Saving money always seems like it comes with sacrifices. People will tell you how to save money, but it usually means you have to cut back on certain things or avoid paying for items that you quite like.
Ultimately, this is what stops many families from reducing their spending. You want to save money, but you’re not willing to sacrifice things that your family enjoys or needs. Often, you can’t sacrifice them as they are essential payments! So, this leaves you in a position where you don’t think there’s any way for you to save money.
On the contrary, saving money doesn’t need to come with sacrifices. There are some incredibly simple ways you can save money all the time without needing to make any cutbacks. Or, if you do make adjustments, they won’t have a significant impact on family life.
Sounds pretty fantastic, right? Well, your day is about to get even better as you’ll find some actionable tips to save money without making sacrifices down below:
Claiming cashback is the easiest way to earn money without really doing anything at all. You see, there are cashback providers – like Quidco or Topcashback – who give you money when you make purchases. No, that’s not an exaggeration, you literally earn money when you spend money!
Different retailers will register with these sites and pay them for a service. Then, you create an account on the cashback sites and use the retailers there. When you click them, you get taken to the websites where you can spend money. Your purchase gets tracked, and the cashback site contacts the retailer. From here, things are confirmed behind the scenes, and you receive a percentage of your purchase as cashback.
Cashback rates can vary from as little as 0.5% up to around 10%. It all depends on the retailer, and there are different rates for new customers and existing. You may only get a few pennies back on some purchases, but it all adds up over time. Not all retailers offer cashback, so it’s worth checking before you buy anything. This way, you can save a few pounds here and there on regular purchases. Over the course of a year, you can easily earn up to around £100 cashback, maybe even more. Especially if you travel a lot as apps like Trainline and National Express offer cashback rates.
Plus, you’re basically getting free money. You’re going to spend your money on things anyway, so it makes sense to get cashback wherever possible.
Change your mobile phone contract
Mobile phone contracts are probably the biggest rip-offs in the world. You’re forced into a two-year deal that decreases in value as you move through with it. After a year, the phone you’re using is already outdated. If you check the offers for your device, you’ll see that your exact contract will probably be worth ten, maybe even fifteen pounds less than you’re paying. Why? Because a new version of your device has come out already!
Things get even worse when the two years are up. If you don’t go ahead and cancel the contract, you’ll keep paying for it. I knew someone who was paying £40 a month for an iPhone 6s earlier this year, all because they didn’t cancel the contract when it originally expired. Phone networks never notify you of this as they want to keep you on expensive contracts. So, be sure to set reminders on your phone that tells you when it’s time to cancel.
When the time approaches, you need to shop around for a more affordable phone contract. My advice is to pay attention to your data usage. How much data are you using every month? Again, going back to the example of my friend and their iPhone 6s, they were paying for unlimited data every month. But, when they actually checked their data usage, they only used 10gb or less per month! So, they saved a fortune by getting a new contract that had a 12gb data limit. They didn’t have to alter their mobile browsing habits, but they saved an absolute fortune every month.
Always look at other providers as well! The mainstream mobile networks tend to be the most expensive – and the least lenient. There was an interesting article called How Can Students Save Money? that I read recently. It spoke about how you can change phone networks to a more niche operator like SMARTY or GiffGaff. These types of providers offer more flexible contracts at lower prices. Even if you’re not a student, it’s worth checking out the less mainstream providers to save money.
Round up your purchases
Lastly, I want to talk about rounding up your purchases to save more money. This is a fantastic concept that’s gaining huge momentum nowadays. I know of two different apps that let you do this. The first is Monzo, which is basically a bank account. You create a Monzo account, and you can set up different saving pots. Then, you can turn on a setting that rounds up all the purchases you make and deposits the extra pennies into the savings pot of your choice.
So, let’s say you spend £4.65 on lunch. The remaining 35p gets sent to your savings pot – along with any other round-ups throughout the week. By the end of the week, you can save over £10 just through rounding up your purchases. No sacrifices have been made, but you’ve saved a lot of money.
The second app is called Moneybox, which is more of an investment app. The round-ups work the same, only you link a bank account to Moneybox. Then, the extra pennies get invested into different funds and things. It’s a brilliant way to start investing with minimal risks and zero effort!
See, saving money doesn’t need to come with any sacrifices. You don’t lose out on anything by applying these ideas to your life. At the same time, you will gain a lot by saving an absolute fortune throughout the year.
Thanks for stopping by today, I hope you’ve enjoyed this post.