10 ways to save money
1. Set savings goals
One of the best ways to save money is to set a goal. Maybe you want to save for something in the short term, long term or just provide yourself with a little something to fall back on. Whatever it is, work out some short term goals (1-3 years) and maybe even some long term goals (4+ years) and always have them in the back of your mind when making financial decisions.
2. Organise a free overdraft
Most banks changed their overdraft fees when regulations changed in 2020, so you might now see charges of up to 39.9% EAR when going overdrawn.
But there are banks that are still offering free authorised overdrafts up to a certain amount. First Direct, for example, currently offers a £350 interest-free overdraft as part of its 1st Account.
3. Set up a Safestream account
With a Wagestream savings account saving is simple, easy and can start from as little as 50p.
We know now is a touch time to start saving but starting from as little as 50p can help build a buffer for your future. Set up Safestream in seconds and watch your savings grow over time.
4. Compare prices on your products
Price comparison websites mean you can compare the price on hundreds of financial products, from car insurance to the best interest-bearing accounts. There is usually a huge difference in price across the board so make sure you’re not losing out on money on your products or services.
5. Love your loyalty cards
Lots of retailers have loyalty cards and the benefits vary across them. In terms of grocers, the Tesco loyalty card offers money off certain products when you scan your loyalty card at the checkout.
For health and beauty, the Boots loyalty card lets you collect points every time you spend which you can then spend again in-store when you’ve built up enough.
6. Shop supermarket own brands
There’s nothing wrong with supermarket own brands. In fact Which? ran some taste tests with brands like Heinz and Kellogs against own brands and the results were surprising, with lots of people preferring own-brand products.
It doesn’t mean compromising on taste but it can help you save day-to-day, so why not try it out?
7. Bulk buy
Buying in bulk is a great way to save money. If you’re a member of wholesale retailers like Costco, Makro and Bestway you can get great offers on products.
But you can also bulk buy in regular supermarkets when you know there’s an amazing offer that’s not to be missed. Don’t fall for marketing tricks though and make sure it’s actually a great offer before you bulk buy.
8. Downgrade your services
Especially now when we’re all trying to be as careful as possible with our finances downgrading our services like wifi, phone bills or subscriptions can help us save little bits here and there that will all add up.
Think about any subscriptions you have that can be downgraded and simply call your provider or contact them online to start saving money.
9. Avoid using credit
Now more than ever we might want to turn to credit to help us pay for essentials but while it might make things easier right now, it only increases your payments in the long run.
Instead, with Wagestream you can access your own money as you earn it to help you cover these costs. So if you’ve worked two weeks of the month then you have a big water bill to pay, you can access up to 50% of your earnings from those two weeks to help you cover the cost.
We charge just £1.75 to access your money, no matter the amount you stream.
10. Shop second hand
Charity shops, Facebook Marketplace, eBay and Gumtree are all amazing places to buy pre-loved items. From furniture to clothes you can find some real bargains, and you’re doing something good for the environment.