Easy money-saving ideas

When it comes to saving money, it is something that we should all be doing, but often it seems too complicated or too much hard work. We’re fans of keeping things simple and that’s no different when it comes to money-saving ideas. Here are 10 ideas that can boost your bank balance by seeing you save:
‍

1) Transfer your credit card debt

When it comes to using credit cards the best thing to do is to clear your balance every month. This stops you from paying any interest and protects you from falling into a cycle of debt. There are times when people let their balances build and the best way to save money in this situation is to switch cards for one with lower interest.

If your credit rating is in good standing you will find that there are credit cards that will allow you to transfer your balance with 0% interest for the first year.  Just be sure that you use that year to clear the debt and benefit from the offer. 

‍

2) Use comparison sites

This has to be one of the simplest money saving ideas that we have come across. When it comes to reducing your expenses you will find comparison sites for almost anything. With just a few clicks you can find the best deals on utility bills, car insurance, internet, mobile phones, and even holidays.

With how simple these sites are to use, and with how much they can save you, is there any reason not to be taking advantage of them?

‍

3) Sign up for loyalty cards

If you have ever looked you will find that you can find loyalty cards everywhere. From national supermarket chains and restaurants to small local businesses, loyalty cards have long been used by companies to keep their customers coming back for more.

By signing up for a loyalty card you are not then having to do anything differently. All you need to do is carry on spending as you always have. This will see you rewarded with points which are then usually exchanged for money off vouchers. With so many loyalty cards on offer, it can be easy to see your wallet bulging and finding the card that you want isn’t always easy. You can avoid this inconvenience by using apps such as Stocard. This allows you to store all of your cards in one place on your phone. 

4) Review your subscriptions 

Without taking a peek at your bank account, do you know exactly what subscriptions are coming out of your account every month? With services such as Netflix and Spotify so readily available, it is easy to then start paying out of habit rather than because we need a service.

Are you actually using Netflix? Do you make the most of Spotify? Do you ever make it to the gym? If not then save yourself money by cancelling these subscriptions. 

5) Use a budgeting app

If you are serious about money-saving ideas, using a budgeting app can help you discover a whole lot more. Often these apps link to your bank account and they monitor what you are spending. When you have set your budgets you will find that you are given a gentle nudge if you seem to be spending your money too quickly.

As well as keeping you on track with your budget, these apps will also give you ways to save. They will review your bills and some will even let you know when your favourite retailers have any offers or discounts available. 

6) Automate savings

It is easy to have the best intentions when it comes to money-saving ideas. With a savings account opened, there is every intention to use it but for whatever reason, this just never seems to happen. Automating your savings can see you creating much better financial habits.

There are apps capable of monitoring your spending habits. During months when you doing well budget wise they will automatically move over some of your funds into a savings account. It knows just how you spend and just what you can afford. 

7) Earn cashback

There is no need to change your shopping habits to save money. You can carry on shopping at your favourite places and take advantage of cashback offers. Several companies offer this as a service and every time you spend your account is credited with a percentage back.

At Wollit, we also offer cashback as part of our rewards for members. We have teamed up with some of the biggest household names to make sure that our members can get the very best deals. 

8) Pay off your debts

When looking at money-saving ideas the thought of paying out may seem counterproductive. In truth though, we are looking at the long term here rather than just a short term fix. Finding ways to clear your debts can see you making substantial savings every month. You will no longer be paying out each month and you will have put an end to the interest that you were being charged.

If you can’t find a way to clear all of your debt, it may be worth exploring a consolidation loan. This can bring all of your debts together and often results in a lower monthly payment.

If you are unable to clear all of your debts right away then you should aim to clear those with low balances and/or those with high levels of interest. Paying off low balances will see accounts being closed as they are settled. This gives your credit rating a great boost. By targeting those debts with high interest, you will pay less overall. 

9) Pretend that you still have debt 

If you have managed to clear your debt and saved money this way, what are you going to do with this extra money? If you have been making these payments for months or years and have done so comfortably, why not now use that money for something positive?

When loans come to an end a great way to save is to pretend that you still have the debt. Instead of paying a loan payment every month, you simply transfer the money into a savings account instead. This sees you being able to save without even noticing it. 

10) Don’t be a slave to brands

We all have our favourite breakfast cereal. There is maybe one soft drink that seems to taste so much better than any other. No one is suggesting that you shouldn’t enjoy your favourite things, but if you’re looking for money saving ideas that work going down a brand can see you making some serious savings.

Rather than change your shopping habits entirely use each shopping trip as an opportunity to try something new. Maybe on your next shop try an alternative brand of wash powder. The next time perhaps it could be coffee. Over time you will find the alternatives that you like and the ones that you don’t. Even a handful of permanent changes will see you saving money.