Households across the UK are feeling the squeeze as inflation drives up the cost of living for millions of Britons. A single mother of three explained how she saved an eye-opening amount by simply paying off three monthly bills.
Lynn Beattie said: “Over the past few months, I’ve canceled Amazon Prime (£7.99), Disney+ (£7.99), Mindful Chef bi-weekly recipe boxes (£60 per month).
“These three cancellations alone saved me £76 a month or £912 a year. It really pays to be strict and cancel what you don’t need.”
Along the same lines as Ms Beattie’s comments to the Mirror, Andy Dunbar, Head of Customer Experience at abrdn, has provided some advice that could help Brits “clean up” their finances and save money.
He said: “The best way to start your financial spring cleaning is to review 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 great food deals, even free or heavily reduced items. For example, Olio connects you with millions of people who are giving away food and household items.
Similarly, Too Good To Go lets you know when restaurants and stores are disposing of leftover food for a fraction of the cost.
“Another tip is to familiarize yourself with the world food aisle in your supermarket (often up to 75 percent savings on pantry staples like rice, lentils, beans, spices and sauces).
“Also try shopping at night for better discounts and look for lower prices on the lower shelves of supermarkets, as well as buying certain items in bulk. And always opt for long-lasting bags instead of paying for a plastic bag for each store.”
She added that social media-savvy shoppers can check out money-saving tips and trending hashtags, like the ‘#moneysaving’ challenge on Instagram or TikTok.
Don’t splurge on payday
Mr. Dunbar continued: “Nationwide’s Payday Saveday survey revealed that one in five people spend more than half of their additional monthly salary within 48 hours of receiving payment.
“To prevent your disposable income from burning a hole in your wallet in the first few days of getting paid, prioritize your most important expenses before you start spending. That way, you’ll know how much disposable income you really have to last you through the rest of the month.”
Save on water bills
Dunbar encouraged Britons to explore whether they could save money through their water bill, as prices are expected to rise in the near future.
He said: “Water bills will increase by an average of two per cent in the next fiscal year, which will add to the average bill. However, entering your ZIP code on the Save Water, Save Money online website could make a difference in your bank balance.
“You could be eligible for a free device that could lower your water usage 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 more than 51 billion liters of water.”
Claim reimbursement for working from home
Millions of people who have worked from home over the last 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’ reimbursement applies even if you’ve only worked from home for one day, and it’s easy to claim online.
“The money, which can cover broadband and heating costs, can be claimed at £6 per week from 6 April 2020 (for previous tax years the rate is £4 per week). You’ll get tax relief based on the rate at which you pay taxes.
“For example, if you pay the basic tax rate of 20 per cent and claim tax relief of £6 per week, you will get £1.20 per week in tax relief (20 per cent of £6).”