Six easy ways to save money - today!

Saving doesn't have to be difficult! Follow these top tips to get saving today!

For a lot of people right now, money is on the tight side to say the least. So if you’re struggling with your finances, make sure you take a look at this six step guide to saving some money fast – today!

1. Make a budget

First of all, sit down and draw up a budget of all your outgoings and earnings, so that you know exactly how your finances are looking.

It’s a good idea to gather together any paperwork you have – including bank statements, credit card bills and utility bills to help you do this. It’s also well worth taking a look at our very own free spending tool, Tracker, which allows you to register all of your bank accounts and credit cards and record all of your transactions. So you’ll be able to see exactly what you’re spending where each month and all of your accounts will be in one place.

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What’s more, there’s even a budgeting tab that allows you to set a monthly budget for any specific category – such as food or petrol.

You could also use a nifty tool such as this Statement of Affairs calculator or this budgeting calculator from the Money Advice Service. Simply enter your figures in the boxes provided to view an instant snapshot of your household budget and personal balance sheet.

2. Make some cutbacks

Once you’ve done this, you’ll be able to see where you’re spending a lot of money each month. And you can then start to make some cutbacks!

Admittedly, this process may not be very enjoyable, but it’s an easy and effective way to save a few pounds each month.

If you regularly go out socialising, for example, whether it’s meeting friends down the pub or eating out with a loved one, try to cut this down to just once a week.

Or if your food bills are looking a little high, try shifting down a brand or shopping online using mySupermarket.co.uk which shows you which supermarket offers the best deals. For more tips, take a look at 10 ways to slash your supermarket spend.

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And maybe you could start bringing a packed lunch to work every day instead of eating out. Have a read of Have a posh packed lunch on a budget. 

3. Get switching

The next step is to think about switching financial deals. Are you paying a lot for your electricity and gas? If so, have a look at our energy comparison tool to see whether there is a cheaper tariff out there for you.

Similarly, are you paying too much for your broadband? Take a look at a comparison site such as broadbandchoices.co.uk to see if you can lower your bills.

And next time your car insurance/home insurance/travel insurance is up for renewal, make sure you visit our comparison centre to see if there’s a cheaper deal out there for you.

4. Stop paying interest on your debt

If you’ve got a lot of debt sat on a credit card racking up interest and you’re struggling to pay it off, it’s time to switch to a 0% balance transfer credit card. The Barclaycard Platinum with 20 Month BT Visa offers a whopping 20 months interest-free on all balance transfers (you’ll have to pay a 3.2% transfer fee). So that means you'll have nearly two years to pay off your balance without the interest building up! As a result, you'll be paying out less, so you should have more money to save!

If you’re really clever, you could even try out the art of stoozing! However, this only works if you usually pay off more than the minimum payment on your credit card each month.

If you want to give it a go, every month, pay off the minimum on your credit card and put any extra that you had been planning to pay off your bill with into a savings account instead where it will earn you interest!

Just before the 0% period comes to an end on your credit card, simply take the money out of your savings account and pay off the rest of the debt! And in the meantime, you’ll have earned a tidy sum in interest. Find out more in The ultimate guide to stoozing.

Meanwhile, if you have an expensive overdraft to contend with, it might be time to find a new current account – one that comes with an interest-free overdraft. For example, the Santander Preferred Current Account offers an interest-free overdraft for 12 months and you’ll also receive £100 cash for switching over to the account.

Santander will match your existing overdraft up to £5,000. Just bear in mind you need to pay £1,000 into the account each month.

However, as Santander is renowned for its poor customer service, if you’re happy with a smaller overdraft, you might prefer the First Direct 1st Account which offers an interest-free overdraft of £250.

You’ll also receive £100 for switching and if you're not happy with the account, you'll get another £100 to leave! Note, you’ll need to pay at least £1,500 into the account each month or have another First Direct product.

5. Save on the essentials

Unless you live like a hermit and fish food out of dustbins, everyone has to spend some money in life. However, there are plenty of ways to save money when you’re shopping!

For a start, you’ll generally save money if you shop online rather than on the high street. That’s because you can slice pounds off your bill by using voucher codes from websites such as vouchercodes.co.uk and myvouchercodes.co.uk, as well as earn money back through cashback websites such as Quidco and GreasyPalm!

You can also use shopbots such as Kelkoo and Price Runner which allow you to compare the price of what you’re hoping to buy at a range of retailers – ensuring you’re getting the very best price!

What’s more, if you religiously pay off your bill in full each month, you could even use a cashback credit card to pay for your goods. The American Express Cashback Card offers up to 5% cashback in the first three months and up to 1.25% therafter.

Find out more in Six silly shopping blunders we all make.

6. Earn interest

Finally, once you’ve found some extra cash, make sure you put it in a savings account that's earning a decent rate of interest - helping your savings to build up even faster. Admittedly, savings rates aren't great right now, but that's still no excuse for not finding a better account. You can easily do this with our savings comparison tool.

For example, if you’re after an easy access savings account, your best option is currently the Nationwide MySave Online Plus Account which offers an interest rate of 3.05%, including a 1.51% bonus for 12 months. However, note that you can only make one penalty-free withdrawal per year with this account. And once the first year is up, the interest rate will fall, so you may need to find a new home for your savings.

For more information read 3pm on a Tuesday is the time to save.

Happy saving!

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