Cost of Living: Money hints, tips & tricks
Week 7’s first blog talks about nifty ways we can save some pennies. Also, there’s another competition to enter – three awesome prizes are up for grabs!
Date:
22 September, 2022
A penny saved is a penny earned
We’re not going to say no to saving extra dosh, but sometimes it’s hard to know where to start. We feel as if we’re depriving ourselves and - as we’ve spoken about in earlier weeks - it’s important to be aware of our mental wellbeing. Financial wellness is key, as money worries cause stress for most people – including people here at Park! Our guide covers the best ways to keep piggy banks full and money worries at bay.
Understanding our finances
It goes without saying, but the most basic aspect of saving is figuring out how to budget. If we can budget, we know what is going out and what is coming in and that puts us in control of our finances. It’s worth sitting down and going through our monthly income to see exactly where the money is going. Sometimes we’re paying for something we’re not using (gym membership, anyone?). Every month will be different, so our budgets are going to vary. If we find regular costs we can get rid of, those savings can be put aside as spare cash for an emergency.
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. Do it the old fashioned way by using an old jar, or via online banking if you prefer going cashless. See this guide by GoodTo for a full explanation of how the 1p savings challenge works.
Set a goal
Having something to work towards is a great way to save money. Let’s start by estimating how long we’ll need to save for. It doesn’t matter if it’s short or long-term, there’s pride in being able to fulfil a goal. The psychological effect will make us more likely to stick to the habit.
Puppy love
A YouGov survey shows nearly 80% of pet owners are worried about how the cost of living crisis would affect the welfare of their pets. Park Christmas Savings asked Eileen Jones from Friends of Animals Wales for her expert advice on how to look after pets on a budget. Check out their Facebook page and website for more details on their amazing work.
Park donated to Friends of Animals Wales last year, helping to fund a food bank for pets. The money also supported animals that have dietary problems, such as a dog with a skin condition that required special food. This is all thanks to our fantastic customers, who voted for Friends of Animals Wales to win the Park Christmas Saving's Community Award Regional for Wales - the first award of its kind.
Eileen’s tips:
"An animal rescue based in South Wales, staffed by volunteers, re-homing across the UK. Registered charity number 1182414."
Bits & bobs
Let’s channel our inner bargain hunter and save a bob or two by following these savvy tips...
Competition: Win either a £30 or £50 M&S Gift Card or a £50 Waterstones Gift Card!
For this week’s competitions, Park’s Summer of Savings have teamed up with two incredible retailers and there are three separate prizes up for grabs – how cool is that!
A high street staple, M&S is one of Britain’s leading retailers and has been since its inception in 1884. Known for selling quality goods, M&S has grown to become a beloved brand around the world.
Founded in 1982, Waterstones has enjoyed success through its 280 stores and 3,000 booksellers across the UK. As the last surviving national bookshop chain, Waterstones has a wide range of genres for all sorts of bookworms.
To enter, send us an email at [email protected] and tell us you’re a money-saving hack that you swear by.
PLEASE NOTE, THIS COMPETITION IS NOW CLOSED
Resource Bank
Below is a hub of useful links to help you