What’s your number one tip for saving money on a tight budget? We ask the question based on our intuition Facebook and Twitter community.
The result was a cornucopia of money-saving methods, from small shopping changes to complete financial systems. Some were learned through experience while others were passed down from generation to generation.
Here we round up 15 of the best tips to keep spending less of our friends online.
1. Don’t buy what you can’t afford
Spending beyond your means can be the first step towards financial difficulties. Buying only what you can already afford is one way not to get caught in a debt trap.
Following this rule will help you bypass “buy now, pay later” programs, which our research has found to overspend a quarter of the people who use them.
2. Check the reduced gear in supermarkets
If you pass the general shelves in the supermarket and go straight to the reduced shelves, you will be surprised at what you can buy cheaply.
– Errol Lynne (@PlawJackie) March 27, 2021
On your shopping trips you have seen “reduced” aisles and items in the supermarket. These are items that are often decorated with yellow stickers and have been discounted due to upcoming expiration dates.
If you don’t pick things up from here regularly, this tip can definitely save you a bit of money. Just make sure you are only buying products that you know you will be eating soon, or that you can freeze them to eat later.
3. Pay in cash to meet your budget
We’ve said it before, and we’ll say it again, cash can be a great budgeting tool. Millions of people in the country rely on cash every day, often to control spending. Hence, it was no surprise to read several reviews suggesting this tip.
Cash helps you save by physically limiting the funds you have to pay during your absence. If you bring € 20 (and no cards) with you, that’s all you have to spend. Many of you said this was a helpful spending hack.
Unfortunately, cash is currently under threat from the closure of bank branches and stores, which are introducing card-only policies during the pandemic. Which? is committed to protecting it for all who need it.
4. Avoid spending on takeaways
Never buy takeaway groceries that you have supplied yourself. Always cook with ingredients that you bought in the supermarket.
– Bill Blackley (@Bill_Blackley) March 27, 2021
The takeaway market has been booming during the pandemic. Companies like Just Eat and Deliveroo are making it easier to bring restaurant food to your doorstep.
However, if you stay away from take-out meals and stick to home cooking, you will most likely save money.
But you don’t have to sacrifice taste. You can serve “fake aways” which are just as delicious. Use our tips to prepare an authentic Chinese meal at home.
5. Cook from scratch and avoid waste
We read a lot of reviews about cooking from scratch and avoiding waste.
It was recommended that you buy essentials that won’t spoil, batch cooking, and freezing leftovers.
Like following a meal plan that you stick to throughout the week, you only buy exactly what you need when you are at the grocery store.
Due to the lockdown making it harder to get to supermarkets and many looking to keep online delivery space free for those in need, some have turned to meal subscriptions like Hello Fresh and Gousto to reduce waste.
6. Better and get along
One commenter told us that she hadn’t bought new clothes in years. Instead, she has learned to repair or adjust the clothes she already owns.
With stores reopening across the country after the lockdown, it could be tempting to change into new clothes.
But you can potentially save up by re-dyeing old jeans or adjusting a shirt or t-shirt.
7. Separate “want” and “need”
“I keep a budget book. When I need something, I save for it. Until I have saved up for it, the original item is either on sale (i.e. cheaper) or I think I don’t need it and have some savings. ‘
– Blah on Facebook
Some of you said that the distinction between what you want and what you need is very important in order to save money.
It’s okay to buy the things you need, but when it comes to things that you just want, it’s best to save up or see if it gets cheaper or if you want it in the future too.
8. Keep a jolly pot for goodies
Facebook’s Bla also mentioned what they call their “Jolly Pot” which they fill with change. Whenever it’s full, they spend the contents on treats rather than essentials. Not a bad way to reward yourself for saving.
If you don’t use cash regularly, some banks such as Monzo, Lloyds Bank, TSB, and Halifax can do so with your debit card payments. You round up your expenses and move them to a pot or savings account linked to your account.
9. Do not shop on an empty stomach
We had a couple of comments suggesting going shopping while starvation is a recipe for disaster.
Studies have shown that buying peckish will make you spend more even if you buy items that are not grocery items. It’s best to have something to eat before you hit the main street next time.
10. Buy private label
This is especially true for Aldi and Lidl. So many of their cookies and candy bars are way better than the “real” brands. Give me a jive over a twix every day of the week.
– Mark Gibson (@ Markgibson2018) March 27, 2021
Buying private label goods is a well-known way to spend less. But some of you went further and said that they can actually be better.
Remember, how cheap private label products are is just as different between supermarkets. For example, large own-branded free range eggs in Waitrose were £ 1.15 more expensive than Lidl’s in March 2021.
11. Shop in a cheaper supermarket
The money-saving tip from many commentators was simply to shop at Aldi or Lidl. In all honesty, we’d have to agree that this would save you money, at least if you were to buy the popular branded and private label products in the shopping cart that we here at Which? for price analysis.
At the beginning of this year, we named Lidl the cheapest supermarket of 2020, with Aldi finishing second with just 34 pence. The closest rival, Asda, was more than £ 5 more expensive.
12. Resist special offers
Everyone loves a bargain, but sometimes “specials” aren’t all that special.
Take Black Friday, for example. For several years, which ones? Research has shown that products sold at “special” Black Friday prices are often sold for the same price or cheaper later in the year. Some had even seen the same decline in the months leading up to November.
Not only big ticket items suffer from this. Supermarkets often reduce the same groceries several times a year, which means that one day a discount could soon be available again.
All of this means that you should think carefully before jumping into a price drop.
13. Empty your closets
Try to use what you already have. During the lockdown, we used products that were in closets instead of spending more
– kellie (@ fredntwister11) March 27, 2021
We all have a few cans of beans that are gathering dust in the back of the kitchen cabinet. Before looking for new foods, think about what to do with the ingredients you already have. Beans on Toast, anyone?
14. Bring food with you when you go out
We all know that food costs more than food. So if you’re out and about in a day, you know that food and drink cost more. Prepare your own food at home and bring it with you instead.
Pubs and restaurants may reopen in some parts of the country, but that doesn’t mean you won’t be able to enjoy a picnic.
15. Keep track of your accounts
‘Use a ledger! Plan what will come out at the back each month and mark in front everything that goes in and out. Save in a savings account at the beginning of each month and use a credit card, but only as much as you can afford to repay without interest! My mother taught me well! I can go back 37 years with these accounts! ‘
– Johan on Facebook
Johan’s tip, passed on from his mother, encompasses many things. There’s the monthly savings, the purposeful and judicious use of credit cards, and of course the accurate and up-to-date account book.
All of this is based on the principle of carefully managing your finances and accounting for every penny. We are very grateful that we can pass on the tips to Johan’s mother so that more people can follow.
