Households all over the UK are currently feeling the squeeze, with inflation increasing the cost of living for millions of Britons. A single mum of three explained how she saved an eye-opening amount just by cancelling three monthly bills.
Lynn Beattie said: “In the past few months, I have cancelled Amazon Prime (£7.99), Disney+ (£7.99), bi-weekly Mindful Chef recipe boxes (£60 per month).
“Just these three cancellations saved me £76 per month, or £912 per year. It really is worth being strict and cancelling what you do not need.”
Along the same lines as Ms Beattie’s comments to the Mirror, Andy Dunbar, Head of Customer Experience at abrdn, has provided some tips which could help Britons “spring clean” their finances and save money.
Declutter outgoings
He said: “The best way to start your financial spring clean is to revisit your budget and identify potential savings.
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Mr Dunbar explained: “There are some fantastic apps these days that can help you find some great food bargains, including for free or heavily reduced items. For example, Olio connects you with millions of people who are giving away food and household goods.
“Similarly, Too Good To Go tells you when restaurants and shops are getting rid of leftover food for a fraction of the cost.
“Another tip is to get to know the world food aisle in your supermarket (it often has savings of up to 75 percent on cupboard staples including rice, lentils, beans, spices and sauces).
“Also try to shop in the evening’s for better discounts, and look at lower supermarket shelves for smaller prices as well as buying certain items in bulk. And always opt for long-life bags instead of paying for a plastic bag for every shop.”
He added that social media savvy shoppers can check out the trending money saving tips and hashtags, such as the ‘#moneysaving’ challenge on Instagram or TikTok.
Don’t splurge on payday
Mr Dunbar continued: “Nationwide’s Payday Saveday survey revealed one in five people spend over half their spare monthly wages within 48 hours of getting paid.
“To avoid letting your disposable income burn a hole in your wallet on the first few days of getting paid, prioritise your most important outgoings before you start spending. That way, you’ll know how much disposable income you really have to last the rest of the month.”
Save on water bills
Mr Dunbar encouraged Britons to explore whether they could save money through their water bill, with prices set to increase in the near future.
He said: “Water bills are set to increase by an average of two percent in the next financial year, adding to the average bill. However, by putting your postcode into the online website Save Water Save Money, you could make a difference to your bank balance.
“You could be eligible for a free device that could reduce your water consumption and your bills.
“According to Martin Lewis, the site has delivered 2.75 million water-saving devices to more than one million customers so far, saving over 51 billion litres of water.”
Claim working from home rebate
Millions of people who have worked from home over the past year have until April 5 to claim some tax relief from HMRC, which could provide a welcome boost.
Mr Dunbar concluded: “The ‘work from home’ rebate applies even if you’ve only worked one day from home – and it’s easy to claim online.
“The money – which can cover broadband and heating costs – can be claimed as £6 a week from April 6, 2020 (for previous tax years the rate is £4 a week). You’ll get tax relief based on the rate at which you pay tax.
“For example, if you pay the 20 percent basic rate of tax and claim tax relief on £6 a week you would get £1.20 per week in tax relief (20 percent of £6).”
