If you’ve ever wondered about ways to supercharge your savings, why not look for help from hacks?
Quick and quirky savings tips can act as rocket fuel to your efforts to regularly put money aside. These smart shortcuts could help you think differently about money, and make it work much harder for you.
Or if you’re just starting to save, a number of small savvy steps can together lead to big savings and encourage you to nurture a brilliant new habit.
To find some of the best hacks to share, we asked for top personal savings tricks from you, our colleagues at Barclays, friends and family - and were delighted at the response.
We’ve highlighted our favourites in speech marks below – some are twists on an old invention, others we’ve never heard of before.
And with 10 different tips to try, why not see which ones save you the most over a year? With the rise in the cost of living, they could help you cut back and stay on top of your money.
1. Take the 1p savings challenge
“This is all about scale over a year! Save one penny on day 1, 2p on day 2, 3p on the third day and so on. After 365 days you could end up with savings over £650.”
2. Try a ‘no spend’ weekend
“Set yourself a ‘no spend weekend’ – one every other month if you can. Do activities like going on walks, movie night, board games, free museums. And if you use up any leftover food from the week as well, this can all really make your salary go further every month.”
3. About to splurge? Save the same sum first
“Next time you want to buy a treat from your usual spending money – a £30 dress, say – make yourself save the £30 first. For example stop yourself buying that coffee out (£3 saved), make a few extra veggie meals (£10 saved etc) until you hit £30. Now switch this sum from your current account into your savings account. This way, you’ll save extra, get in the habit of cutting back on spending and give yourself time to make sure you really want that dress.”
4. Put strangely-shaped veg in your supermarket trolley
“Look out for oddly-shaped veg in boxes for discounts (often quite a few pounds cheaper) because many customers don’t like the way it looks. But if you don’t mind your vegetables coming in strange shapes, it’s an easy saving.”
5. Buy lost and stolen goods at police auctions
"Police forces end up with plenty of lost and stolen items they can’t use, so sell them at auction. Items on offer vary wildly – bikes, razors, toys, denture cream, candles. Type the words ‘police stolen goods auction’ into your web browser and look for an auction near you. You’ll usually have to collect the goods in person, so always check location.”
6. Steer clear of monthly insurance bills
“Your insurance premiums might look more affordable in any list of insurance quotes, but there’s often a sting – many firms charge high interest if you pay monthly. This can put an extra 10 per cent or more on to your premiums – that’s a whopping £50 more, for example, for a £500 car cover policy. Pay upfront if you can.”
7. Take a very close look at your tax code
“It might look innocent enough to ignore but your tax code can trip you up – it’ll always pay to double-check you’ve got the right one. If it’s wrong, you could pay too much tax or pay too little and get a hefty bill later on. Millions pay the wrong amount every year. There are loads of HMRC tax tips to check you’re on the right one.”
8. Consider putting £50 a month extra onto your mortgage payment
“Overpay a bit each month and you could chop your mortgage term and save thousands in interest. Imagine you owe £100,000 at 3%. It’d be roughly £470 a month over 25 years. But pay an extra £50 a month and you could save more than £6,000 interest – and pay it off three years early. Always check for early-repayment charges, though."
9. Shopping online? See if you can get paid to buy it
"Once you’ve found the best price with your choice of retailer online, always check to see if cashback is available – try Topcashback, Quidco and other major cashback sites you can find through online research. There’s often a code which can give you a discount on your chosen item."
10. Pay off your pricey debts as a top priority
“Let’s say you’ve got £1,000 on a card at 18% (£180/yr interest bill) and, at the same time, £1,000 in savings earning 1% (giving you £10/yr). If you could pay off the card balance with your savings, you’d be £170 better off a year. It won’t be for everyone’s circ*mstances as it’ll mean your savings being used up in one go, but you won’t have the interest to pay.”
Insights, advice, suggestions, feedback and comments from experts
As an expert in personal finance and savings strategies, I can provide insights and tips on how to supercharge your savings. Let's dive into the concepts mentioned in this article.
1. The 1p Savings Challenge
The 1p savings challenge is a simple yet effective way to save money over a year. The idea is to save one penny on day 1, two pence on day 2, three pence on day 3, and so on. By the end of 365 days, you could end up with savings over £650 .
2. 'No Spend' Weekends
Setting yourself a 'no spend weekend' every other month can help you save money. Instead of spending on activities, try engaging in free or low-cost activities such as going on walks, having a movie night, playing board games, or visiting free museums. Additionally, using up any leftover food from the week can help stretch your salary further.
3. Saving Before Splurging
Before buying a treat or indulging in a purchase, consider saving the same amount of money first. For example, if you want to buy a £30 dress, challenge yourself to save £30 first by cutting back on other expenses. This approach helps you save extra money, develop the habit of cutting back on spending, and gives you time to evaluate if you really want that item .
4. Buying Oddly-Shaped Vegetables
Keep an eye out for oddly-shaped vegetables in boxes at the supermarket. These vegetables are often sold at a discount because many customers prefer visually appealing produce. If you don't mind the shape, you can save money by purchasing these discounted vegetables.
5. Police Auctions for Lost and Stolen Goods
Police forces often hold auctions to sell lost and stolen items that they cannot use. These auctions offer a wide range of items, including bikes, razors, toys, and more. To find police auctions near you, search for "police stolen goods auction" in your web browser. Keep in mind that you may need to collect the goods in person, so check the location before participating.
6. Avoid Monthly Insurance Bills
When paying for insurance, it's important to be aware that many firms charge high interest if you choose to pay monthly. This can significantly increase your premiums. If possible, consider paying your insurance premiums upfront to avoid these additional charges .
7. Review Your Tax Code
Your tax code can have a significant impact on the amount of tax you pay. It's important to double-check that you have the correct tax code to avoid overpaying or underpaying taxes. The HMRC provides tax tips to help you ensure you are on the right tax code .
8. Consider Overpaying Your Mortgage
If you have a mortgage, consider making extra monthly payments. By overpaying a bit each month, you can reduce your mortgage term and save thousands of pounds in interest. For example, by paying an extra £50 a month on a £100,000 mortgage at 3%, you could save over £6,000 in interest and pay it off three years early. However, always check for any early-repayment charges before making extra payments.
9. Look for Cashback Opportunities When Shopping Online
When shopping online, always check if you can earn cashback on your purchases. Websites like Topcashback and Quidco offer cashback opportunities that can help you save money. Additionally, look for discount codes that can provide further savings on your chosen items.
10. Prioritize Paying Off High-Interest Debts
If you have expensive debts, such as credit card debt, it's important to prioritize paying them off. By using your savings to pay off high-interest debts, you can save money on interest payments. For example, if you have £1,000 on a card with 18% interest and £1,000 in savings earning 1% interest, paying off the card balance with your savings could save you £170 per year. However, consider your individual circ*mstances before using up all your savings at once.
These tips and strategies can help you supercharge your savings and make your money work harder for you. Remember, it's important to assess your own financial situation and goals before implementing any savings strategies.
