Published: 29/10/2021

Easy money-saving tips to help you cut your monthly bills

Easy money-saving tips to help you cut your monthly bills

Our money spending has changed so much over the past 18 months. If you’ve saved more or spent up, we all need a little help to help us save where we can and cut the bills. Check out these tried and tested money-saving tips and see how much you can save without even trying.

Save first, spend later

Pay yourself first. It’s a sure way towards financial freedom. Use the 50/30/20 approach to budgeting. 50% of your take home pay goes on your needs (bills, food, minimum debt payments), 30% goes towards leisure (eating out etc), 20% is put away (making payments above the minimum, saving for emergencies and investing). If it doesn’t work for you when money is tight, adjust the ratios as you go.

Keep on track

Don’t let money slip through your fingers. With digital bank Monzo you can transfer a set amount of spending money to your card. Prepaid cards – like Transferwise and Monese – only let you spend what you load.

Avoid interest on your credit card debt

Plan to get rid of card debt. If you haven't got a lump sum to clear the balance, you can achieve the same result by transferring the debt to an interest free credit card

Use an incognito browser

Going incognito when shopping online may help you save money by automatically deleting your browser history when you close a tab. This means companies can’t track what you’re looking at and put prices up (yes, it happens!). Especially useful for planning your next holiday.

Have a no-spend day

Use some self-discipline and have at least one no-spend day each week. You’ll be more careful long-term with your cash. This can be as easy as having last night’s leftovers rather than buying lunch out, snacking only from your weekly shop and carrying a drink in a cup.

Pret cut the cost if you use your own cup.       

Check your insurance policy

If you’re using your car less as a result of the pandemic and working from home more, check your car insurance is still the right fit. Never auto renew, always check for better deals via your existing supplier and comparison websites such as CompareTheMarket and MoneySupermarket.

Cut your grocery bill

Buying only what you need may sound like an obvious way to save money, but it can be easier said than done. Once you’ve planned your meals for the week ahead, stick to it!

Check out the world food aisle in your supermarket (it hides savings of up to 75% on cupboard staples including rice, lentils, beans, spices and sauces), shop in the evenings for discounts, look at lower supermarket shelves for smaller prices. Don’t pay for plastic bags – take your own. 

Be patient

When shopping online, fill your basket but don’t check out immediately (unless it’s something that’s selling like hotcakes). If suppliers spot items sitting in your basket, some will get in touch to ask you if you forgot to check out and sometimes send you a discount to persuade you to return.

This only works if you have an online account, as they’ll need your email address.

Switch it off

It’s not a myth, a small amount of electricity is still drawn when a device is plugged in for charging. Instead of charging overnight, juice up for a couple of hours during the day and unplug to save on your electricity bills. This could save you as much as £30 a year, according to the Energy Saving Trust.

Not defrosting your freezer is costing you. The more ice your freezer is making, the more energy it uses. If the ice around the inside is thicker than around 3cm, defrost it.