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Nation’s top 25 money-saving tips revealed:

26 September 2014

Scrapping the tumble dryer and never grocery shopping on an empty stomach help thrifty Britons save £600 a year

Using vouchers, cashback and making packed lunches are some of the nation’s most popular money saving habits, a new study has found.

Thrifty Britons claim to save an average of £596 a year using discount vouchers, apps and other money saving tips, the research revealed.

Vouchers, coupons and money-off apps are the most popular way to make savings, with 50 per cent of people saying they regularly use them to get money off their purchases.

Taking a packed lunch to work is popular with 44 per cent of people, while 41 per cent claim to make savings using loyalty cards and cashback schemes.

Cutting down on on takeaway meals, turning down the heating and cooking more meals at home also made the top 10 in the list of 25 money saving tips.

Downshifting to a cheaper supermarket, not using the tumble dryer and avoiding grocery shopping on an empty stomach also appeared in the top 20.

The survey by Gocompare.com found that cash-strapped Britons continue to make savings wherever possible.

According to the figures, 42 per cent of people still save money out of necessity as record-high rents and low wages put an increasing strain on household finances.

At a recent meeting of the Bank of England’s monetary policy committee, governor Mark Carney cited the sluggish rate of wage increases as a major factor behind the bank’s decision to delay a hike in the bank’s base rate until next year.

When asked about the reasons for their savings habits, 39 per cent per cent of people said that they dislike unnecessary spending, 37 per cent said they genuinely need to make savings and 28 per cent said they were on a very tight monthly budget.

For 32 per cent saving was just a habit, while 33 per cent claim they picked up their money saving habits from their parents.

Women topped the table for 20 out of 25 of the top tips, but despite this, men believe they save £693 on average, compared to woman who think they shave an average of £504 off their bills.

Cash-strapped households have seen an increase in the cost of goods of just 1.5 per cent over the past year, inflation figures for August from the Office for National Statistics showed recently.

The consumer price index rate fell for the second consecutive month from 1.6 per cent in July, after spiking to a five-month high of 1.9 per cent in June, from 1.5 per cent in May, which was the lowest rate since October 2009.

This means that a basket of goods and services that cost £100.00 in August 2013 would have cost £101.50 in August 2014.

But despite this, the prospect of a hike in interest rates, from a historic low of 0.5 per cent, has left many households concerned at how they’ll cope when rates do rise.

Claire Peate, customer insight manager at Gocompare.com, said: ‘Our survey suggests that many people are feeling under pressure to save money to make their squeezed budgets go further.

‘Coupons, vouchers and money-off apps are increasing in popularity and can cut the cost of a wide range of goods and services – from tins of beans, beauty treatments, driving lessons and car tyres, to meals out - helping people to save money on the things they need or want rather than cutting them out altogether.

‘Another effective way to cut costs is to shop around for better deals – whether that’s on your weekly grocery shopping, household bills, insurances or other financial products – there are some significant savings to be made’.

Article Reproduced from This Is Money

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