As we experience the ongoing cost of living crisis, many of us are trying to tighten our purse strings where possible. But it’s not always easy.
Last week, we brought you the first instalment of our 20 quick and easy tips to save money series. And today, we bring you the second.
Here are our next 5 quick and easy tips to save money.
Shop around for car and home insurance
Many of us are on car and home insurance deals that automatically renew. Providers often send out an email prior to your renewal date to let you know that your insurance is up for renewal and the new annual price will be £XXX (a figure much higher than what you’re paying now). The emails are subtle, sneaky and can often go unmissed.
This is where it pays to be a little bit more organised. Write down your renewal dates in your calendar to give yourself a heads up for when your insurance policies will be up for renewal. Then, shop around for alternative deals. You could save yourself hundreds by doing so. Seriously.
Cook your own food
While restaurant visits and fancy sandwiches at lunchtime are nice, they can really hike up your outgoings. Set yourself the task of avoiding meals out and cooking new dishes at home.
And it doesn’t have to be boring. There are plenty of ways to spice up tried and tested favourites. Try slow-cooking less expensive meats to give them a new rich flavour, or experiment with different spices to add new life to chicken, fish and vegetables. If there are any leftovers, you can box it up for tomorrow’s lunchtime—far more exciting than a takeaway sandwich.
Limit the presents
While buying gifts for friends and family is a lovely thing to do, the cost over a year can quickly add up. If you can’t bear to stop buying presents altogether, why not suggest a Secret Santa for Christmas? Or agree on a spending limit?
Better yet, you can try making your own gifts. Whether it’s a piece of handmade furniture or a macramé decoration, there are plenty of ideas and inspirations online. Your loved one will be over the moon by the gesture. Plus, it’s far more interesting than a box of bubble bath.
Try the 24-hour trick
We’re big fans of the 24-hour trick here at TransferGo. If you spot something you’d like to treat yourself to, wait 24 hours before making the purchase. Often, you might find yourself changing your mind by the time the next day arrives.
This doesn’t just apply to luxury items. Thinking more about our spending is something we can all benefit from. By being more mindful about where our money goes, the opportunities to save are endless.
If you’ve tried the 24-hour trick and you find yourself still wanting the item a day later, don’t give yourself a hard time. But also, don’t dive straight into the purchase either.
Spend some time shopping around to see if you can find the same item for less elsewhere. You may even come across the item on eBay or Facebook Marketplace. If you’re happy with the quality, why not buy second-hand?
Of course, we do realise that these tips won’t solve issues like the cost of living crisis overnight. These are testing times for a lot of households and we’ll do all we can to help.
If you need to send money to somebody else, sign up to TransferGo. We offer low fees and high speeds on all money transfers.
And tune in next week as we’ll be publishing Part 3 of our 20 quick and easy tips to save money series.