1. Switch providers
Nearly one in 10 (9%) Brits say they’ve added more than £1,000 to their debt in the last year
Taking a close look at what you’re paying out for essentials – whether it’s gas and electricity bills or car or home insurance – can open your eyes to some big savings. Switching your energy provider can save up to £5681 alone, so it’s worth spending a few minutes comparing tariffs to make sure you’re getting the best deal when it comes to monthly outgoings - and reviewing them on a regular basis.
3. Monitor your money
To tackle their debt, 27% are building and sticking to a monthly budget
It’s easy to lose track of where your money’s going, and not everyone has the time to check through credit card statements on a monthly basis. A budgeting app can help you monitor what you’re spending, allowing you to set weekly limits and categorises where you are spending your money – some even send you a message every time you use your card. Finance planning app OnTrees gathers your most recent transactions and updates your profile automatically overnight so that all your transactions, including your most recent ones, are always available for you. Click here to download.
2. Take food back to basics
Over a third (35%) of those who have more debt now than they had last year put it down to the rising cost of living, including transport, bills and groceries.
Swapping from well-known brands to cheaper supermarket own-range products can save hundreds of pounds across the year. Supermarkets always have deals on a variety of products, so it’s well worth comparing your weekly shop to see where it comes out cheapest. Supermarkets always have deals on a variety of products, so it’s well worth comparing your weekly shop to see where it comes out cheapest. You can compare products from 15 supermarkets here – and by creating a shopping list before you go, it’ll be much easier to avoid impulse purchases that soon add up as you peruse the aisles.
Nearly one third of Brits are dipping into credit to cover expensive fitness routines, workout gear, juices, supplements and gym classes
With a new workout craze every month it’s easy to get lured in by gym membership deals. However unless you’re sure you will go on a regular basis, it’s often more cost effective to pay-as-you-go as it gives you the flexibility to try out the latest fitness trends. Many gyms now offer trials or class packages, which won’t break the bank or leave you feeling guilty when you miss the occasional evening (or week!).
5. Pack a lunch
Nearly one third of 18-34 year olds dipping into debt to cover bills for eating out
It’s easy to get into the habit of buying food on-the-go every day, but breaking this cycle could save you over a thousand pounds a year (£5 a day on lunch can add up to £100 a month, a huge £1,200 a year). Getting up just 20 minutes earlier to make a sandwich or pack a Tupperware will save you pounds at lunchtime, and Sundays are perfect for cooking in bulk! To help inspire you check out these easy packed lunch recipes at BBC Good Food.
1 10% of customers could save up to £568. MoneySuperMarket Data average usage figures, 2016