What’s your best money saving idea?

I belong to a few Facebook groups whose focus is frugality and the question that comes up time and again when people join is ‘How can I save money? Where do I start?’ It seems many people are still struggling to get from pay day to pay day and looking for money saving advice and inspiration.

My first piece of advice is to have a long, hard look at your outgoings. Go through your bank statements and see what you can cut. Have you an insurance policy on an item you no longer own? Are you paying too much for your utilities? Shop around. Can you save money on your mobile phone or your tv and internet package? You need to check if there is a penalty for early cancellation but sometimes it is worth paying, or you could stay with the same provider but downgrade your package. Do you have a gym membership you barely use?

Make a budget and stick to it. I use Budget Brain from Money Saving Expert. Check your bank balance regularly so you know how much is in the account and when you need to rein in your spending.  

It is interesting to see how much cash can drip out of your account in the form of small purchases on lunch, coffees, newspapers, etc. £10 withdrawals here and there can soon add up to hundreds of pounds. You can save a lot of money by anticipating these small expenses in advance and organising yourself. For example, take your own coffee, teabags and milk to work rather than buying it. Take your own packed lunch. 

Avoid temptation. If you know you are prone to impulse purchases, window shopping is not the pastime for you!

Food shopping is often a great place to save money. You can save loads if you stop buying branded goods and use cheaper supermarket own brands, buy your fruit and veg at a local market, minimise convenience foods, plan your menus, make a shopping list before you hit the supermarket, eat less meat…I could go on. There are so many money saving ideas.

Look at your heating and hot water costs. There are plenty of ways to insulate your home cheaply, you could turn the thermostat down a notch, get the family to wear more layers of clothing, etc. More ideas here.

What about transport? Could you car share? Leave the car at home and walk or cycle?

Do you have a garden? If so, how about growing some of your own food. Digging is as good as a gym session 😀.

What are your top money saving tips for the newbie?

A cheap packed lunch 

I can’t believe I am still using up various cheeses from Christmas. It is quite nice to have a bit of Brie in my sandwich at work as I wouldn’t usually buy it except as a treat. 

Every day I take a pot of home made soup, half a bake-at-home baguette filled with whatever needs using or sometimes just butter, and some fruit. The baguettes are really cheap from Aldi – they cost 45p for two and I only have half. So my lunch costs about 11p for the bread,the soup is made with mostly home grown veg so is probably only around 10p a cup and a couple of pieces of fruit – 50p? With a bit of cheese let’s say approximately 70-80p for a very nice satisfying packed lunch. Not bad I think for my low spend January! 

I have some chocolate rice cakes if I need an afternoon snack. Theses are sooooo nice! They cost 95p for four, so my treat is a little cheaper Han anything from the vending machine at 80p an item. Lower in calories too at only 93 per bar.

I could spend £3 on a sandwich from the shop, 60p for a bag of crisps, £2 for a coffee and get an 80p chocolate bar – £5-6 a day? Over £1000 a year? Nah, don’t think so …