How to save money fast: tips for every budget

Saving money can feel like an impossible task, especially when your income is stretched thin.

But even with a tight budget, there are practical steps you can take to cut costs and build up your savings.

In this guide, we’ll explore simple, effective ways to save money quickly, no matter your financial situation. 

How to save money fast on a low income 

Living on a low income can make saving money seem challenging, but it’s not impossible.

Here are some strategies to help you save money fast, even when every penny counts. 

Prioritizing essential expenses 

The first step in saving money is to identify what expenses are truly necessary.

Start by listing all your monthly costs and categorizing them into essential and non-essential.

Essential expenses include things like rent, utilities, groceries, and transportation. Once you’ve identified these, look for ways to reduce them. 

• Reduce your energy bills: switch to energy-efficient appliances, turn off lights when not in use, and consider switching energy providers to get a better deal. Websites like uswitch can help you find cheaper options. 

• Cut down on groceries: plan your meals for the week, make a shopping list, and stick to it. Buying in bulk and choosing store brands over name brands can also save you money. 

Cutting down on everyday costs 

Once you’ve tackled the essentials, look at your everyday spending habits. Small changes can lead to big savings. 

• Transportation: if possible, walk or cycle instead of driving. Public transport is also a cheaper alternative. If you must drive, carpooling with colleagues can cut your fuel costs in half. 

• Mobile and internet bills: review your mobile and internet contracts. Are you paying for more than you need? Consider downgrading your plan or switching to a different provider. 

Making the most of discounts and deals 

Maximizing discounts and deals is a smart way to save money on things you need. 

• Use coupons and discount codes: some websites offer discount codes for a wide range of stores. Before making any purchase, search for a discount code that might apply. 

• Join loyalty programs: many stores offer loyalty cards that give you points or discounts on future purchases. These can add up over time, leading to significant savings. 

29 ways to save money 

Saving money doesn’t have to be complicated. Here are 29 practical tips to help you keep more of your hard-earned cash: 

1. Create a budget: track your income and expenses to see where your money goes each month. 
2. Cut unnecessary subscriptions: cancel subscriptions you don’t use or need, such as streaming services or magazine subscriptions. 
3. Meal planning: plan your meals ahead of time to avoid impulse buys and reduce food waste. 
4. Buy generic brands: opt for store brands instead of name brands; they’re often cheaper and just as good. 
5. Use a savings jar: put your loose change in a jar. It’s a simple way to save small amounts that add up over time. 
6. Set up a direct debit to a savings account: automate your savings by setting up a direct debit that transfers money into a savings account each month. 
7. DIY when possible: learn to do basic home repairs or cook at home instead of hiring someone or eating out. 
8. Energy-efficient practices: turn off appliances when not in use, and switch to LED bulbs to save on energy bills. 
9. Avoid impulse purchases: wait 24 hours before buying something you don’t really need. 
10. Use public libraries: borrow books, dvds, and even magazines for free instead of buying them. 
11. Negotiate your bills: call your service providers and ask for a better deal. You’d be surprised how often it works. 
12. Shop second-hand: visit charity shops or use websites like gumtree to buy clothes and household items at a fraction of the price. 
13. Switch to a better bank account: look for a bank account that offers higher interest rates or lower fees. 
14. Grow your own vegetables: even a small garden can save you money on groceries. 
15. Use public transport: buses and trains are cheaper and often more convenient than driving. 
16. Sell unused items: declutter your home and sell unwanted items online or at a car boot sale. 
17. Join a carpool: share rides with colleagues or friends to reduce fuel costs. 
18. Limit eating out: save money by cooking at home and bringing lunch to work. 
19. Use a cashback credit card: earn cashback on your purchases, but make sure to pay off the balance in full each month to avoid interest charges. 
20. Plan for big purchases: wait for sales or buy during discount events like black friday. 
21. Refinance your mortgage: if you’re a homeowner, consider refinancing your mortgage to get a better interest rate and lower your monthly payments. 
22. Cancel gym memberships: opt for home workouts or free outdoor activities like running or cycling. 
23. Track your spending: use a budgeting app or a simple notebook to keep track of your daily expenses. 
24. Reduce entertainment costs: take advantage of free or low-cost activities like community events or online streaming services. 
25. Take advantage of free trials: use free trials for services like streaming or fitness apps, but set a reminder to cancel before you’re charged. 
26. Set up a rainy day fund: save a small amount each month for unexpected expenses. 
27. Switch energy suppliers: compare energy suppliers and switch to a cheaper plan using websites like comparethemarket. 
28. Batch cook and freeze meals: prepare meals in bulk and freeze portions for later. This saves both time and money. 
29. Review your insurance policies: check your insurance policies annually to ensure you’re not overpaying. 

Implementing even a few of these tips can help you save money quickly and effectively. 

How to save money on everyday expenses 

Everyday expenses can quickly add up, but there are ways to cut costs without sacrificing your lifestyle. 

Groceries and household items 

Food and household items are some of the biggest expenses for most people, but there are ways to spend less. 

• Shop with a list: before heading to the store, make a list of what you need and stick to it. This helps prevent impulse buys. 

• Buy in bulk: purchasing non-perishable items in bulk can save you money in the long run. 

• Use price comparison apps: they can help you compare prices at different stores to ensure you’re getting the best deal. 

Entertainment and leisure 

Entertainment doesn’t have to break the bank. There are plenty of ways to have fun without spending a lot. 

• Take advantage of free events: check your local council’s website or community boards for free events like concerts, festivals, or outdoor movie nights. 

• Cut back on subscriptions: if you subscribe to multiple streaming services, consider cutting back to just one or two. Or, share a subscription with friends or family to split the cost. 

How to save money while paying off debt 

Saving money while paying off debt can be tough, but it’s possible with the right strategies. 

Debt repayment strategies 

There are several approaches to paying off debt, but two of the most popular are the snowball and avalanche methods. 

• The snowball method: focus on paying off your smallest debts first while making minimum payments on larger ones. As you eliminate each small debt, you’ll gain momentum and confidence. 
• The avalanche method: start by paying off the debt with the highest interest rate first. This method saves you more money in the long run, but it might take longer to see results. 

Balance transfer cards 

If you have credit card debt, consider using a balance transfer card.

These cards often come with a 0% interest rate for an introductory period, giving you time to pay off your debt without accruing additional interest.

However, be sure to read the terms carefully and aim to pay off the balance before the introductory period ends. 

Creating a savings plan that works 

A solid savings plan is the foundation of financial security. Here’s how to create one that works for you. 

Setting realistic goals 

Start by setting realistic savings goals. Whether it’s saving £500 for an emergency fund or £5,000 for a holiday, having a clear target will keep you motivated. 

• Short-term goals: these are goals you can achieve within a year, like saving for a new phone or holiday. 

• Long-term goals: these might include buying a home, starting a business, or building a retirement fund. Break these down into smaller, manageable steps. 

Automating your savings 

One of the easiest ways to save is to automate the process. Set up a direct debit from your current account to your savings account each month.

This ensures that you save consistently without having to think about it. Even a small amount, like £20 a month, can add up over time. 

Saving money doesn’t have to be complicated or overwhelming. By following the tips in this guide, you can start to build up your savings, reduce debt, and gain control over your finances.

Remember, every little bit helps, and the sooner you start, the faster you’ll see results. 

Ready to take control of your finances? Start by creating a budget or setting up a direct debit to a savings account.

Visit our content on savings accounts for more tools and resources to help you save money today.