MoneyMagpie Editor and financial expert Vicky Parry shares tiny hacks that take less than an hour a week total to save you hundreds or even thousands of pounds a year
It’s so easy to let our finances run away with us. We’ll pay for convenience over price, or let subscriptions run even though we’re not using them, or simply not have the time to search for better deals and discounts.
However, with the golden finance hour, you could end up with hundreds of pounds saved. Enough for your next summer holiday perhaps, or for your Christmas fund, or even as your emergency or rainy day savings. Schedule time in your diary for these tasks and see how much you save in a year!
Write down every expense
This might seem really time-consuming, but it’s not! Go back to an old-school paper budget book (a simple notebook works fine), or use a notes or spreadsheet app on your phone. Make it a habit to write down what you’ve spent every time you spend money. It takes literally five seconds or less, but will help you become more aware of what you’re spending every week.
If you don’t want to write it down, you can use a banking budgeting app that analyses your spending on your bank accounts automatically. There are several available, like the Emma app, but the only problem with these is taking the physical act of considering the expense away from you. Taking a few seconds to write down an amount can help you keep track of your spending, rather than reviewing your expenses after the fact with an app.
Total time: 5 minutes
Use a cashback website
Before you buy anything online, go via a cashback website like TopCashback, Quidco, or Swagbucks. If you always forget to do this, simply set your cashback website as your browser homepage. That way, it’s already open when you start shopping online. Register for each of them, and if the retailer you’re looking for isn’t available on one, it could be on the other.
Cashback builds up quickly when you use it for most of your online purchases, especially if you also use a cashback website for annual purchases like comparing and renewing broadband, mobile phone, and insurance policies.
Total time: 10 minutes
Search for a discount code
Some cashback sites include exclusive discounts. However, sometimes it’s better to find a discount code (even if it invalidates the lower-return cashback).
Always look online for a discount code for the online retailer you’re using before you check out. You might have to try a couple to find one that works, but this could mean you regularly save 10% or more on all of your shopping.
Total time: 10 minutes
Sign up to deal voucher websites
Set up a separate email address so your main account doesn’t get overwhelmed with discount emails. Then, sign up to sites like Groupon and Wowcher to make sure you stay alert to the latest voucher discounts.
This does take some willpower, so only sign up to deals websites if you know you can only buy what you need. Otherwise, getting regular ‘amazing discount!’ emails can be tempting and cause you to overspend.
Total time: 3 minutes
Shift discount savings into your emergency fund
We’ve all heard of ‘round up’ savings tactics. This is where you can ‘sweep’ spare change from your current account into a savings account, by choosing to round up your payments to the nearest pound (or chosen amount). It’s an easy way to save some change.
But an even savvier way to keep adding to your emergency fund or rainy day savings is to make a habit of saving the difference on your discounts, too. For example, if you buy something and get 20% off, put the difference from the discounted and retail price (the 20%) into your savings. If that makes things tight for yourself, set a rule such as you’ll sweep half of every discount saving into your fund.
Total time: 8 minutes
Pay yourself first
This is a monthly task, so the total time isn’t even what you need to do each week. But, every time you get paid or receive an income, make it a habit to pay yourself first.
This means sweeping a certain amount into your savings, ideally across a long-term savings and an easy-access savings account. It is so easy to see our bank balance is positive through the month and end the month without anything left to save, because it’s all been spent. Moving money across at the start of the month means you won’t see it in your bank balance, so it’s easier to forget about.
A Direct Debit between your accounts automates the entire process, and reduces the time you need to spend on this habit each month even more. However, some people prefer to do it manually if they have fluctuating income or expenses, to allow more control over how much is saved each month.
Total time: 5 minutes
Schedule renewal dates
Whenever you buy a new insurance policy, mobile phone contract, or even subscription (especially if you start with a free trial!), make a note in your calendar a week, and three days, prior to it renewing.
This will give you time to shop around to save money – and make sure you don’t miss huge payments going out on renewed annual policies you no longer need.
Total time: 5 minutes
Check all financial accounts
Take some time every week to get a snapshot of every financial account you hold. Log in to all of them to check the statement balance, transactions, and any messages on the apps.
This will help you quickly notice any transactions which could be fraudulent, identify possible issues such as being accidentally overdrawn, and also means you always know your financial situation when making decisions. Check credit card statements when they come in each month, to determine how much interest you’re paying – and whether it’s time to look at shifting everything to a balance transfer card.
If you have savings in stocks and shares, make sure you check them regularly, too. Active traders will check their accounts every few days or daily, but if you have ‘set and forget’ investments, make sure to take time every month to review them. Watching them regularly when you’re not an active trader can be stressful, as they can dip and rise a lot over a short period of time – a monthly check reveals a more accurate average for you to assess.
Total time: 12 minutes
And there you have it: 58 minutes per week will keep you in better control of your finances, help you make regular savings, and put you on track to save hundreds of pounds every year!
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