personal finance

5 Ways to Save Money Today 

5 Ways To Save Money Today

1. Lifestyle and Entertainment Saving 

Over the period where COVID-19 was spreading and Governments all over the world enforced restrictions, our choices of entertainment and lifestyle were limited. If you think about it, chances are, you saved some money in the process. Why was this possible? Well, since lifestyle choices and entertainment options were limited we were forced to be creative. 

Now that the world is returning to normal, you do not have to spend more money on lifestyle and entertainment than you did during the lockdown. It is a great way to save money. If during the pandemic you subscribed to any premium digital subscription and now you are not going to use it as much, consider cancelling them. 

Become creative when it comes to entertainment. For example, you can organize nights in with your family and friends. With this technique, you can have your guest bring one thing to reduce the cost as well such as dinner, dessert, wine, snacks, and others. 

2. Saving on Food 

There are many ways to save money that you will use for food. A good example is growing your own vegetables in a planter tub or flower border garden. If you do not have the option of a garden, you can take advantage of window boxes. All you have to do is start a compost heap by crushing eggshells and using food scraps. 

On the other hand, if you use your oven regularly to prepare meals, ensure that you have used it correctly. Consider batch cooking (cooking multiple meals and cakes at one go) and them saving some for later. 

Investing in a slow cooker is a great way to prepare one-pot meals. That is because slow cookers use about the same amount of energy as lightbulbs.

3. Talking to Your Boss for Flexible Working Hours 

During the lockdown, people were forced to work from home. This saw a significant overhaul in the workplace. Therefore, if it is possible for you to work from home or can deliver your duties while at home, you should consider speaking with your boss about flexible working hours. You can split your time between the office and home. 

That is because having flexible working hours will help you save some money on your commuting expenses. Do not forget that this also includes coffees, lunches, car parking expenses, and more. 

There is an argument that supports going to work because it will save expenses at home. Although to some extent this is true, it all comes down to working out what you need and what is your daily spending. For example, calculate what you would spend in a day when you go to work and what you would spend when at home. 

The calculation for your daily spending while at work each day may be like this: –

  • Commuting cost – £3
  • Lunch – £3 – £5 
  • Commuting hours – 2 hours (to and fro)
  • The total will be more than £6 plus 2 hours of time
  • The calculation for what you will spend while working from home: –
  • Calculate all the total amount you paid last year and work out your average monthly spending (assuming you came up with £100 per month)
  • Take that amount and add at least half of the monthly spending for your monthly bills while working from home (that will come to £150 per month)
  • Divide the added amount by 31 days to come up with a daily expenditure (i.e. £50/31 = 1.62)

This makes it approximately £1.62 per day. Between the two, which one is cheaper. Even if the bill doubles, you will get that working from home is cheaper compared to the total amount for commuter expenses and additional expenses. 

4. Beauty and Health Saving  

When it comes to beauty and health savings, consider all avenues that will help you save money. For example, you can consider going to local hairdressers that run student training programs for reduced prices. Do not worry about your hair because a skilled stylist continuously oversees hairdressing students. 

On the other hand, using a sponge while taking your shower will save you money on shower gel used. The other method is shopping smartly. 

5. Energy Saving 

Energy saving is the most popular and well-known way of saving money. In fact, even news stations mention this often. You may know about ‘vampire devices’ (these are devices that will continue to consume energy even if not used).  Professionals have estimated that an average of about £50 – £100 is paid every year by households on devices that are not used (Vampire devices).  

To save this amount, it is wise to always switch off the sockets to these devices rather than leaving them on standby. 

Consider switching off the lights when you are not using them or in the room. Turn down the thermostat by 2 or 3 degrees. You will hardly notice a huge difference but help you save on heating. Keep your boiler running at its most efficient with Corgi. Also, layering the clothes you wear at home and going to bed 30 minutes earlier can help you save money on energy.  Since over the summer months the heating cost is lower, it might be a great idea to top up the account constantly before the price rises in October.

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