Our Tips for Saving Money

Our Tips for Saving Money image


We’re still at the very beginning of the year so you may feel like you have some New Year’s resolutions hanging over you. If one of those resolutions was to save more money, then here are some of our easy to follow top tips. 

Automate your savings  

If you have a regular income, set up an automatic payment into your savings account. Take time to work out how much you can afford to save per month and create a standing order into to your chosen savings account. Paying your future self first is an important discipline to avoid spending too much and having nothing left.It can be hard to do this at the end of the month without prioritising it so if you want some consistency in your savings, a direct debit will take care of it for you. 

Create a budget 

If you want to take some control over your finances, creating a budget is great place to start. A budget is essentially a plan for how you’re going to spend your income. If you know exactly what is coming and going out each month, and when, you can then make plans to manage things better and save a regular amount. Separate your essential needs (e.g. groceries, mortgage) from your wants (e.g. a takeaway coffee andtreats) and remember to include special occasions such as birthdays and other bigger one-off items. 

Put a spending limit on your card 

Check to see if your bank card allows you to add a spending cap. This allows you to limit your daily spending to stay within the planned budget and gives the opportunity to make more considered spending choices.  

Review your utility bills 

When was the last time you took at look at your household bills? You may find it worthwhile to shop around and see if you’re getting the best deal on utilities such as gas, electricity and internet. Investing in technology such as smart thermostats or LED light bulbs can help to reduce your bills while having the added bonus of being more sustainable than their traditional counterparts.

Review your insurances 

The best time to review car and home insurance is a month or so before they are due. These are the cheapest time to renew. You usually have more options and time to look at alternative providers that offer better rates. You do need to weigh up much more than just price in comparing insurance products. That’s certainly the case with life and income protection policies as care is required if there are any health issues which could cause issues if you applied for a new policy.  

Review your subscriptions 

It seems like you need a subscription for everything these days. From multiple TV streaming services to music and even some video games, it can be easy to lose trackso it’s important to manage them and be organised. A lot of these subscriptions auto-renew so before the next payments are due, make a list of all the subscriptions you have and evaluate which ones you actually use. Ask yourself is it worth it and if so can you get a better deal Some services, such as Netflix, have subscription plans that allow you to share it with another household. So, ask a friend or relative if anyone wants to share a subscription and the bill!

Think before you buy 

It is well documented that shopping and treating yourself to something new can provide instant satisfaction. But how long does it last? Before you make a big purchase, try and ask yourself if you really need it or is it a want? Consider giving yourself a few days to think it over before making a final decision. Reflect on the bigger things in your life that you are saving for and ask what’s really more important in the bigger picture.   

Designate a no-spend time 

Challenge yourself to spend an entire day or a weekend without spending any extra money. Make an event of it. If you have young kids you could look for free activities in your local area such as at a library or community centre. When you get home, dig out the board games from the back of the cupboard and have a games night that costs nothing at all. Doing this a few times a month can really help you to put aside a little extra unspent cash. 

Declutter and sell on your unwanted items 

As a society we are becoming more consumed with ‘stuff’. A lot of us have more than we need and could benefit from decluttering our lives. So why not turn that clutter in to cash? Go around your house and gather anything that hasn’t been used in a long while and put them up for sale online. Vinted is a great place to sell on your old clothes, shoes and accessories. You could try eBay for other miscellaneous items or you might be able to find a car boot sale in your local area. Selling unwanted items is more environmentally friendly that just chucking them out and it can help towards your savings goals. Charity shops will also sell your things for you and if you ‘gift aid’ the proceeds the charity gets a tax break if you are a tax payer. If you’re a higher rate tax payer you would also get a tax break via Self-Assessment. Win win!  

If you decide to try any of these tips for yourself, please let us know how you get on.  



It is important to take professional advice before making any decision relating to your personal finances. Information within this article does not provide individual tailored investment advice and is for guidance only. We cannot assume legal liability for any errors or omissions it might contain. Ethical Futures llp is authorised and regulated by the Financial Conduct Authority.


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