites that offer cashback at top websites, such as TopCashback and Quidco, according to Tandem.
The way it works is that you get money back for your transactions if you use the link they provide you.
Coupon sites also scrape the internet to find active offers to lower your basket price which can give you an even better saving.
Is it cheaper to have your heating on low all day?
Check to see if you can get a lower price before you click checkout
You can save around £300 when using cashback on your everyday purchases, users from MoneySavingExpert's forums have reported.
Prioritise debts
Debts are pricey. If you had a £1,000 loan or credit card debt on a card with an average APR of 22%, that will be an extra £200 you have to pay on top to clear the debt.
Tandem recommends prioritising and paying off your debts so that you can ensure any savings you do have can continue to build you extra cash in interest, compared to loans and debts that will take the extra cash as interest payments.
Try ‘no spend’ weekends
We all know that weekends can be really expensive, you often have the whole two days to plan activities, go out, and ultimately tap that debit card.
Tandem suggests setting yourself a ‘no spend weekend’ every month where you opt for free activities instead.
The team suggests countryside walks, movie nights at home, or even the range of free museums and attractions across the country.
With the money you would have spent, you save the cash instead without sacrificing any quality time with your friends and family.
Hypothetically, if you decided to follow a 'no spend' weekend every two weeks for a whole year ( and saved £50 across a weekend) you could walk away with an added £1,300 in a year
Identify your energy guzzlers
From your washing machine to your fridge, our appliances can cost us a fortune in energy bills.
The team suggests lowering your washing machine temperature, choosing shorter cycles, and cleaning your fridge of any build-up of ice to help lower the amount of energy your devices use.
It’s also worth remembering to turn off certain appliances at the plug when not in use, as many continue to use energy in standby mode.
Look towards sustainable fashion
Payday hits and you suddenly fall onto a fashion app, and then you trip and items crash into your online basket...yeah, we've all been there.
Many us are already trying to shop more secondhand and sustainable fashion to help protect the planet but it can also help our bank accounts too.
The team reminds: "Many high-quality fashion items are sold at lower prices on these resale platforms, like eBay, Vinted and Depop, and help to stop clothing getting thrown away to landfill.
"You can also sell unwanted items from your wardrobe, helping you earn extra cash that is ultimately stored in your unworn clothes!"
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