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!

Please Note: You must confirm you have read the key facts, before downloading this document.

Key Facts about our services and costs

1. The Financial Conduct Authority (FCA)

The FCA is the independent watchdog that regulates financial services. This document is designed by the FCA to be given to consumers buying certain financial products. You need to read this important document. It explains the service you are being offered and how you will pay for it.

2. Whose products do we offer?

We offer products from the whole market

We only offer products from a limited number of companies

We only offer our own products

3. Which service will we provide you with?

We will advise and make a recommendation for you after we have assessed your needs.

You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed.

We will provide basic advice on a limited range of stakeholder products and in order to do this we will ask some questions about your income, savings and other circumstances but we will not:

  • conduct a full assessment of your needs;
  • offer advice on whether a non-stakeholder product may be more suitable.

We can only offer products from Kingston Unity Friendly Society. These products will enable you to:

  • protect yourself and your loved ones in the event of death
  • save and invest with the added benefit of protecting yourself and your loved ones in the event of death
  • provide benefit cover in the event of sickness

4. What will you have to pay us for our services?

Normally, if you buy a financial product direct from us, there will be no payments such as commission or fees payable. If there are any commission or fees payable, we will tell you how we get paid and the amount before we carry out any business for you.

5. Who regulates us?

Kingston Unity Friendly Society, 9 Navigation Court, Calder Park, Wakefield, WF2 7BJ is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and .the Prudential Regulation Authority. Kingston Unity Friendly Society’s FCA Registered Number is 110056.

Kingston Unity Friendly Society permitted business is advising and arranging life assurance and pensions business.

You can check this on the FCA’s Register by visiting the FCA’s website www.fsa.gov.uk/register or by contacting the FCA on 0845 606 1234.

6. What to do if you have a complaint

If you wish to register a complaint, please contact us:
…in writing Write to Kingston Unity Friendly Society, Complaints Department, 9 Navigation Court, Calder Park, Wakefield, WF2 7BJ. …by phoneTelephone (01924) 240164

If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.

7. Are we covered by the Financial Services Compensation Scheme (FSCS)?

We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.

Most types of insurance business are covered for 90% of the claim with no upper limit.