10 ways to save money on a tight budget

Managing Money

Many are on the hunt to find ways to save money, but what if you’re on a tight budget? Does this mean that all hope is lost and that it’s not even worth trying? Of course not! Read on and you find 10 ways to help you save money on a tight budget and improve your financial standing:

1) Prep your meals

Have you ever walked in from work with that feeling where you really can’t be bothered to cook? You know you should but motivation is down to zero. Next thing you know you’re ordering a takeaway and there goes £25 just like that! Prepping your meals at the start of the week means that you always have a meal ready. Not only can this save you money, but it can also help to ensure that you are eating balanced meals. 

2) Buy in bulk

Buying in bulk may initially seem expensive. The cost there and then at the till may seem a little excessive and be more than you are used to spending. In truth though, buying small amounts will always end up costing you more in the long run.

3) Check for deals 

We can’t look at ways to save money on a tight budget without exploring deals. After all, we all love to snap up a bargain or two. Finding the best deals can be draining time-wise so the best way to do this is to use an app. The Wollit app comes with exclusive offers for its members where they can see some great savings.

4) Time your shopping for fresh produce 

Yellow sticker shoppers are now a phenomenon in their own right. Those that trawl the supermarket shelves later at night trying to find food that has been reduced. You can save even more on fruit and veg by visiting your local markets. At the end of the day, you will see sellers offering huge discounts rather than wasting their produce. 

5) Switch utility providers

This is something that was once a nightmare as you had to keep ringing around trying to find the best quotes (perhaps it’s just dinosaurs like me that remember this?). Nowadays, finding the best deal couldn’t be easier with the numerous comparison sites that you can use. Using sites such as Compare the Market can see customers saving almost £500 a year

6) Review your internet package 

You may be paying for a package that you just don’t need! Often you look at maximum download speeds even though you can never get them where you live. Perhaps you're paying for TV channels that you never even watch. Review your package and you’re sure to save.

7) The value of spare change

We all deserve a treat, but how do we pay for it? Rather than haemorrhaging your bank account why not set a challenge to see how much you can save in spare change? Use this for a monthly treat and leave your bank account intact.

As we use cash less often, it is good to know that you can still apply this to card purchases. Banks will now allow you to round up your transactions. If you bought something for £2.75, the would be rounded up to £3 with the extra 25p going into your savings. If your bank doesn’t offer this there are plenty of alternatives that you can use such as Plum, Chip or Moneybox.

8) Avoid late fees

If you have repayments to make on loans or credit cards, make sure these are planned for. Use direct debits so that payments can’t be forgotten and be sure to check your balance to make sure these can be paid. There should never be a need to be paying late fees.

9) Cancel subscriptions that you don’t use or need

Do you have a gym subscription, but rarely go? Cancel this and work out from home. Be sure to check your terms and conditions to make sure that you won’t pay any cancellation fees, but time it right and you will soon be saving.

10)  Track your spending

The last of our 10 ways to save money on a tight budget is to keep an eye on what you spend. When you monitor your spending and record everything you spend it soon becomes obvious where there are savings to be made. 

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