7 easy money saving tips that can help you cut the bills

Right In Front Of Us:

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We have been saving more money recently as we are doing less traveling and less socializing - but heating costs and online shopping have probably also balanced out what are most likely tight budgets to start the year. Read our top 7 tried and tested financial tips to help you save a little cash this year - you may be surprised how effective they can be!

1. Stay On Track

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Make a budget for yourself and stick to it (have a look at our blog post about budgeting tips for inspiration). You can use spend management apps to make sure you aren't wasting money and keeping track of your in-comings and outgoings.

2. Pay Yourself First

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Try and use the 50/30/20% rule. 50% goes on your needs and bills (food, rent etc.), 30% on leisure and enjoying time with friends and family, and 20% on saving for your future needs. If times are tough you can adjust the ratios as you go, as long as you stick to them and make sure to get that final 20% for an older you or when unexpected costs inevitably arise!

3. Switching Suppliers

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Spending 15 minutes on a comparison site you are almost guaranteed to find cheaper deals on your home bills. On average a regular household can save between £200-400 a year when switching energy and gas providers. If it's been a while since you last checked and shopped around, now might be the time to do your research!

4. No Impulse Buying:

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Especially considering the year we have had, purchasing online has never been more at the front of our minds (and never been easier). Although it can be tempting to simply click purchase, sit and think over the decision for 24 hours unless it is a completely essential purchase - you may be surprised how much you can save.

5. Food wastage:

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There are some great resources out there for recipes for left overs and great ideas on how to make the most of all the food we put in our fridge. We advocate spending money on good ingredients and putting them to good use without throwing any away!

6. Correct Tax Code:

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Check your pay slip and make sure you are using the right tax code - particularly if you have recently switched jobs. You may be on the emergency tax code - check and visit HMRC for the possibility of a claim back.

7. Bonus Points and Loyalty Cards:

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Check some of the great options out there for virtual loyalty cards with your favorite stores - you are bound to find some great deals and bonus offers that will almost certainly save you money.