How to save money: Make an extra £1,000 - this financial expert explains how
HOW TO save money is on the minds of many in January after a very expensive Christmas period. A money saving expert has revealed how to make an extra £1,000 this month with simple saving techniques.
Saving expert reveals how to knock £200 off your annual TV bill
How to save money is a key skill, and the knowledge can take you far in terms of your finances. Financial expert Warren Shute has revealed how you can save £1,000 in January. Warren has panned The Money Diet 2019 to help Britons who find themselves strapped for cash or would like a little more money to play with. He said: “As we enter a New Year financial planning, as opposed to money saving is critical to living the lives we want to live.
How to save money: Make an extra £1,000 - this saving expert explains how
“Yet most of us receive little or no education on how to properly manage our money.
“I wrote the The Money Plan to help less well off and financially vulnerable individuals and families make better money decisions next year.”
The author and certified financial planner shared his top tips to financial wellbeing and for taking control of your money in 2019 and beyond.
How to save money
You can kick start 2019 with an extra £1,000 in your pocket.
Warren said: “In my book The Money Plan I talk about ensuring you have at least £1000 set aside before you do any further planning, then once any unsecured debts are repaid, such as credit cards and loans, you increase this amount to between three and 12 months of your expenditure; the difference allows for your personal requirements – three months may be sufficient if you have few dependents, 12 months if you feel it’s more necessary to sleep well at night.”
He added: “When I speak to large audiences, I often leave them with a challenge to think of creative ways to come up with a £1000, in as short a period as possible, and make it a game. You could play this with your family and allocate a portion of the £1000 to each family member.”
Top 20 ways to save £1000
Go through your expenses and remove any unnecessary spending
Ask your boss for a pay rise
Redirect any annual bonus or windfalls into savings
Shop using quidco and topcashback and add these payments to your fund
Sell unwanted items on an online auction site such as eBay or Facebook
Make cakes to sell at work
Put yourself on a spending plan i.e. pay yourself an allowance
Have a ‘no spend month’ – where you literally spend nothing other than your essential bills
Take your coffee from home rather than buying coffee on the go
Reduce your grocery spending using vouchers from sites like vouchercode
Get a piggy bank in your kitchen to put all lose change each day
Pause your gym membership and start exercising outside and at home
Switch to own brand goods when going to the supermarket
Shop with a list and sick to it
Cancel your TV package and use FreeSat or Freeview
Take your lunch to work each day from home
Drink tap water instead of buying bottled water when you are out and about
Review your energy supplier and reduce your electricity and gas spend
Change your mobile phone package
Do babysitting services to raise extra money
Another expert Martin Lewis has revealed which banks to switch to and get £150 free cash.
First Direct and HSBC are just two of the banks offering the bonus, but each one comes with different conditions.
He explained: “To kick start the New Year, two banks have relaunched their bonuses for switching accounts.
“Very useful if the coffers are a little short. Full details of all the options are in Martin’s full top bank account guide, but in brief.
“First Direct has won every customer service poll I’ve done with an 89 per cent rating it great. Last year it stopped offering free cash and instead gave free gadgets, something I thought was a bad move at the time, and it seems now so does it.”