This week our Savings Product Manager Jon Sweeting will be providing some insightful blogs on practical ways to save money and the importance of savings… Take a read below…
Practical Ways to Save Money– Part 2
Take advantage of your retirement savings plan. 
If you are employed, make sure you have spoken to your employer regarding their pension scheme. If you haven’t you could be missing out! One of the best features of using a pension to save for retirement is tax relief. When you pay into your pension, some of the money that would have gone to the government as tax goes towards your pension instead. This can help reduce the amount of tax you pay and be used to help boost your savings for the future.
Lower your mobile and broadband bills.
If you have been with your current provider for a number of years, you could be on an old and unpalatable contract. Providers are always fighting for their market share, so if you are out of contract then shop around- there are some great deals out there for new customers.
Skip the coffee shop.
A bitter pill to swallow- I get it! I’m not saying cut out coffee completely… I wouldn’t function without it, just try to lower your coffee spending. Instead of spending £3-£5 on that daily latte, you can save money by just making your coffee at home. As I said before, no-one will begrudge you the occasional trip to the coffee shop (especially on a rainy Monday) but doing this in moderation will start to make a material impact on your spending.
Use cash-back apps and coupons.
Nothing beats a good old-fashioned 20% off coupon when you’re buying something. But did you know there are plenty of cash-back apps out there to help your savings go even further? Get onto a search engine and have a look at some deals out there.
Sell items you don’t need or that doesn’t bring you joy anymore!
You’d be surprised at how much clutter you have in your home and/or wardrobe (that you don’t even use or think about). The cash you can make on those things can be the difference between living payday to payday or not. Have a look at some buying and selling groups- not only can this be used for selling, but also purchasing items at a fraction of the cost when bought new.
Learn the power of “no” (or “not now”).
We live in a world of instant gratification- a lot of us are guilty of this- me included! Food from our favourite restaurants can be at our door in an hour or less. The show you want to binge is right there at the ready. The ads on social media say you need this, that and the other. Right now. We’re a couple clicks away from satisfying our desires for nearly anything!
But if you can delay some gratification by using the magic of “no” (or “not now”)—YOU WILL SAVE MONEY. It’s a huge mindset shift to build better spending habits overall. And it’s another way to become a more content person. Savings with a side of mental and emotional health? Yes, please.