27 Money Saving Tips

Park’s saving experts have put together a list of the best ways to save money. These savvy points of guidance will hopefully encourage us all have a better sense of financial wellness. In this article, we take you through our 27 top tips on how to save money.

Keep track of your finances

Recording what we spend helps us know where our money goes. You may have a spreadsheet on your phone or computer, or a notebook with incomings and outgoings. Find a way that works for you, but be honest with your record. Mint is an online budget planner recommended by the likes of global business magazine, Forbes.

Spend wisely

We should ask ourselves: ‘Do we really want this or are we just buying for the sake of it?’ What’s really driving our motivation to buy? There’s no harm in treating ourselves, but we need to make sure we’re still in control when it comes to spending.

Don’t save card details

It makes spending easier, so avoid temptation by staying away from auto-fill. Also, it makes it harder for hackers to steal our data.

Speak to someone we trust if our worries are serious

Confiding in a loved one about our worries can help us find practical solutions – a problem shared is a problem halved.

Live within our means

If we can afford it, of course we are allowed a fancy treat, but we should be aware of the risks of not maintaining a realistic lifestyle. Social media can play a big part in this, but we need to remind ourselves that most of what we see on the likes of Instagram is just an illusion.

Save for the long-term

Try to put money aside just in case of an emergency – unexpected bills can sting. This also applies to a well-earned indulgence, as saving up for something big is a great feeling.

Make regular checks

When we keep an eye on our bank account(s) it keeps our relationship with our money healthy, which is one of the brilliant benefits to using our banks’ apps. If necessary, do something there and then. Contactless cards, for instance, can make spending too easy – ask your bank of they provide non-contactless options.

Pay with cash

If we’re going out with friends, it’s not a bad idea to leave credit and debit cards at home. That way, we can stick to a budget. Falling down the rabbit hole of paying by card is far too easy.

Managing expenses

It’s a good idea to write a list grouping together expenses into categories, such as ‘Needs’ and ‘Wants’ - the former is costs we can’t avoid like utilities, the latter being treats we enjoy but can live without, such as a takeaway dinner.

Cash envelope system

It's as easy as it sounds! Put money into an envelope based on budget categories – shopping, holiday etc. That’s then the only cash we’re able to spend on that particular thing. Find out more about it here.

Look into workplace benefits

A lot of workplaces offer money-saving benefits, so it’s always worth asking about those to see if they can help you spend less.

Takeaway coffee

There’s nothing wrong with buying a coffee, but did you know the habit can cost us up to £1,000 a year? Investing in a reusable cup and making it at home not only saves money, but it’s helping the environment – a double win!

Remember to turn off home appliances

This might seem like an obvious one, but always checking appliances are turned off when not in use will impact our bills. Don’t rely on standby mode either, as this can eat up power. Use Eco mode on appliances if possible. Washing our clothes on a cooler setting can save up to £17 a year. Also replace halogen lightbulbs with LED alternatives, which are more energy efficient.

The 1p Savings Challenge

A penny doesn’t seem like much, but the 1p savings challenge can help save nearly £700 a year – how incredible is that!? To get the most out of it, start on January 1st and continue with it until December 31st. Think of it as a New Year resolution, one we’d be daft not to keep! Kick-off with 1p, then simply save an additional penny every day for 365 days – so 2p on day 2, 3p on day 3 etc. Do it the old fashioned way by using an old jar, or via online banking if you prefer going cashless.

Check out the reduced aisle in our local supermarket

Let’s give oddly-shaped fruit and veg some lovin’! Bargain hunters can rejoice in knowing goods labelled with a yellow sticker are up to 75% off their initial retail value.

Save with Park Christmas Savings

Planning your Christmas with Park means by the time December arrives, you’re already all sorted – talk about Early Bird planning! By setting up monthly payments, it means Christmas will be paid for well in advance. Sit back, put your feet up, and enjoy a cheeky glass of mulled wine.

Quit expensive habits

We all have our vices, but they can be costly. Stopping smoking is not only good for our health but our bank accounts too. According to stats, a typical smoker has up to 20 cigarettes per day. A packet of cigarettes costs around £13.30, that’s £93.10 per week or £4,841.20 by the end of the year. This applies to drinking too, as the average UK household spends £17.60 on alcohol a week – or nearly £1,000 a year.

Learn DIY

We’re not going to become Nick Knowles overnight, but watching YouTube tutorials on how to do basic household jobs will stand us in good stead if anything breaks or needs sprucing up. When it comes to more advanced stuff like electrical appliances, they’re best left to the experts.

Taking the opportunity to learn about our finances

Again, this might sound obvious, but so many people get anxious about finances because they don’t fully understand them. That’s totally okay. If we’re finding ourselves confused, there’s lots of online resources to check out. We can even talk to our bank, as they’ll have experts on hand to answer any burning questions.

Facebook Marketplace

It can feel a bit like the Wild West, but we can find a lot of cool things on Facebook Marketplace. Lots of people list their odds and ends for free, as they just want rid of them. Just look out for scammers, as there’s always some bad apples ready to take advantage of people. Read reviews from people who have bought from users before as a guide.

Batch cooking

A great way to reduce food waste and keep the cost of each meal we make down. Batch cooking saves time, promotes a healthy diet, and doesn’t leave room for chucking anything in the bin. BBC Good Food has lots of recipes to choose from, so why not take a gander?

Become a Park Agent

Do you already save for Christmas with us? Then why not become a Park Agent? There’s lots of perks – commission rewards, competitions, and exclusive awards! Plus, Park Agents get access to our amazing Agent Hub. You can find expert tips, testimonials, and marketing templates. Find out more about the benefits of becoming a Park Agent.

Sign up to mailing lists

We know receiving hundreds of marketing emails a day can be annoying, but good ones can save us money. Companies often send out emails with discount codes, as well as letting customers know when sales are about to start. Plus, lots of our favourite high street names will offer discount codes for when it’s our birthday – happy birthday to us!

Use pre-loved sites

Shopping vintage isn’t just for hipsters. Instead of shopping for brand-new items, look for them on pre-loved sites. Not only are they far cheaper, but we’ll also be doing our bit against fast fashion. Try Depop, Vinted and eBay for getting rid of bits and bobs we no longer want.

Making sure we’re in the right tax code

We can save money by checking we’re in the right tax code. If we’re on the wrong tax code, this might result in us paying more tax. Read this article by Which? to further understand tax codes.

Start a side hustle

 Side hustles are a way to make money outside our usual jobs, and is also a chance to do something that we enjoy. Monetising a hobby? How savvy! Check out our blog all about how to start a side hustle.

Subscriptions

It’s easy to sign up to services, and even easier to forget about them. Make a list of all every subscription under your transactions, then what you could do without. For example, Niamh from Park HQ cancelled her Amazon Prime membership – saving her £107.88 over the year.

Start saving for Christmas today with Park Christmas Savings!

Set your own goal and choose how much you want to pay towards Christmas. Once you have set your goal, you can pick the gift cards and vouchers you want online and decide how you will pay. You can pay by Direct Debit, online, by phone, or in the Park app.

With Park Christmas Savings, you'll always get back what you pay in as gift cards and vouchers, so you can start shopping stress-free for Christmas. Sign up today!