Five easy ways to save £100 a week – from ditching the takeaways to reducing your rent
HAS covid left you pinching the pennies? Don't worry because we've got lots of simple tricks that will help you save £100 a week.
There’s a bunch of challenges and thrifty tricks to help you save money – without feeling like you’re even putting any cash aside.
For those thinking about what New Year’s resolutions to make for 2021, saving a bit of cash might be near the top of your list.
Saving schemes such as the 365-day 1p challenge, the sealed jar trick and the round-up challenge are some of the most popular New Year money-saving hacks.
But we’ve spoken to the experts to get some top tips that can save you £100 a week to help ease any financial woes in 2021, without having to embark on any challenge.
Pete Mugleston, money expert from Online Money Advisor has shared his top easy money-saving tips.
Ditch the takeaways, says money expert Pete Mugleston.
The fun treat can get expensive and Pete says many families spend over £100 a week simply on fast food.
He said: “If you have a big family, ordering a takeaway or going out to eat each week can get expensive.
“If you order in or eat out more than twice a week as a family, you could easily be spending over £100 when you could be making great alternatives at home for far less money.
“See what food you already have in the house at the back of your cupboards and utilise it.
“Don’t be afraid to get creative; you may find a new love for cooking and you’ll save yourself money at the same time!”
The expert said there’s loads of free recipes online for people to try to help you experience your old cupboard ingredients to the fullest or he suggested simply freestyling.
Look up recipes for cheap "fakeaways" you can make from home to curb takeaway cravings.
BIG DRINKERS, DRINK LESS
Spending money on alcohol is one of those things that can easily add up without you realising.
Money expert Pete says some families get through two bottles of shop bought wine a night, which costs on average £15 a day.
He said: “On average, that’ll cost £15 a day, so over a whole week that’s just over £100.
“That’s not even including the occasional pub trip on top of that when lockdown restrictions allow.
“Reducing your alcohol intake will not only have a positive impact on your bank balance, but also your health.
“So, if you’re a big drinker, try cutting out some glasses and see how much money you can save.”
ONLY HAVE ONE CAR PER HOUSEHOLD
If you have more than one car in your household, consider just the one family vehicle, says money-saving expert Pete.
Having only one vehicle will reduce weekly petrol costs as well as insurance and upkeep fees in general.
The expert, from Online Money Advisor, said: “The price of the car, insurance and petrol are monthly costs that can add up quickly, as well as the occasional service and MOT.’
“Monthly, the average cost of a car will be around £400 all things considered.
“If it’s feasible, having just one car for the family will save at least £100 a week, if not more!”
CONSIDER YOUR LIVING OPTIONS
Pete also suggested that an easy way to save £100 a week is to reduce your bills and rent, by sharing the costs with someone else.
He said it can be difficult for those living alone to keep up with hefty bills and rent and a partner or friend moving in, will help split the cost and save you money.
He said: “If this isn’t an option, and you really want to save, you could move into a house share as they are typically cheaper than renting an entire flat or even move to a less desirable location.
“If these aren’t options, you could consider moving back in with your parents to start saving again.”
A slightly more in-depth way to save at least £100 a week is to remortgage your house, says Pete.
Although this may take some initial research and time to get it right and be most effective, money expert Pete believes this could save households hundreds of pounds every month.
He said: “Remortgaging your house can be a fantastic way to save yourself some money. In some cases, you can save yourself hundreds of pounds a month!
“Using websites like Online Mortgage Advisor can be a great way to find the best deal for your mortgage.
“To cut your costs, you could swap your mortgage to another, cheaper mortgage with your existing provider without borrowing more cash.
“You can also swap lenders which will save you a lot each month, so it’s certainly worth looking into if you haven’t already.”
These suggestions will help get your savings pot set up and that £100 a week you spent on takeaways, alcohol and petrol, can be used elsewhere.
Money-saving social media users also suggested selling old clothes and unwanted items on eBay and other online marketplaces to raise extra cash.
While cancelling Netflix or Spotify accounts could save you between £15.98 to £21.98 a month or between 53p and 73p a day based on a 30-day month.
It may seem small but every little helps!
In other money-saving news, this game-changing freezer hack will save you thousands in 2021.
And a mum who saved £25,000 with a no-buy year reveals the things you should purchase in 2021 to save in the long-run.
Plus people are showing off their Boxing Day bargains including a £65 Tu coat for just £1 & Pandora jewels down from £80 to £24.
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