Small changes make a big difference



Now is the time to think ahead and make your money work better for you. We all get caught up in the everyday things that eat into our finances such as bills, petrol, food, lunches, clothes, haircuts, drinks and dinner out. But with a little planning and thought you could save lots of money and reap the rewards.

Here are three top tips to help you save.

Have a budget

Once you know exactly where your money goes it’s easier to see where you can cutback your spending. Print off a month’s bank statement and highlight what has to be paid each month and cannot be changed, eg mortgage, loan repayments etc. Then look at how much you are spending on other items and where you could save. For example:

Food shopping-Buying own label brands can save you as much as 25% on your weekly shopping*. So if you spend an average of £100 per week in the supermarket, switching to own label products could save you as much as £1300 per year. *Source

 

Lunches-If you love the butty shop near work and buy your lunch out daily, you probably won’t be spending less than £3 a day. But by simply taking a homemade sandwich to work twice a week you could save around £288 per year. Same rules apply to those who grab a Starbucks on their way to work each day.

Petrol-Fuel prices have soared so it makes sense to fill up at the cheapest petrol station. Prices vary massively as shown on here. This link also allows you to imput your postcode to find the cheapest place for fuel in your area. Petrolprices.com say members have saved on average £240 a year on fuel by using their site.

Switch credit cards

Credit cards are rarely cleared in full each month which results in holders paying a fortune in interest. Look for deals on 0% interest free balance transfer cards and switch. The interest free periods will vary but it will allow you to repay the debt without incurring any more interest.

What you do with any money you save is entirely up to you but the small changes made now will make a big difference in the future.

Compare energy suppliers

The only thing that differs with gas and electricity is the price. It doesn’t make a difference to you who supplies it because it does the same thing, but depending on who you use, it can make a big difference to your bank balance. Switching energy suppliers can save you a lot of money so it’s worth comparing rates here.