With the cost-of-living crisis continuing, we've compiled 20 saving tips to help you manage your finances more effectively this year:
Declutter: Go through every room, closet, and storage space. When in doubt...throw it out, sell it, donate it, or recycle. Check out our post on how to financially declutter.
Update your budget: Use a budgeting technique like the 50/30/20 rule. Or tools like MoneySavingExpert’s free Budget Planner which analyses your finances to help you control your spending.
Review your finances: Regularly check direct debits, subscriptions, mobile contracts, broadband services. Switching providers or cancelling unused services can reduce monthly expenses. Compare CREDIT CARD /loan interest rates - see how much your credit union could save you monthly through debt consolidation.
Streamline bank accounts: Close any accounts you no longer regularly use to simplify money management and keep better track of savings.
Collect your spare change: Use a money jar to collect loose change. Small amounts add up quickly over time. Just £5 a week will save £240 in a year!
Live below your means: Spend less than you earn. Prioritise needs over wants and avoid impulse purchases. Weinvestsmart provide a guide to living below your means.
Invest in energy-saving gadgets: Air fryers, slow cookers, and heated clothes airers consume less electricity than traditional appliances. Compare prices before buying!
Asses your mobile phone plan: Check if a sim only deal is more cost-effective than a contract. Check your data usage and switch to a cheaper plan if needed.
Consider downsizing: If circumstances have changed (kids moved out, job changes, retirement), a smaller home or car with lower tax and better fuel efficiency may be a smart financial move.
Reduce car usage: Walk, cycle, carpool, or use public transport when possible to cut fuel costs. Plan errands efficiently to minimise unnecessary trips.
Build an emergency fund: Save as little as £10 each month at Harp and Crown Credit Union to prepare for unexpected costs. If needed, we offer lower interest rate loans. Don't forget our NEW Flexi-Loan to cover unexpected bills/emergency costs. This can be taken in addition to or instead of our other loan products and doesn’t require any pledged shares, providing credit when needed. Ts/Cs apply.
Switch to cheaper brands: Many supermarkets own-brand products are the same as high end brands but packaged differently. Don't be afraid to shop the discounted sections and avoid food waste where possible.
Batch cooking: Plan meals in advance or cook in bulk. Freeze leftovers to reduce food waste. Cutting back on oven use will help save on energy costs.
Cut back on takeaways and eating out: Make eating out a treat rather than a habit. Cooking at home is healthier and more budget friendly.
Unplug to save on energy: Turn all appliances off at the socket when not in use. Consider spending an evening reading instead of watching TV. Make use of natural light during the day to save on your electricity bill.
Insulate: Get into the habit of closing doors, pulling curtains, and investing in draft excluders to retain heat and reduce energy bills.
Reduce online spending: Unsubscribe from marketing emails and delete shopping apps to prevent impulse purchases.
Compare insurance deals: Never accept the first renewal offer when you may be able to get a better deal. Get multiple quotes and consider paying annually to avoid extra fees. Look for bundled discounts with family members. CHECK the insurance INTEREST rate for paying via direct debit - we MAY be able to beat the rate with our lower interest rate loan options should you need a TOP UP or new loan to cover the increased cost.
Take a spend break: Challenge yourself to avoid spending at least one day a week. This habit can highlight unnecessary expenses and encourage mindful spending.
Plan for 2025 PRICE HIKES NOW: Plan ahead for known price increase such as the insurance renewals. IF possible, increase your payroll/direct debit savings contribution monthly to offset future costs.
Let us know if you have more suggestions to save and try and stay within your means! Email marketing@harpandcrown.co.uk.
We are here to help, talk to us so that we can help provide the best solution for your financial needs.
"Save regularly and borrow only what you need."
Dated: 17th April 2025
