Are you short on cash? Or do you really want to clear your credit cards and overdraft? Maybe it’s time you had a proper holiday! Whatever your reasons for wanting to up your cash reserves, we’ve put together some quick ways to save money.
Book a day off, or dedicate a Saturday morning to upping your income.
Quick Ways to Save Money
- Set up direct debits – If this is something you haven’t done yet or something you keep meaning to do, act now! How will this save you money? You’ll benefit from:
- Discounted rates from suppliers – often energy suppliers will offer a lower rate if you pay by direct debit
- No more late fees – This is the big one. How many times are you hit with a late payment fee because you forgot to pay a bill?
- Improved credit rating – Take out the human error of you forgetting to pay bills. Soon all your bills are paid on time – credit agencies love this. Your credit rating will improve meaning you’ll better options and rates for credit cards and loans.
- Cancel Direct Debits (for things you don’t use) – Wait… What? But you were just told to set up direct debits! Take a look at the things that are all ready set up. Do you really need or use them? Keep an eye out for things like:
- Gym Memberships – Do you ever go? Is the subscription worth it?
- Subscriptions to streaming services or music services – When did you last use your Netflix, Amazon Prime or Spotify? You may get real value out of them, but if not cancel!
- TV Packages – Do you watch all those things you are paying for monthly?
Make sure you have cancelled the service as well. Don’t just cancel the direct debit or you may get companies chasing you for payments!
- Move Bank Accounts – Take a look at your fee’s and charges. How much are you paying each month for the privelage of you bank account? Are you always in your overdraft? How much is it costing you? There are plenty of websites that will help you find the best rates for your financial situation. In the UK, the ‘Current Account Switch Service’ means banks now have to make it much easier for you to switch banks. Finding a bank with better rates and no fee’s can save you hundreds a year!
- Switch Energy Suppliers – Dig out your energy bills and head to a price comparison site. Again it’s usually really easy to switch energy suppliers and it can save you lots of money. Make sure you send regular meter readings to your suppliers to make sure your direct debits are over or undercharging you!
- Cash back sites – Using cash back sites like Quidco is the one of the easiest way to save money. Register the cards you use day to day and if there is a deal set up on Quidco you will automatically get cash back. You can also check there website before you switch energy suppliers, set up new bank accounts or buy anything! If it’s a big purchase check the site – you can often get £100’s in cash back.
- Stop Eating Takeaways! – Nothing is easier than ordering food from your phone after a long day… but you need to stop! You know it to. £10 for a pizza?! You can buy them for £2 and stick them in your oven. It’s hardly the most difficult meal! This involves planning ahead. If you get home and your cupboards are bare, you won’t want to go back out. Write down your meals for the week, go to the shop and buy everything you need. Cutting out one take away a week could save you £30 alone!
Saving money doesn’t have to be punishing, just keeping an eye on your bank statements will remind you to act. Don’t get stuck in the trap of paying for things you don’t want or need. There are plenty more quick ways to save money, we’d love to hear yours!