Money saving is often a goal for many people, however it is not always the easiest achievement to secure. With the task seeming difficult to start, many people lose momentum when emergency expenses kick in, or when spending becomes tempting. But several people have managed to revolutionise their lives through tips and tricks which helped them in their savings journey.
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The savvy savers took to the website Reddit to share the ways they were able to cut costs and tighten their belts.
In one case, a person was able to save thousands through a simple modification to their everyday habits.
One wrote: “The 72 hour rule really helped me. If you want something that is not a necessity, instead of buying it immediately, add it to a list, and then wait 72 hours.
“If after the 72 hours, you still want it, then you can buy it. But it seems that 90 percent of the time, after the 72 hours is up, I don’t end up buying the item I thought I wanted.”
Another said the key to saving was to strictly monitor income and expenditure.
They said: “Learn how to login to your online banking system and review your statement regularly.
“You will see how quickly money flows out for unnecessary purchases. Set a budget and stick to it.
“You can also set up ‘round-up’, where every purchase you make is rounded up to the nearest pound, with the difference deposited into your savings account.
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“I end up saving an extra £20 to £30 a month without even noticing.”
Another said they were able to save £2,000 by making one simple switch, saying: “If you have any land whatsoever, and you aren’t rowing at least some of your own food, you are really missing out.
“We got 20 raspberry canes for £1 each and they saved me at least £200 in the first year alone. I was pulling in 100 tomatoes every day at one point this summer.
“Plus, fresh raspberries, tomatoes, peaches and strawberries are life-changing compared to the ones you buy in the shop.
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“This year alone I saved at least £2,000 from food I get, with zero inputs other than a few hours to drop some compost down, plant, mulch and pick.”
A fourth saver said it was important for anyone looking to save to switch to own brand products.
They said that often own brand supermarket produce tasted the same as their more expensive counterpart, and therefore it made sense to switch down to a cheaper product.
And a final saver offered what they said was a sure fire way to cut costs.
They wrote: “Reduce your constant, monthly expenses as much as you can. Anything you pay for every single month, see if you can get rid of it, or at least get a better price.
“Get a cheaper Internet and phone plan. Monthly subscriptions for services are all the rage now, but don’t fall for that.
“Unless you use that service a lot to justify paying for it every month, it’s probably better to drop it and find a per-use option.”
The Money Advice Service says a savings journey can be embarked upon through a few simple steps.
Monitoring income and expenditure through a budget planner, as well as setting aside a dedicated savings account can help Britons in their quest to save.
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