If you’ve ever wondered about ways to supercharge your savings, why not look for help from hacks?
Quick and quirky savings tips can act as rocket fuel to your efforts to regularly put money aside. These smart shortcuts could help you think differently about money, and make it work much harder for you.
Or if you’re just starting to save, a number of small savvy steps can together lead to big savings and encourage you to nurture a brilliant new habit.
To find some of the best hacks to share, we asked for top personal savings tricks from you, our colleagues at Barclays, friends and family - and were delighted at the response.
We’ve highlighted our favourites in speech marks below – some are twists on an old invention, others we’ve never heard of before.
And with 10 different tips to try, why not see which ones save you the most over a year? With the rise in the cost of living, they could help you cut back and stay on top of your money.
1. Take the 1p savings challenge
“This is all about scale over a year! Save one penny on day 1, 2p on day 2, 3p on the third day and so on. After 365 days you could end up with savings over £650.”
2. Try a ‘no spend’ weekend
“Set yourself a ‘no spend weekend’ – one every other month if you can. Do activities like going on walks, movie night, board games, free museums. And if you use up any leftover food from the week as well, this can all really make your salary go further every month.”
3. About to splurge? Save the same sum first
“Next time you want to buy a treat from your usual spending money – a £30 dress, say – make yourself save the £30 first. For example stop yourself buying that coffee out (£3 saved), make a few extra veggie meals (£10 saved etc) until you hit £30. Now switch this sum from your current account into your savings account. This way, you’ll save extra, get in the habit of cutting back on spending and give yourself time to make sure you really want that dress.”
4. Put strangely-shaped veg in your supermarket trolley
“Look out for oddly-shaped veg in boxes for discounts (often quite a few pounds cheaper) because many customers don’t like the way it looks. But if you don’t mind your vegetables coming in strange shapes, it’s an easy saving.”
5. Buy lost and stolen goods at police auctions
"Police forces end up with plenty of lost and stolen items they can’t use, so sell them at auction. Items on offer vary wildly – bikes, razors, toys, denture cream, candles. Type the words ‘police stolen goods auction’ into your web browser and look for an auction near you. You’ll usually have to collect the goods in person, so always check location.”
6. Steer clear of monthly insurance bills
“Your insurance premiums might look more affordable in any list of insurance quotes, but there’s often a sting – many firms charge high interest if you pay monthly. This can put an extra 10 per cent or more on to your premiums – that’s a whopping £50 more, for example, for a £500 car cover policy. Pay upfront if you can.”
7. Take a very close look at your tax code
“It might look innocent enough to ignore but your tax code can trip you up – it’ll always pay to double-check you’ve got the right one. If it’s wrong, you could pay too much tax or pay too little and get a hefty bill later on. Millions pay the wrong amount every year. There are loads of HMRC tax tips to check you’re on the right one.”
8. Consider putting £50 a month extra onto your mortgage payment
“Overpay a bit each month and you could chop your mortgage term and save thousands in interest. Imagine you owe £100,000 at 3%. It’d be roughly £470 a month over 25 years. But pay an extra £50 a month and you could save more than £6,000 interest – and pay it off three years early. Always check for early-repayment charges, though."
9. Shopping online? See if you can get paid to buy it
"Once you’ve found the best price with your choice of retailer online, always check to see if cashback is available – try Topcashback, Quidco and other major cashback sites you can find through online research. There’s often a code which can give you a discount on your chosen item."
10. Pay off your pricey debts as a top priority
“Let’s say you’ve got £1,000 on a card at 18% (£180/yr interest bill) and, at the same time, £1,000 in savings earning 1% (giving you £10/yr). If you could pay off the card balance with your savings, you’d be £170 better off a year. It won’t be for everyone’s circ*mstances as it’ll mean your savings being used up in one go, but you won’t have the interest to pay.”
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Supercharging Savings with Hacks
The article discusses various hacks and tips to supercharge your savings. These tips can help you think differently about money and make it work harder for you. Let's go through each concept mentioned in the article and provide more information on them.
1. The 1p Savings Challenge
The 1p savings challenge involves saving a small amount of money each day, starting with one penny and increasing the amount by one penny each day. By the end of 365 days, you could end up with savings over £650. This challenge is a fun and gradual way to build up savings over time .
2. 'No Spend' Weekends
A 'no spend' weekend involves setting aside a weekend where you don't spend any money. Instead, you can engage in free activities such as going on walks, having a movie night, playing board games, or visiting free museums. This can help you save money and make your salary go further each month.
3. Saving Before Splurging
The concept of saving before splurging suggests that before buying a treat or an item, you should save the same amount of money first. For example, if you want to buy a £30 dress, you would make yourself save £30 first by cutting back on other expenses. This approach helps you save extra money, develop the habit of cutting back on spending, and gives you time to consider if you really want to make the purchase .
4. Buying Oddly-Shaped Vegetables
One hack mentioned in the article is to look out for oddly-shaped vegetables in boxes for discounts. Many customers avoid buying these vegetables because of their appearance, so they are often sold at a lower price. If you don't mind the shape of the vegetables, this can be an easy way to save money on groceries .
5. Police Auctions for Lost and Stolen Goods
Police forces often hold auctions to sell lost and stolen items that they cannot use. These auctions offer a variety of items, including bikes, razors, toys, denture cream, candles, and more. To find police auctions near you, you can search for "police stolen goods auction" in your web browser. Keep in mind that you may need to collect the goods in person, so always check the location.
6. Avoiding Monthly Insurance Bills
Many insurance companies charge high interest if you choose to pay your premiums monthly. This can significantly increase the overall cost of your insurance policy. To save money, it is recommended to pay your insurance premiums upfront if you can afford to do so .
7. Checking Your Tax Code
It is important to double-check your tax code to ensure that it is correct. If your tax code is incorrect, you may end up paying too much or too little tax, which can result in financial consequences. The HMRC provides tax tips to help you ensure that you are on the right tax code .
8. Making Extra Mortgage Payments
By making extra monthly payments towards your mortgage, you can reduce the overall term of your mortgage and save thousands of pounds in interest. For example, by paying an extra £50 per month on a £100,000 mortgage at 3% interest, you could save over £6,000 in interest and pay off the mortgage three years early. However, it is important to check for any early-repayment charges before making extra payments.
9. Using Cashback Sites for Online Shopping
When shopping online, it is worth checking if cashback is available for your chosen retailer. Websites like Topcashback and Quidco offer cashback on purchases, allowing you to earn money back on your online shopping. These websites often provide discount codes that can further reduce the cost of your chosen item.
10. Prioritizing Paying Off High-Interest Debts
If you have expensive debts, such as credit card debt with high-interest rates, it is recommended to prioritize paying off those debts as a top priority. By using your savings to pay off high-interest debts, you can save money on interest payments and improve your overall financial situation.
These are the various concepts discussed in the article about supercharging savings with hacks. By implementing these tips, you can potentially save money, develop good financial habits, and make your money work harder for you.
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