12 top tips how to save money in 2021
Updated: Feb 17
One of the reasons for my anxiety was money worries. I was spending more than I was earning and it is not that I was going to expensive restaurants or buying luxury items. The cost of living in London is very high, just to pay for the flat and bills alone. I also feel penalised for living on my own, I can’t benefit much from bulk buying.
Where have I started?
In order to track my daily expenses I minimised the use of cash and started to pay for everything with cards. Once a month, when I received a statement I would sit and record my expenses splitting under bills, transport, food, takeaway, eating out etc categories. It helps to see where you spend the most. My number one expense was rent, no surprise. As I love the place and area, where I live I was not ready to sacrifice that. Next category was bills: utilities, council tax, broadband, phone. Here comes tip number 1.
1.Reduce your bills.
I switched my energy supplier to Bulb, it reduced my annual bill by at least £150 and in addition I got a joining bonus. Join Bulb today and get your £50 free credit voucher.
I also downgraded my mobile phone contract as I was not using as much data as higher tier I was signed up.
My broadband went through the review as well, I called my internet provider at that time, they could not offer anything good. I switched to another provider cheaper and which offered joining bonus, they don’t do that anymore, unfortunately, but do your research, find the best option for you.
! Be cautious of possible interruptions, like your internet stop working during the switch, or new sim card activated with a delay. Try to overlap periods of switch and don’t get services to get cut off in the interim.
2. Check different websites.
If you know what you want to buy, don’t get it straightaway, check if there is any other website that sells it cheaper, have promotion or offers some bonus. You would be surprised that even on Amazon you can find the same product at different prices.
3. Bonuses, vouchers, coupons.
Who does not like bargain hunting can be fruitful. I never buy anything without checking coupons, vouchers out there. That is why companies have marketing departments to attract you to buy the product and very often they have very appealing offers out there. Don’t miss a chance. For example, I love to shop at Boots on their special days, when they offer £10 worth of points,They usually run some other promotions at the same time. During the year I write down what I need to buy and try to shop put this special days, I get a discount plus bonus points that you can spend later on bits and pieces. Browse my referrals, bonuses, vouchers and discounts.
Don’t get tempted. As mentioned above marketing departments are working hard for you to spend, but be wise and use their promotions when you need them and not vice versa, buying when you don’t need it. A pair of boots you have wanted on special promotion that would follow you once you click that link, so tempting and sometimes hard to resist. Out of sight, out of mind.
5. Browse online shops incognito.
All these cookies are part of our life, when we accept or decline, there might be cases of them still sifting through, so if you really don’t want to get followed by ads after visiting a website, just visit it in incognito mode.
6. Plan your purchases.
If you know you will be needing an item in the future, put it on your shopping list and check from time to time if there are any offers out there. For example, I buy some cosmetics not when I am finished with a bottle or a jar, but when I see a promotion. Last minute purchases are the most expensive one, as you might pay extra delivery charges and pay full price. Unless you are ready to compromise. I love some brands and I am not ready to buy substitutes, so I try to buy in advance and when there is a good offer.
The other benefit of planning might be that you will change you mind after reading reviews or you would realise that you actually don’t need it.
7. Never shop for food when you are hungry.
I think many of us are guilty of it, you do some food shopping after work or even on a weekend just popping into a store. When you are hungry, your sugar levels are too low. Your body is actively looking for a source of energy and here we are. Chocolates, crisps, donuts you can’t resist, you do not have energy to resist. Better snack before going to a food store. And don’t forget to check lower shelves, you know marketing teams are not sleeping, wanting you to shop most expensive brands.
8. Buy a coffee machine or a juicer.
If you can’t live without Starbucks coffee, freshly squeezed juice, a smoothie, then buy an equipment to make it at home, yes, there will be an initial expense, but in a couple of months it will pay off. Yes, you will need to clean the juicer, but just think how much money you are saving.
9. Don’t shop trends.
Buy cloths that suits you and makes you feel confident. Trends are great, but they are a waste of money. It might look good for a season, but would you be able to wear it again in the next season? Capsule wardrobes might be something to check out to save money and times. Your cloths would be compatible and you would need less time to put things together and look great.
10. Reduce expensive debt.
See if you can find a way to reduce your expensive debt as soon as possible, it is draining money more than anything without any benefit. Probably there are sources of cheaper loan to cover your credit card debt. Probably you can pay a bit more towards that debt. Check you finances and be honest with yourself.
11. Creative gifts.
Yes, you would love to give the best possible gift within your budget. Be creative, research, think about the person, what can you gift them, probably not the most expensive gift you can give, but something thoughtful and matches their hobbies, interests.
12. Be mindful of your friends expensive taste.
I am guilty of giving in joining my friends for dinners and drinks out. It is hard to say no, yes, you want to have fun, but you don’t want to regret spending a sum of money on a night out, which could have been used towards paying bills or buying something meaningful. There is always a friend who wants to go and try all this new expensive places, be mindful of them. Go out to treat yourself, not because someone just wants to go out and splash their money. Enjoy the experience!
Learn to cook
Is there a takeaway you keep ordering, probably it is the time to learn that cuisine. You can use the best ingredients, alter to your taste and master cooking skills. I can see only benefits here.
Saving money is time and sometimes energy consuming, but can be quite rewarding and might teach you a thing or two about the choices you make.