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Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: July 15, 2022

Knowing how to save money isn’t something that you typically learn at school, and it’s not something that comes naturally to everybody. Whilst recent times have been a trying for most of us, it’s important to focus on the positives. Whether you are looking to save for a mortgage deposit, or have some home renovations plans, there could be more opportunities for you to save than you realise. With this in mind we went on a search for some simple lifestyle hacks that could benefit your savings balance.

Get organised...

There’s no real secret to organising your incomings and outgoings, and the benefits can be really rewarding too. By getting organised you’ll know exactly how much money you’ll have left at the end of each month and know right away if you get hit with any bills you weren’t expecting.

It’s simply a case of listing your monthly expenditure. Write down all of your monthly bills including when the money is due to leave your account. Once this has been done you can than evaluate your bills and see if any could be reduced or cut out altogether.

Online Banking:
Most banks now offer this service and it’s a great way to keep track of your spending. You can keep all of your accounts in one place making it easier to transfer money and make payments.

If you haven’t already check your online banking app to see what features your bank may offer you. This could be things like special saving accounts that can automatically take funds each month or you could have notifications set up for spending cap limits each month.

Shop around for those bargains!

Switch supplier if needed:
Spend 15 minutes on a comparison site and, you are almost guaranteed to find cheaper deals on your household bills. Ofgem calculates that the average household can save £300 a year by switching to a better energy and gas deal.

With energy rates set to rise now might be a good time to grab your latest utility statements and check out comparison sites. Don’t stop at just your energy costs,  when your insurance comes up for renewal look around for cheaper deals too!

Savvy tips...

Online shopping:
When searching for that perfect bargain for the house, make sure you go incognito! Private browsing can help by automatically deleting your browser history when you close a tab. This means companies can’t track what you’re looking at and put prices up (yes, it happens!).

Shop for own brand:
Swapping branded products for own brand alternatives is an easy way to slash the price of your food shopping bill. If you’re worried about the taste being compromised, ‘blind’ test them out on the family first! If they don’t notice the difference, you’re onto a winner!

Manage your gadgets and appliances:
It’s not a myth, a small amount of electricity is still drawn when a device is plugged in for charging. Instead of charging overnight, juice up for a couple of hours during the day and unplug to save on your electricity bills. This could save you as much as £30 a year.

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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