One of the first things you should do is set yourself up on a Cashback website like Quidco, every purchase you make will give you money back, you can get quite a lot back over the year just by renewing insurances, switching utility providers and buying new appliances through a cashback website.
If you have a credit card, this is good for you credit rating. You should look for one with extras like cashback or points, again money saving expert is good here. You should pay it off in full every month, NEVER leave a balance to accrue interest....this is the slippery slope! If you have a card that's to the limit, look to swap it to a card offering better rates of interest or even a period of zero interest on balance transfers and then use the savings you going to start to make to pay off this balance as quickly as possible!
Let's start big and get smaller (although saving money mounts up no matter how small the changes - translate your savings to a yearly figure and you may be pleasantly surprised!)
Mortgage - sounds obvious, but shop around and get the best deal you can. If you are on a fixed rate that is coming to an end, be sure to start before it ends, you need time to think and fully research the deals out there. Try to do this yourself, look on sites like Martin Lewis's Money Saving Expert. The subjects he covers are amazing.
Rental - don't rent bigger than you need and make sure you know what is included or excluded (all bills excluding phone, does your rent include council tax?) And make sure that you are claiming any housing benefit you are entitled to. Contact your local council for this.
Council Tax - ensure you are being charged the correct amount and receiving any discounts for single person or disability etc. Most councils charge council tax over 10 months, but you are entitled to have this spread over 12 months. You can also do this yourself by calculating the annual cost divided by 12 and setting up a Standing Order. This also makes it easier to budget monthly.
Utilities - ensure you are on a good tariff and where possible switch to new providers using a cashback website. Make sure you keep your usage down. You don't need an app or a SmartMeter to tell you when to turn the lights off or put on a jumper rather than turn up the heating!
Food - don't always choose the brand your mother bought, try out something else, switching to own brand products makes a huge difference to your food shop, ask friends what they eat or use and get personal recommendations. The other big thing here is cook from scratch. The more the supermarket has to fiddle with your food for you the more expensive it will be. It's also usually more processed and therefore not as good for you as the fresh stuff. Use your butcher or fishmonger, you can shop plastic free and they do great deals. It's better to eat 1 good piece of meat a week and 2 or 3 inferior cuts. And look at your portion size, our protein and carb intakes are too high, these should be less than half the plate, the other half should be fibre rich veggies and salad!
Fuel - when needing to top up your tank, go to one of the fuel comparison sites, these will tell you the cheapest place to buy fuel, this might be your supermarket, or some place just off the beaten track on your way home from work. Look out for vouchers too!
I think that's most big, regular things we spend money on. Remember, when you buy something with a designer label or a brand, all you are doing is lining the pockets of already wealthy people with your hard earned cash. Be sensible. Why not try local producers and suppliers, refill shiops and farmers markets. It might seem expensive, but when you can buy exactly what you need and it tasted better or is more filling because it has less interference than big brand food.
Use you charity shops and why not learn a skill to make your own gifts for friends and family, make your own greetings cards, use a generic wrapping paper or brown paper rather than a themed one...save those gift bags and recycle.
You can also make money by selling things you no longer want or use. Try eBay for selling items and more specialist things like old DVDs and phones or books can be sold via Momox, Ziffit or Music Magpie. Or have a fund day out at the car boot by hiring a pitch or take a table at your local church hall or school and have a fun morning selling your stuff and meeting new people!
We saw this as fun, we competed with ourselves to see how much we could save. We had a book to write down all cash purchases, it's amazing how I suddenly didn't want the coffee or the magazine when I knew I would have to write it in that book and part with my hard earned money!
Good luck...and happt retirement!
Chat soon,
Nora xxx
