Saving is a priority for many of us, a penny saved is a penny earned after all. But, without setting aside a chunk of our wages into a separate current account, what other ways are there to begin building a nest egg? From shorter showers to investing sensibly, we’ve compiled the ultimate list of life hacks...
that your electronics might be plugged in to.
Even if they are turned off, there is still electricity running through them which can add to your bill.
is attributed to cooking. Since your oven stays warm for a long time after being switched off, try turning it off 10 minutes before you're finished cooking.
this keeps more of the cold air in when you open the freezer and avoids it working harder to lower the temperature again. This is the same for your fridge too, a full refrigerator requires less energy to stay cool than one that's empty.
is made up of the cost of powering your fridge and freezer. Run them at maximum efficiency temperatures - between 3 and 5°C for your fridge and -18°C for your freezer.
by turning your thermostat down by just one degree Celsius.
by cutting your 15 minute shower time down to 5 minutes.
that your electronics might be plugged in to.
Even if they are turned off, there is still electricity running through them which can add to your bill.
is attributed to cooking. Since your oven stays warm for a long time after being switched off, try turning it off 10 minutes before you're finished cooking.
this keeps more of the cold air in when you open the freezer and avoids it working harder to lower the temperature again. This is the same for your fridge too, a full refrigerator requires less energy to stay cool than one that's empty.
is made up of the cost of powering your fridge and freezer. Run them at maximum efficiency temperatures - between 3 and 5°C for your fridge and -18°C for your freezer.
by turning your thermostat down by just one degree Celsius.
by cutting your 15 minute shower time down to 5 minutes.
The average energy bill as of April 2018 is £94.83 per month, or £1,138 per year.
who take a shopping list to the supermarket said it saves them money. Create a meal plan for the week and save.
You could save hundreds if they're a low risk driver so it's always worth trying.
By buying own brand paracetamol and ibuprofen. Many have the same active ingredients as the more costly brands.
By buying your insurance policy during the cheapest window, 21 days before the start date.
By tweaking your job title slightly on insurance i.e. from journalist to editor. Play around with different ways of legitimately describing your job to see if you can cut costs.
who take a shopping list to the supermarket said it saves them money. Create a meal plan for the week and save.
You could save hundreds if they're a low risk driver so it's always worth trying.
By buying own brand paracetamol and ibuprofen. Many have the same active ingredients as the more costly brands.
By buying your insurance policy during the cheapest window, 21 days before the start date.
By tweaking your job title slightly on insurance i.e. from journalist to editor. Play around with different ways of legitimately describing your job to see if you can cut costs.
Use voucher codes. You can find vouchers and coupons on the internet - follow saving blogs to find the latest deals.
Can save you money in restaurants. They may cost a fee but look out for new member deals and offers to save you extra money when eating out.
By making your coffee at home instead of buying one each day from a retailer.
By drinking your coffee from a reusable cup. Many high street retailers now offer 50p off a coffee when you present your own cup.
By preparing your lunch at home rather than buying during the week.
Can save you money in restaurants. They may cost a fee but look out for new member deals and offers to save you extra money when eating out.
By making your coffee at home instead of buying one each day from a retailer.
By drinking your coffee from a reusable cup. Many high street retailers now offer 50p off a coffee when you present your own cup.
By preparing your lunch at home rather than buying during the week.
You can dine at culinary schools for good quality meals at a lower price.
For package holidays when travelling with children, the last two weeks of summer are usually cheaper.
Some airlines offer 'flexifares' where you could book a term time fare and swap it for a school holiday flight. Be careful with this though and do your research first.
by taking only hand luggage. Fit more into the small space by rolling clothes, putting things inside shoes & using travel space bags.
by booking on a Monday. This could save you 5% of your airfare, compared to booking on a Saturday.
For package holidays when travelling with children, the last two weeks of summer are usually cheaper.
Some airlines offer 'flexifares' where you could book a term time fare and swap it for a school holiday flight. Be careful with this though and do your research first.
by taking only hand luggage. Fit more into the small space by rolling clothes, putting things inside shoes & using travel space bags.
by booking on a Monday. This could save you 5% of your airfare, compared to booking on a Saturday.
When asked if you want to pay in pounds or the local currency, you should always pay in the local currency. This is because your bank at home will do the conversion for you at the standard rate.
Many banks offer start-up deals where you can get cash for joining and staying loyal, you can change provider again when the deal is finished.
Pay less tax - in a workplace or auto enrolment pension, your employer will deduct your pension payments before working out tax.
to another provider to lower your costs - there might be a better suited pension provider to meet your needs, but watch out for expensive exit fees.
For the 2018/19 year the annual limit is £20,000. This could be put away in a cash ISA, stocks and shares ISA or split between the two.
by investing the Life Hacks savings we've suggested in to a Stocks and Shares ISA. Your pot could grow to £130,000 after 25 years*
Many banks offer start-up deals where you can get cash for joining and staying loyal, you can change provider again when the deal is finished.
Pay less tax - in a workplace or auto enrolment pension, your employer will deduct your pension payments before working out tax.
to another provider to lower your costs - there might be a better suited pension provider to meet your needs, but watch out for expensive exit fees.
For the 2018/19 year the annual limit is £20,000. This could be put away in a cash ISA, stocks and shares ISA or split between the two.
by investing the Life Hacks savings we've suggested in to a Stocks and Shares ISA. Your pot could grow to £130,000 after 25 years*
Please note that the Stocks and Shares ISA figure is based on average annual savings of £3,069 per year, £256 per month, at a growth rate of 5%.
Now that you've learned how to save in your day to day life, let us help you take it a step further with our Fully-Managed Investment Portfolios. Our approach aims to maximise your returns, reduce your risk and make your money do more.
With investing, your capital is at risk. Investments can fluctuate in value and you may get back less than you invest.
All costs are approximations based on averages
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