Tips for saving money in 2020

As we head into 2020 with so much uncertainty on the economy and Brexit and how it will impact our finances, now may be a good idea to start thinking how we can save money and reduce costs as we head into the new decade. Below are a few useful points and tips which may just help you to make more savings.

1) – Open a savings account – If you don’t already have a separate savings account, then it’s a good idea to open one. All banks offer them with varying rates of interest and benefits. It’s always a good idea to put any spare money at the end of the month into a savings account. Use it for a holiday or for something you really want or save it for those household emergencies.

2) – Get rid of unnecessary bills & debts – Do you have a gym subscription but never go? Or perhaps a monthly subscription box that you aren’t really bothered about receiving? Maybe a kids club that they don’t attend anymore? It’s a good idea to check what monthly payments are leaving your bank via direct debit and cancel anything you don’t need or use as long as your not tied into a contract. I recently did this myself and saved over £50 a month.

3) – Shop around for cheaper deals – Often by changing utility suppliers you can save money. Sites such as Compare the market are really handy for getting better deals on gas, electric, insurance and other bills.

4) – Do you really need the latest handset? – Is your mobile phone contract due for renewal? Ask yourself do you really need the most recent handset? It’s going to cost you even more per month and your usually tied into a contract for at least 2 years, by which time the phone is not worth even nearly that amount per month. Consider buying a cheaper handset and opt for a sim only contract such as Smarty mobile.

6) Consider a short term loan to pay off multiple debts – No one enjoys mounting bills and having multiple people to pay each month. If you find yourself in this situation then taking out loans over a shorter period may be the right solution for you. You can the pay off all your other debts and only have one affordable monthly payment per month.

5) Cut your grocery shopping bill – It’s so easy when browsing supermarket shelves to buy too much. Work out who you are buying for, plan meals in advance, write out shopping lists. Consider changing the place you shop if you seem to be spending too much. I switched from Asda to Aldi and find I save loads plus the food is better quality. Shop for deals and buying the stores own brands will also save the pennies.

7) Piggybank the loose change – This sounds a crazy solution but by putting all your loose change into a bottle or piggybank it actually mounts up and before you know it, there’s £40/£50/£100 saved. I start mine in January and then cash it in come December.

I hope these tips have helped you save some money for the new year.

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