Tag Archives: saving money in a recession

Ways to Save Money – “This is Money”‘s top 50 money-saving tips – #32 – 50

32. Cancel your gym membership
If you pay your £40 a month by direct debit and you use the gym three times a week, great. If not, cancel your membership immediately. You’ll soon save enough to buy your own bike and, if you’re so inclined, a rowing machine. Consider running home from work three times a week. It’s free.
Saving: £100s
Link: Compare prices for rowing machines on Kelkoo

33. Use your library
The local library is a mecca for the money saver. You’ll never need to buy another cookbook, guidebook or lifestyle manual again and if you can bear to wait a few weeks in the queue for the latest blockbuster, you never need to buy books again. CDs and videos are great value too.
Saving: £100
Link: www.whichbook.net – find a book and check if it’s available at your local library

34. The three-for-two trick
Now, there’s a lot to be said for buy-one-get-one-free deals, especially if they pass the ‘Do I really need this?’ test. Then there’s three-for-twos; a particularly cynical way of stores to entice shoppers to buy an extra item they would not otherwise buy. The ‘offer’ is always priced into the deal so do your sums and shop around.
Saving: It’s a principle at stake here
Link: Discuss deals and scams with other readers

35. Buy clothes and presents in the sales
So you need a new suit and the one you like comes in at a cool £300. Wait! The chances are that you can pick it up in the sale – and there’s always a sale just around the corner – for £150. The same applies for birthday and Christmas presents. Buy in bulk in the sales and you not only save money, but you enjoy stress-free pre-Christmases and no last-minute birthday worries.
Saving: £100s

37. The Christmas lottery
Instead of trying to buy a present for every relative in your family, consider getting together beforehand and picking one name from the hat. You then buy one thoughtful gift for that one person rather than attempting to please everyone at considerable cost. Everyone gets a present, everyone saves money.
Saving: £100

38. The National Lottery – it won’t be you!
The odds of winning the Lotto jackpot are stacked 14m to 1 against each ticket. Some highly organised syndicates buy 14,000 tickets a week, which reduces the odds to 1,000 to 1 – but that’s no guarantee of a win. For the rest of us, the difference to the odds between buying, say, 10 tickets and one is so insignificant that you should limit yourself to the one and save the extra money in a Cash mini Isa.
Saving: £100
Link: Are you sitting on a winning ticket?

39. Use your Isa allowances
If you’re not already aware, you can save up to £3,000 a year in a tax-free savings account called an Isa (for the more financially savvy there’s also a stocks and shares Isa). It means you don’t pay any tax on the interest accrued so, if you have spare cash in your current account, this is the difference between earning next to no interest and up to £150 a year.
Saving: £100+
Link: Best Isa rates

40. Claim your benefits and tax credits
There was once a certain stigma in Britain attached to claiming benefits. Well, not any more. The Government has put benefits at the heart of the family budget and it’s your money so make sure you’re claiming it. That includes Child Benefit, Working Tax Credit, Child Tax Credit and other employee-related tax benefits.
Saving: £100s
Link: Confused? Ask a This is Money Expert

41. How saving £50 a month now can save you £120 next year
Do you pay your insurance premiums by monthly instalments? If you do, then consider this: you are probably being charged a premium of between 15% and 20% for the privilege. In other words, if your home and car insurance bill for the year is £600, you’re paying up to £120 a year in interest by paying monthly. If you are in a position this year to save up for next year’s premiums in advance, you can save money by paying the whole lot in one go.
Saving: £100+
Link: This is Money’s best savings rates

42. Do you need all those TV channels?
Britain is switching to digital-only television and time is running out for you to choose your new digital TV provider. The choice is already bewildering and with telephone-based services now being launched it’s going to get more complicated. Packages range from full the monty, including every sports and movie channel costing around £50 a month, down to Freeview, which is free. Choose wisely.
Saving: £100+

43. Bin the ready meals
If TV chefs such as Ainsley Harriott can knock up a meal from a bag of random groceries including an aubergine and a packet of sultanas – so can you. Ready meals may be convenient, but preparing your own food saves money. A visit to your library will reveal scores of books dedicated to cooking proper meals in minutes.
Saving: £100+

44. Take up a money-saving hobby
Hobbies not only open your mind to new experiences but they also take up your time – important if you would otherwise spend it in the pub drinking away your hard-earned money. If a painting takes 20 hours to complete, and you normally get through a pint an hour. That’s a saving of a least 40 quid a picture. Think about it. Get painting. Go fishing.
Saving: £100+

45. Avoid the payment protection racket
Banks and other lenders are selling expensive insurance policies to cover loan repayments to people who don’t need it. Don’t be a victim of the hard-sell.
Saving: £100

46. Avoid extended warranties
Electrical goods are more reliable than ever. If your new radio won’t last three years perhaps it’s not worth buying in the first place. Think about it: how many times has your fridge broken down in the last five years? And do you really need the hassle of claiming for repairs to a £15 toaster?
Saving: £100
Link: Read our guide to extended warranties

47. Shop online
The internet is gradually taking over. Online grocery shopping is getting better all the time and there are plenty of comparison websites to help find the best prices for bigger items. Give it a try, unless of course you like fighting your way through supermarket crowds.
Saving: Your sanity
Links: Online grocery service rated; PriceRunner – price comparison site

48. The Citizen’s Advice Bureau is your friend
If your debts are out of control please seek help immediately from your local CAB – their advisers can help you work out a sensible strategy to get you back on your feet.
Saving: It could save your life
Link: Find your local CAB

49. Have I missed any money-saving ideas?
You can now add your comments to the Money Saving Overflow
Link: Find out more at 50 more ways to save money

50. Save this article or send it to a friend
Use the links at the bottom of the page to send these money-saving tips to a friend or save it for yourself for later.

