We know that it can be hard to find the extra money every month to save towards your first or next home. We’ve compiled these five tips – some of them a bit easier than others – that you could implement to save money.
- Reduce your food bills – some simple meal planning will help you reduce food and money waste. Spend half an hour every week planning the week ahead and write your shopping list to fulfil that menu. Also consider changing supermarkets to one of the lower cost ones such as Lidl or Aldi for all or part of your shop. Cook from scratch – convenience or ready meals are expensive, a healthy family meal can be made in under half an hour and will save you hundreds of £’s over the course of a year. Reduce your restaurant or takeaway meals so that they are treats – you will appreciate them all the more as will your back pocket! If you can’t resist the pull towards a pub or restaurant sign up to loyalty schemes or emails to take advantage of offers.
- Consider taking in a lodger – if you have a spare room or if your children could share for a short period while you are saving you can earn up to £7500 a year without having to pay tax (sign up to the Rent a Room scheme).
- Take a staycation – we all love to holiday but the average family holiday abroad (according to Expedia) costs £4800 plus £280 per week spending money. Instead of booking a holiday away stay at home, book the time off work and spend days out with the family or as a couple. If your single and saving then take some time off to visit with friends or family you haven’t seen in a while. Explore the area you live in – go for bike rides. If you really need to get away then consider camping, narrow boating or a lower cost holiday cottage in the UK instead of going abroad.
- Review your insurances and utilities – reviewing your insurance and utility contracts annually could save yourself a lot of money, utility and insurance providers rely on us having such busy lives that we don’t review our policies. Price and policy rises can happen unnoticed and before you know it you could be paying a lot more than you realise.
- Manage your money – sounds simple, but if you set yourself a monthly budget and set up some standing orders into separate savings accounts e.g. a holiday fund, house fund, clothing fund that get transferred on pay day you are far less likely to fritter money.