How to Save Smarter in 2020
27.01.2020 by Jim Ker
How’s your bank balance looking? If it’s less than healthy, know that you’re not on your own. Many of us find ourselves in a bit more debt than we would like in January, with the pressure to spend at Christmas meaning our current account, our credit cards or even our savings have taken a hit.
But in 2020, we’re helping you give overspending the heave-ho – because everyone feels better when their bank balance is looking good; are we right?
To give you a hand, we’re taking some cues from around the web to bring you some saving tips you might not have put into practice.
Make Use of Price Comparison Websites
We’ve all used a price comparison site for our car or travel insurance, but did you know you can use sites like Money Supermarket to score the best deal on everything from credit cards to energy tariffs? Yes, really. If you haven’t already, head to a money-saving site and see if you can reduce a few bills in one fell swoop. In under half an hour or so, you could save yourself a pretty penny.
The Which? site offers some financial insights, too, with its Money Compare tables going beyond just comparing rates – head here for more information.
You could also sign up for a cash-back website. These reward you when you shop online by sending you small cash-based ‘kickbacks’ or offers and these little savings can soon build into a nice nest egg.
A new option that plenty of people swear by is the online plugin, Honey. You can download it onto your laptop or PC and it’ll automatically find the best discount codes when you’re shopping on any given website. Simple, yet effective!
Cancel Unnecessary Subscriptions and Direct Debits
Signed up for a monthly contact lens scheme with your optician? Perhaps you’ve found you rarely wear your lenses and instead opt to reach for your glasses, though. It could well be time to ring said optician and cancel the Direct Debit. The same goes for that magazine you subscribe to but never read. Or that costly monthly membership to the craft ale club that sends you a monthly crate of beer. We all fall victim to our failure to cancel subscriptions that we never use. Make 2020 the year when you get your ducks in a row and reduce your waste spend on recurring costs that you don’t even use. Cancelling some of these can be a pain (companies make it difficult on purpose), but when you add the savings together, you might surprise yourself.
You could still benefit from some of these services, without the premium cost which can often come with getting things delivered to your door. Shop around today and you’ll probably be glad you did; you could save a small fortune.
Negotiate a Better Contract on Your Mobile Phone
Do you make the most of the data that comes with your mobile phone deal? If not, you could be paying far too much for your contract. Some mobile phone companies charge a fee to end your contract early – but this can still be worthwhile if it means you’re not paying a lot more than you need to for your contract each month. Chat to your mobile phone provider about a pay as you go deal, too; it may work out a much better option for you.
Keep a Spending Diary
This may seem a bit OTT but trust us when we say it could be eye-opening. By writing down every penny you spend – that morning coffee, your gym membership, that must-have gadget you simply had to buy – you may be able to better assess where you can cut back. Try it in January, as it’s as good a time as any to rethink your spending habits. There are also plenty of mobile apps and online tools that can help you here.
Don’t Forget Coupons
In January, coupons and money-off vouchers could be your new best friends when it comes to spending less. So, flick through your magazines for coupons to cut out. You can also subscribe to email newsletters from brands you use regularly – as you’ll often be rewarded with a money-off code off your first online purchase, for example.
When eating out with friends, have a quick scan through Google to see if you can find some promo vouchers too. You’ll be surprised how many there are online, and you could save up to half price on your evening meal.
Get savvy about spending and you – and your bank balance – will thank you at the end of the month.
Staying in is the New Going Out
Now that Dry January is upon us, why not swap your evening out for a night in with friends? Encourage everyone to bring a dish for a Jacob’s Join-style affair, or share a takeaway to make enjoying your favourite food less of an obvious burden to your bank balance.
Consider a New Savings Account
If you’ve vowed to make 2020 the year you save a little smarter, consider a new account to help you accumulate more spare cash. Kingston Unity has a few options for adult savers, including our Investment ISA, which allows you to make the most of your annual tax allowance by saving a regular amount or investing a lump sum. Get in touch to learn more or take a look at our ISA product page to de-mystify some of the misconceptions people have about stocks and shares ISAs to help them save more for the future.
Our Regular Savings Plan is also another option for those with more of a long-term plan, which allows you to save as little as £15 per month to help you build up a nest egg for the future.
How are you planning to save smarter in 2020? Let us know!