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50 Ways to Save Money – “This is Money”‘s top 50 money-saving tips – #23 – 31

23. Don’t pay full price for theatre or theme park tickets
If you are prepared to tolerate the unwieldy website and hit-and-miss customer service, lastminute.com regularly boasts some amazing deals for London’s theatres and the nation’s theme parks. At the time of writing you can see top West End show The Producers plus a two-course meal for less than £20 a head, a saving of £60 per person, and tickets for Chessington World of Adventures cost from £12, a saving of nearly £50 for a day out for a family of four.
Saving: £100s
Link: www.lastminute.com

24. Beat the ticket touts
Ticket touts earn their living by getting hold of tickets that are ‘otherwise unavailable’. Well, here’s the news: they are available to everyone when they first go on sale. You just need to know when they go on sale. Simply sign up to for the free ticket alert newsletters from the main agents to ensure that you’re first in the queue.
Saving: £100s
Links: Ticketline; Ticketmaster

25. Stop trying to keep up with the Joneses
Trying to keep up appearances is little more than a costly illness. Remember, you cannot judge someone by what they have because you don’t know how they got it. Chances are they’re in more debt than you are.
Saving: £1,000s
Link: This is Money’s guide to getting out of debt

26. Trade down your car
So, you bought an American sports utility vehicle (SUV) that nets 15 miles to the gallon on a whim. Obviously we’re all very impressed – especially by the personalised number plate. But can you honestly justify the ongoing expense? If not, get rid of it. Then visit a car supermarket, where you can choose from thousands of cars at knock-down prices. If you’re a true money saver, consider an ex-rental model which you can pick up for a fraction of the cost of a new one.
Saving: £1,000s
Links: Daily Mail find a car service; Cargiant

27. Ask yourself: do I really need this?
Imagine the scenario. It’s lunchtime and you’ve got an hour to kill. You find yourself in a department store and there’s a sale on. You pick up a beautifully packaged selection of barbecue tools and associated garden paraphernalia. And it’s half price. Now, stop! Ask yourself: Do I really need this? Exactly. Now, put it down and walk away.
Saving: £100
Link: This is Money’s money savers’ guides

28. Walk/cycle to the station/work
It maybe a bit of hippie notion to many people but it’s free.
Saving: £100
Link: Cycle Campaign Network

29. Get off the station before your usual stop and walk
We may be creatures of habit but isn’t it worth tinkering with the routine if it’s costing more than £50 a month in unnecessary fares?
Saving: £100
Link: Living Streets

30. Cut down your drinking
A few beers after work a few nights a week is a financially debilitating state of affairs. Set limits and stick to them.
Saving: £100s
Link: Calculator: Pleasures v treasures

31. Pack up smoking
Never mind the health implications, the guilt and the smell, your 20-a-day habit is costing you nearly £2,000 a year. Pack it in.
Saving: Nearly £2,000
Link: Givingupsmoking.co.uk

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50 Ways to Save Money – “This is Money”‘s top 50 money-saving tips – #20

20. Learn to say ‘no’
It’s easy to capitulate to the demands of a screaming child in a packed Woolworths on a Saturday afternoon. But don’t do it. Similarly, how often does a ‘swift half’ after work turn into a £40 drinking session? Saying ‘no’ a few times a year will do wonders for your bank account.
Saving: £100

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50 Ways to Save Money – “This is Money”‘s top 50 money-saving tips – #19

19. Book your own ‘package’ holiday online
The popularity of High Street travel agents is waning as more and more people warm to the benefits of researching and putting together their own holidays on the internet. If your holiday consists of flights, accommodation, transfers and possibly car hire, then take this test. Order a brochure from a leading holiday company and work out the price of your holiday including all the complicated supplements. Now go online and, starting with the flights, try to put the same package together.
Saving: £100+

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50 Ways to Save Money – “This is Money”‘s top 50 money-saving tips – #18

18. Book early
Low-cost airlines have created a market in holidays for people prepared to fly to any destination provided it’s cheap. You can benefit from this too. Just remember, only a few seats on each flight are sold at bargain-basement prices and once they’re sold, the prices rise. So book early.
Saving: £100

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50 Ways to Save Money – “This is Money”‘s top 50 money-saving tips – #17

17. Are you paying too much for your life insurance?
We’re living longer. As a result the cost of insuring the unthinkable is getting cheaper all the time. If you were sold a policy when you took out or mortgage you may have been under too much stress to shop around. You could be missing a trick.
Saving: £100

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50 Ways to Save Money – “This is Money”‘s top 50 money-saving tips – #16

16. Choose cheaper breakdown insurance
The breakdown sector is dominated by big names such as the AA and RAC. But being towed home if your car breaks down is just another form of insurance like any other and there are scores of cheaper alternatives.
Saving: Up to £100 a year

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