Mortgages, bills, meals and shopping – essential money saving tips

Here are a few ways that you can save some money without drastically changing your lifestyle.

13:24 10 January 2014

In these difficult economic times people are looking just about everywhere for every little bit of savings they can find. There are several ways to save money and it is never too late to climb aboard on your saving journey. Fatten your savings with these tips that can help you save hundreds or even thousands a year. 

 

• Look for ways to reduce your mortgage repayments. Your mortgage is one of the biggest expenses you have. Reducing these payments can save you thousands over the life of your mortgage. If you can get a single percent reduction in your mortgage with a £100,000 balance, your savings can add up to £960 a year or £80 a month. 

 

• Look at your energy bills. The second largest necessary expenses you have. Look into switching energy suppliers. Compare your energy plans and you may see some real savings, as much as £325 a year. 

 

• Plan your meals – Most people are not aware that they can spend as much as £15 extra each time they go to the store because they do not have a planned menu and corresponding shopping list. Impulse buys can really add up. Avoid pre-made meals whether you are purchasing them from a take away or purchasing them from the store. It may be slightly more time consuming to make your meals from scratch but it will be cheaper and healthier. 

 

• While shopping you can get the savings to add up even more if you purchase store brands. These are often of similar quality but at a significantly lower price.  Avoid special offers that are not needed. Great deals are only great deals if they offer you savings on things you actually require. Otherwise, they are just money wasted. 

 

Remember: Savings can be found in both large and small expenses.