If you already feel financially stretched a few weeks into 2021, you may be wondering if it’s even possible to put any money away to fund a big purchase or achieve financial readiness.
Thankfully, the chances are that savings opportunities are available even if you think you’ve exhausted every avenue possible. There may be actions you can take that you haven’t previously thought of, so it’s always best to check what other solutions are available.
We recommend taking a look at this ‘massive money-saving’ list published by Wonga for no less than 40 tips to help you save. We’ve stolen some of the best ones from the list to share with you below.
Millions of people have been getting through lockdown by making the most of various online streaming services. These services can help us pass a great deal of time and often represent exceptional value for money.
However, it can be tempting to sign up for more services than you actually have time to enjoy, with costs quickly spiralling. Many services also share content, which means you can easily ditch one and still access what you need.
Some streaming services are offering generous introductory deals too. This means you could get several months of access for a modest fee or even nothing at all.
Look around your home?
Is there anything running that could be replaced for something less expensive?
If you have old domestic appliances, you could swap these for something more energy-efficient to save money in the long run.
Your lighting can account for around 10% of your electricity costs, so why not use energy-saving bulbs if you’re not already?
These bulbs can also last ten times longer than standard ones and use around 80% less electricity.
Your appliances can cost you more than you think if you leave them plugged in when you’re not using them. Standby mode can generate much higher costs than you might expect. Heaters can be swapped for electric blankets, and kettles can be used instead of stoves.
Fitness and health
It’s not uncommon for people to enthusiastically sign up for local gyms that they rarely attend. You can save a great deal of money by purchasing second-hand gym equipment and simply working out at home.
Running is free and can help you achieve a much higher level of physical and mental health. Water is much healthier for you and is an ideal alternative to costly fizzy drinks that can quickly leave you feeling sluggish.
Plan your meals in advance
Meal planning has helped many people to save substantial sums. If you pick up snacks from the store when you’re hungry, you could be spending much more than you need to.
By planning your meals before each week gets underway, you can stay in control of food costs whilst removing the temptation to order costly takeaways.
Before you go to the store, make a list of what you need and try not to buy anything else when you’re in the aisles. Branded items can cost much more than generic ones, and the quality isn’t always much different.
You can also take a packed lunch to work rather than spending excessive sums in the canteen.
Tackle your debts effectively.
Try not to pay off your debt by racking up more. Some people opt for the snowball method of tackling their debts. This involves tackling the smallest debt first, then next smallest and so on.
Always aim to make the minimum monthly payment on each debt at least. This is just the tip of the iceberg for money-saving ideas for those already on a budget.
You can try many more things if you need to make your income go further each month.