It’s January, the start of a new year and we’re also in the midst of a cost of living crisis. So it’s safe to assume that we are all thinking about saving money right now. It feels as though absolutely everything has gone up in price and for many people it’s difficult to see how you are going to get through the month without turning to credit cards. But maybe it doesn’t have to be that way, with a few simple changes.
Here are my 10 tips that could help you save money this year…
1. Track your spending
The first thing you should do, if you haven’t already, is to write down all of your monthly expenses. Go through your bank account and write down all of your direct debits, are there any that can be cancelled? How much are you spending on food? I recently wrote down everything we had spent on food in a month and I was shocked at the total. Once you have accurate figures in front of you, you can start looking at ways to reduce your spending.
2. Shop around for the best deals
Are you getting the best deals on insurance, broadband, TV etc? Use comparison sites to compare your options. This should be done regularly to ensure you are getting the best possible deals. If this is something you’ve never done before then you are almost guaranteed to make savings here.
3. Invest in an air fryer
I will admit that I didn’t understand the air fryer hype to begin with but the more I heard about them the more I came round to the idea. We ended up getting one for Christmas and we haven’t used our oven since, it’s literally life changing! Aside from the fact that they are so quick, easy and convenient to use, they also save you money. Ovens use much more energy because of their size and the time it takes for them to heat up. If you’re thinking of investing in an air fryer make sure to shop around for the best deal and look for an ao discount code.
4. Set savings goals
Saving money in the current climate isn’t always easy but if you set yourself small, achievable targets, it can be done. It’s always a good idea to have a pot of money saved in case of emergency. I started using the Plum app back in the summer and would highly recommend it. It keeps a track of your outgoings and calculates how much you can afford to save each week. So far I have saved £1300 without even having to think about it!
5. Take advantage of loyalty cards
Until recently loyalty cards had always been something that I chucked in my purse and forget I even had. And let’s be honest, some loyalty cards are rubbish and offer you very few benefits, but some are really good to have. Boots Advantage cards are great, I used my points over Christmas which was very helpful. We also have a Nectar Card which again was used to purchase Christmas food. The Tesco Clubcard is another good one to take advantage of.
6. Be smart with energy usage
If you don’t already have a smart meter, now is the time to get one. Seeing exactly how much gas and electric you are using can really help you to think twice about your energy usage. Another great way to save on energy bills is to install a smart heating system such as Hive. We fitted a Hive thermostat recently and it’s been brilliant. It connects to an app on your phone so you can see exactly how much heating you’re using and even control it when you’re not home. Being able to see how long you’ve had the heating on for each day again just makes you more conscious of how much you’re spending and how you can cut back.
7. Start a side hustle
Why not earn a few extra quid by starting a blog? Or maybe you could sell homemade items on etsy? You could even take part in paid surveys or become a mystery shopper. There are lots of ways you can earn extra money from home these days.
8. Start Christmas shopping in January
I know this may sound crazy to some of you, but hear me out. I’m not suggesting that you should go out and do all of your Christmas shopping in January, I mean where would you even store it all? But spreading the cost across the year is a sensible idea. Why not plan to but one or two gifts each month? That way you won’t have to find hundreds of pounds in November and December. And not just that, it will take the stress out of Christmas too, leaving you to enjoy the festivities a little more.
9. Buy in bulk
If a product that you use regularly such as washing detergent, dishwasher tablets, shampoo, pet food etc is on a good offer, take advantage and stock up! Just don’t be tempted to buy things that you won’t use simply because they are on a good offer.
10. Insulate your home
This is definitely something that we need to look at this year as our house is quite cold, which means higher heating bills. From my research so far, it seems cavity wall and loft insulation are great ways to keep the heat in your home. I know when the weather is warmer it’s difficult to think about spending money on insulating our homes but we will thank ourselves for it next winter.
I hope that this post has given your some ideas on how to save money this year. Please leave me a comment if you have any other money saving tips to add.
Thank you for reading.
