8 easy ways to save more each month​

• Crunch your credit

  Spending money is the easiest thing in the world and it seems even easier when it isn’t yours to begin with. As good as credit cards seem in the short term, failing to pay back your credit can gradually put you and your money in a very bad place. It’s vital that any purchases made on these cards is paid back pronto to prevent their high interest rates racking up debt. The money you’re using just to pay back the interest is cash that could otherwise be in a savings account. This is why crunching your credit is widely seen as the number one priority.

  If you find yourself with large amounts of credit card debt, fear not, there are ways to unshackle yourself from this money merry-go-round. You can do this with the help of a balance-transfer credit card. It may seem strange to use another form of credit to pay off another but hear us out. By using one of these you can transfer your existing debt into new credit that reduces the impact of the initial interest.

  Each balance-transfer card has different conditions but the majority offer a set promotional period to pay back the money without interest. When it comes to finding a balance-transfer card you must make sure you give yourself enough time to pay it back. Otherwise, you could find yourself in the same position as before. If you make this first step into cleaning out your credit, you’ll be in a much better mindset to kickstart your saving journey.

• Set up a standing order

  This tip is more about setting good saving discipline than actually finding money. All you need to do is set up a standing order so that money goes into your savings account each month. Be careful not to stretch yourself too thin as this trick works best when you don’t even notice it leaving your account. If you find yourself constantly pulling money back out of your savings, try dropping the amount until it’s at a consistent level.

  Once you’ve hit this point you can continue living your life as usual but, this time, with a steady stream of savings totting up in the background. If you end up catching the saving bug and love this method you can take it one step further. The rise of online banks such as Monzo have grown in popularity over the past decade because of their dedicated saving tools. If you don’t mind switching, some let you segment your income into different pots for different purposes. Whether you’re saving for a holiday or a new car, this is handy for those who might lack discipline with their spending.

• Streamline your subscriptions

  Spotify, Apple Music, Netflix, Amazon Prime and even Disney+. These streaming platforms have become a media mainstay in recent years with 60% of Brits now signed up to at least one service. In isolation, low costs of £9.99 for an almost endless library of content seems like a good deal when compared to satellite TV packages. However, if you’re subscribed to multiple platforms that serve the same purpose, your monthly costs could start to climb. Knocking just one additional platform from your bills can see you save upwards of £120 a year in some cases.

  For those who literally cannot live without all of their subscriptions, it may be worth looking into sharing an account with a friend or family member. With the exception of Disney+, most of the major platforms offer some sort of discount for a shared subscription. This allows you to keep your own profiles and preferences whilst saving yourself a few quid each month.

• Swap to SIM-only

  With phone prices skyrocketing in excess of £1,000 it’s no wonder that more people are holding onto their phones for longer. Many top of the range handset contracts can easily cost you £80+ a month. The problem is that these contracts are split into two segments - device and usage. Network providers often use a standard usage tariff which means that you can get the same amount of texts, minutes and data for much cheaper if you were to switch to a SIM-only.

  In general, it’s usually cheaper to buy a product outright. Unless you plan on shooting slow-motion motion video in ultra-HD, the chances are you can get by with an older model at a fraction of the price. If you want to save even more, many manufacturers and sites sell refurbished versions of even the latest models. If you’re a bit sceptical about refurbs, most actually come with a warranty in the unlikely case that something should go wrong.

• Switch providers

  Switching providers can be one of the quickest and most effective ways to save money each month. Whether you’re shopping around for car insurance, broadband or energy, you can input your details in a matter of minutes and see exactly what you could be paying. More times than not there’s a substantial difference between the most expensive and cheapest deals on the internet. Making this part of your routine every time your contract is up for renewal will ensure that you’re never overpaying for your services.

• Prep your meals

  In the UK alone, Cheaper Waste found that 6.7 million tonnes of food is wasted every year at a cost of £250-£400 per household. Prepping meals on a weekly basis is a win/win if you can get yourself organised. On one hand, by setting one day a week to prepare your weekly meals, you can reduce the likelihood of ordering take-away on the days that you don’t have the energy to cook. Simply put your prepped meal in the oven and it can be ready quicker than the delivery driver can get to your door. Food prep can also reduce your monthly shopping total as it prevents your food from going out of date, making sure you get your money’s worth from every ingredient that otherwise may end up in the bin!

• Make the most out of tax credits and allowances

  There are loads of tax reliefs and benefits that you may not know about but could be saving you money. For example with the Marriage Allowance, you can claim if you earn more than your husband, wife or civil partner and they do not pay income tax or pay the basic income tax rate. By transferring a maximum of £1,260 of your personal allowance to your partner, you can reduce their tax by up to £252.

  If you have children, you can benefit from Tax-Free childcare if your child is under the age of 11. You must earn at least the National Living Wage for 16 hours a week on average to be eligible, this must also apply to your partner if you have one. You can receive up to £2,000 a year for each child or £4,000 if they are disabled.

• Be heating bill savvy

  If you haven’t already seen our 7 Simple Heating Bill Hacks, we break down the easiest ways to reduce your energy bill each month. Some of the easiest methods include turning down your thermostat by 1 degree, prioritising heating in the rooms that you use and making sure you block out any drafts to prevent heat from escaping. With energy bills currently through the roof, just picking one of these tips can help knock a chunk off your heating bill and free up some money to put elsewhere each month.

  Heating bill hacks

• More money each month

  With all things considered, saving even just a little bit of money can go a long way. Starting off is always the hardest part and breaking the paycheque to paycheque cycle isn’t easy. Even if you just become slightly more aware of your spending, you can start to pick apart your outgoings and prioritise what means the most to you in your life. After all, life is for living and if you can put more money into just that, we see it as a job well done.

Want to know if you have a tax refund claim? Answer a few simple questions to find out if you're owed money from HMRC

Start your claim for free >