A few weeks ago I published a post with 11 tips from UK money bloggers on how to earn an extra £50 today. I asked the same bloggers how they would cut their costs by £50 quickly, thinking I'd get a similarly nice sample of different options for you.
Here’s the thing- they all grouped around the same few points. There are three key ways to save money fast.
The majority of the responses I received gave these ideas- switch suppliers, review subscriptions and get a proper budget. No fancy tricks or special tactics. Just good old fashioned savvy spending!
The lesson in this: If you aren’t doing these three things to save money, then you really should be. Anyone can do them and they don't take as long as you'd think.
If you are already- then well done! But there's probably a bit more that could be done. Take a look at the below responses for some more inspiration.
Here are the responses in full
Laura- Pretty Minted"I'd review my energy plan shop for a competitive alternative. Most Brits are paying over hundreds of pounds more per year in energy bills than they need to be because they stay with the same supplier. Brand loyalty shouldn't be a reason to get ripped off. It's really easy to switch, and usually, moneysavingexpert.co.uk or gocompare.co.uk are good starting points."
Check out Laura's pinterest page.
Michael- Foxy Monkey"This may sound like a lot of hassle but it isn't. I would advise to just switch your gas & electricity provider to a cheaper one. I switched to Octopus energy online which is a small provider and one of the cheapest. They managed the whole process. Saved £700 per year (£58 per month) as a result, and got a green energy package!"
(Michael gets a referral bonus if you sign up through the link- so why not click through from here if they work out best for you too?!)
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(Dough Note: The BBC also ran a story a few weeks ago about how loyalty is penalised by insurers. It costs £75 on average to be loyal. Don’t be loyal, companies certainly aren’t to you!)
Review Direct Debits and subscriptions
Leon- Make Save Invest Money"I would cancel a monthly payment I no longer need or use. For example, I would cancel a gym membership if I have not been there for a while. Many people sign up for gym membership in January and by March they have lost the motivation to go to the gym. It is great to exercise, but you do not have to go to a gym. I run around my local park 3 times a week!"
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David- Money for MondayI'd review all my current expenses and see which ones that I could cancel or find cheaper alternatives. I think we're all guilty sometime or another letting our subscriptions roll over without actually considering whether we are getting true value from them.
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Araminta- Financially Mint"I could cut some bills such as phone, Spotify, Netflix and other recurring expenses."
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"We would look for any auxiliary expenses such as direct debits we no longer use. I recently used the comparison tool on Moneysaving Expert for our power bills and managed to find a cheaper company and get an additional £75 switching bonus!"
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Ken- The Humble Penny"I would review my non-essential spend and cut down on something. A very good one is to get rid of Cable TV. This not only saves you money but saves you a lot of time that you can invest to make extra money. I don't pay for any TV packages at all and my time is used to invest in things like my blog for example."
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Set a Budget
Morgan – Morgan M Woods"To save an extra £50 today I would make a meal plan to eat food out of our kitchen for a week. Our weekly grocery budget is usually £50 so I would just save that instead of buying more food."
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Chiino- Probably Busy"I've kept a budget for years, and revise it all the time. I figure out how much I need to survive, and any surplus goes into savings accounts. If I wanted to save an extra £50, I would go straight to my budget to see where I can make some cuts (usually on food, going out or clothes)."
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And one slightly difference suggestion- do it yourself!
Flint- Money on Fire"If a friend offered to catch up over drinks I'd ask them to come round and I'd make dinner instead. I don't drink a huge amount, but I know people who'd easily spend £50 on drinks of an evening."
What would you do? How would you save £50 today? Drop a comment in below and let me know.
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