If you are looking for drastic ways to save money in the New Year. Here are some of the top ways.
- Stop smoking. If you smoke 20. Your habit will be costing close to £2,000 a year. If your post tax income is £15,000 – that’s over 13% of your disposable income on reducing your life expectancy.
- Stop Drinking. If you drink 20 pints a week, and reduced it to 3 pints. You could save yourself £42.5 a week or £2,210 a year.
- Take away coffee. If every working day you buy a takeaway coffee from Starbucks with pasty. You can spend £4 a day or £1,000 a year
- Rent out a room or Move. Rent or mortgage payments are usually people’s biggest monthly outgoing, so reducing these outgoings will have a big impact in saving you money. Moving to a cheaper area could save potentially huge amounts every month. If it was £300 a month, it would be an annual saving of £3,600
- Reduce entertainment budge. Takeaways or rented DVDs can consume a large bill every week. Even one cheap £10 takeaway a week can cost over £500 a year. Rather than buy books or rent DVDs, make greater use of your local library or sharing with friends.
- Cycle. 50% of car journeys are under 2 miles. These journeys can easily be cycled, saving you petrol money and parking costs. Look for other ways to reduce petrol costs by sharing cars, walking or not travelling at all.
- Take a holiday in the UK. With the Pound falling against the Euro, now is the best time to save on a foreign holiday. With global warming who wants to hotter countries anyway? An annual foreign holiday can easily cost £500- £2,000 depending on flights and number of children.
6 comments ↓
Yes, in this economy crisis, we really have to use all the money saving tips in order to save more and spent less. Thanks for your sharing…Happy New Year!!
thanks for the wonderful tips!! Wish you have a wonderful new year!!
I have always said the quickest way to make money is to save money – takes little effort and you get instant results. All these are good ideas, I would add shop around for utilities such as power and telephone/internet AND get a 0% for transfers credit card then STOP SPENDING on it. I don’t even take cash or cards with me when I go out of the house so I can’t spend…
Your article here is very thought provoking: just a few simple actions started in January can indeed bolster the bank balance throughout 2009! I know someone who earns £400 a month, smokes 20 a day and drinks 3 litres or more brandy a week: two expensive habits of £2000 per year each, thus leaving her with a whopping £1000 spendable income – not too wise, eh?
The easiest money to save is on purchased coffees but with what does one substitute? I recommend keeping a few empty 500ml mineral water bottles and filling these daily with a cheap spring water like the one from Lidl at 20p for 2 litres. This will reduce your spending to just 5p daily for 500ml or 10p daily for 1 litre. Who’s to know you aren’t consuming the bottle brand? To save still further substitute cheap but healthy spring water for the dubious tap variety.
Sandwiches are a waste of money: make your own overnight ready or buy a few bits from the supermarket: I buy lentil salad, coleslaw and either cucumber or tomatoes and a banana or apple which still leave me change from £3 and does for two days. Homemade lunches obviously slash the bill yet further.
I never rent DVDs or buy takeaways – such poor value for your £1. I could do with walking and cycling more in 2009 and leaving the car at home.
I save on holidays altogether by visiting relatives and occasionally taking advantage of £19 per night saver rooms in motels for a cheap break.
In fact I spend so little money each month and never more than £40 a month on groceries it’s a wonder I am still overdrawn! Sometimes throwing a little cash to the wind does wonders for your self esteem!
Some great money saving tips there. Here are a few more:
1. Turn off all lights and switch electrical products off rather than leaving on standby this will reduce your electricity bills.
2. Read the news online rather than buying a newspaper.
3. Try selling your unwanted goods on eBay.
4. I agree with zowoco home made lunches are best, much cheaper and healthier.
Nice post
Everyone can save money in small and seemingly insignificant areas if you know how and where to do it.
These are all great ideas
Great tips! I’ll be coming back to learn more about saving money!
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