Feeling the pinch? You’re not alone – bills up, prices rising and budgets squeezed tight, but The Mirror is here with a plan to help you slash costs fast
I want you to take five minutes to do something powerful: look at your daily spending and ask yourself one simple question – what can I live without or swap for a cheaper alternative?
These aren’t life-changing sacrifices, but could give you a healthier bank balance and save money. You will be surprised how much things can mount up.
Take your morning Starbucks, for example. Ditching that daily Tall Latte on your way to work could save you a staggering £851 a year. That’s a holiday, your energy bill paid, or the breathing room and emergency fund sorted.
Thinking of switching your bank account? Many banks offer generous incentives—sometimes up to £200 in cashback – and they handle all the paperwork for you. For example, First Direct is currently offering up to £175 in instant cashback for new customers. You can compare the best deals easily at Moneysavingexpert.com, where many offers also include perks like 12 months of Disney+ (with ads), cinema tickets, or membership to Coffee Club and Gourmet Society. It’s simple to find the right deal, and you don’t need to be employed to qualify – just meet each bank’s specific eligibility criteria, which vary, so be sure to check before switching.
Review your subscriptions and regularly audit your direct debits. A 2024 study by TopCashback revealed that the average UK adult spends £620 annually on unused subscriptions alone, meaning your total costs could be even higher. Ask yourself: do you really need both Prime and Netflix? Cancelling just one could save you over £70+ a year.
Switch your energy provider. It can lead to significant savings, with potential reductions ranging from £100 to over £500 a year annually, depending on your current tariff, payment method, and energy usage. Check out sites like Utility-switch.co.uk.
Take a moment to review your phone contract. Switching to a SIM-only deal or simply negotiating with your current provider could save you £10 to £30 a month. Often, providers offer better rates if you ask, especially when you mention you’re considering switching. Uswitch offers a comprehensive comparison of SIM-only deals from major networks and MVNOs like Asda Mobile, giffgaff, Lebara, Smarty, and more. They’re updating weekly, and recent research shows that switching to a SIM-only plan could save you up to £351 a year compared to handset contracts.
Save money on your NHS prescriptions. See if you would benefit from a Prescription Prepayment Certificate (PPC), which lets you pay a fixed fee for unlimited prescriptions over three or 12 months. A three-month PPC costs about £30.25 and a 12-month PPC around £108.10. If you need more than three prescriptions in three months, the three-month PPC saves you money compared to paying roughly £9.65 per prescription individually. For regular medication users, the 12-month PPC offers even greater savings throughout the year. If you buy two prescriptions every month, a 12-month PPC would save you £123 a year.
Brand downshifting. You don’t always need to go for the fancy, big-name brands. Downshifting means choosing quality own-label or lesser-known brands that deliver the same results without the hefty price tag. Supermarkets and retailers have upped their game, offering private-label products that often rival branded items—sometimes even better! Many supermarkets own-label products cost about 30% less than their branded equivalents. Say you spend £80 a week on food, so £4,160 a year, that would be a saving of roughly £1,248 a year.
Don’t forget to haggle. Mastering the art of negotiation can save you a surprising amount, whether you’re shopping at a local market, charity shop, or even purchasing big-ticket items. Haggling isn’t just for experts—it’s a simple skill anyone can practice by asking for discounts, checking for price matches, or inquiring about upcoming sales. With a bit of confidence, you might be amazed at how much you can save. However, it’s worth noting that haggling usually doesn’t work in large supermarket chains, major department stores, or most online retailers with fixed prices, although sometimes you can negotiate through customer service or by using discount codes.
Avoid shopping pitfalls. Supermarkets are experts at getting your money. From strategic product placement to ‘buy one get one free’ deals that don’t save you money, the tricks are everywhere. Learn to spot these pitfalls – stick to your shopping list, check unit prices, and don’t get tempted by flashy packaging or end-of-aisle displays.
Creative shopping strategies. Think outside the basket when it comes to saving money – bulk buying can be a great way to cut costs on non-perishables and household essentials, but only if you’re certain you’ll use everything and avoid waste. Meal planning is a smart way to stay efficient and reduce unnecessary spending, while shopping for seasonal produce often offers better value and freshness. If your annual spend on groceries and household essentials is around £3,000, you could save £450 to £900 a year by bulk buying strategically. Families or larger households may see even higher savings, especially on high-use items.
Smarter cooking: when shopping think about smarter ways to cook. Want to cut your food bills fast? It’s time to get clever in the kitchen. Start by planning your meals and batch cooking for the week ahead. If you usually buy lunch at work, ditching the meal deals could save you a whopping £1,012 a year just by bringing your own. Eating out has become the norm for many, with fast food chains dominating the high street – but it’s costing us. The average UK household splashes out £31 a week on takeaways and dining out. Swap the drive-thru for a dinner you’ve made yourself, and not only will you eat healthier, but you could also save £40 to £60 a week – that’s more than £2,000 a year back in your pocket. Get to know your kitchen – it might just be the most valuable room in your home.
Loyalty schemes: Don’t forget to take full advantage of supermarket loyalty schemes, which can quietly rack up significant savings over the year. For example, Tesco Clubcard users can save between £40 and £150 annually through Clubcard Prices and partner rewards, Sainsbury’s Nectar scheme offers around £30 to £100+ in savings, and Lidl Plus users can pocket £50 to £150 through digital coupons and monthly scratchcards. Make sure you’re signed up and scanning every time you shop – those points and perks add up.
Bottom line? Being a savvy is about knowing a few smart tactics, being mindful of where and how you shop, and making your money work harder for you. Small changes add up . In a year’s time, you could be hundreds – even thousands – better off. Start today. Your future self will thank you.
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