Ten ways to save money

Whether you’re saving for the future, putting money aside for a rainy day or just looking to cut down on unnecessary spending, making small changes today can have a big impact on tomorrow. Here are ten practical tips to help you save more.

1. Set a budget and stick to it

Knowing where your money is going is the first step. Create a budget that tracks your income and spending, and make sure you set realistic limits. Apps like Yolt or Emma app can help you.

2. Review and stop unnecessary subscriptions 

Review all the subscriptions you’re paying for and ask yourself if you really need that extra streaming service or monthly magazine. Cancel what you’re not using.

3. Cook at home more often

Preparing meals at home not only saves money but also allows you to eat more healthily. Try meal prepping for the week to avoid the temptation of the last-minute take away.

4. Use cashback and loyalty cards 

We know that saving for the long term is important, but so is making the most of your money today and we want to help you do both. Smart Rewards gives Smart Pension members free, unlimited access to over 1,400 discounts on everything from your weekly shop to travel. The average member could save up to £600 a year – are you making the most of it? 

Pair these savings with other loyalty cards to unlock better rates and cheaper deals at your favourite retailers. These perks are an easy way to make your money go further without any extra effort.

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5. Shop with a list

Impulse purchases can add up. Stick to a list when shopping to avoid buying things you don’t need.

6. Buy own brands

Often, store-brand products are just as good as their brand-name counterparts but come at a fraction of the cost.

7. Set up regular savings

Set up a Standing Order to transfer money to your savings account as soon as you get paid every payday. Even small amounts will add up over time.

8. Review your bills

Check your energy, mobile and insurance bills regularly. Shop around for better deals or call your provider to negotiate lower rates, and switch when your renewals come up.

9. Unsubscribe from temptation

Save yourself time and energy by unsubscribing from emails. It’s all too easy to be lured by email promotions, so consider unsubscribing from retail mailing lists – out of sight, out of mind.

10. Invest in your pension

Saving for your retirement is essential if you want to be financially secure in later life. Make sure you’re contributing as much as you can to your pension, especially if your employer will match your contributions.

Find more ways to get help with your money today here.