SAVING money is a top New Year’s resolution for 2024, with half of all households pledging to set aside more cash.
But many aren’t sure where to start as the high cost of living continues to squeeze wallets. For a helping hand, follow our 24 ways to cut costs in 2024.
The start of a new year is the ideal time to give your finances a much-needed makeover to save cashAlamy
MONEY MINDSET
1) Make your own money calendar, filled with any dates that bring big costs, like birthdays, holidays and new school terms.
Set reminders for buying second-hand school uniforms, booking free school holiday clubs or buying two-for-one toys for birthday presents.
2) Throw away less food and you could save £60 a month. There is a useful portion planner on lovefoodhatewaste.com.
Naomi Willis, co-founder of the money-saving website Skint Dad, says: “Make a shopping list and stick to it. Get all you need in one shop to avoid another trip to the supermarket.”
3) Use your own takeaway cup to get 50p off drinks at Pret a Manger and 25p off at Starbucks.
Costa and Caffe Nero give extra loyalty stamps towards a free drink, which could save around £80 per year.
4) Need to fix something in your home? Do a basic course to save yourself a fortune.
For example, The Good Life Centre offers a three-part tiling course for £65 — cheaper than a professional’s call-out fee. Find other classes at findcourses.co.uk.
5) If you can’t resist temptation, unsubscribe from offer emails and turn off notifications from takeaway firms.
Barclaycard reckons people spend £500 a year on subscriptions, so go through your bank statements to find those you no longer use.
Using your own coffee cup saves 50p at Pret a Manger and 25p at StarbucksGetty
Check your subscriptions to see if you are paying for entertainment services you do not useAlamy
6) Set aside what you need for essential bills, then have a pot for holidays, clothes, coffees — whatever you tend to spend your money on.
These could be actual pots or envelopes, or some bank accounts let you have virtual pots.
Vix Munro, money expert and co-founder of the Mad About Money app, says: “Giving every pound a purpose means you’re less likely to bust your limits on each area of spending.”
BILLS
7) Beat rising energy bills in January by draught-proofing your home, saving up to £90 a year.
Fill gaps around doors and windows. Folded newspaper can do the job, or a rolled-up towel.
8) Water bills will rise in April. If you’re on a meter, switch to a four-minute shower, fix leaks and put a water-saving cistern bag in your toilet.
9) The TV licence is to rise in April and telecoms companies usually hike contract prices too.
Out of contract? Shop around, snap up new customer deals or negotiate with your provider to save around £90 a year, according to consumer champion Which?
10) Check the price history of big items you want to buy at PriceRunner or Idealo. Naomi says: “Find the best deal, then double your savings by getting cashback through Quidco or TopCashback.”
11) You could save up to £523 on annual car insurance premiums, according to moneysupermarket.com, by shopping around — so don’t let policies auto-renew.
FAMILY SAVINGS
12) Make sure you are not one of the 800,000 eligible families missing out on up to £2,000 a year in tax-free childcare.
13) Get birthday freebies or discounts by signing up to loyalty schemes including Frankie & Benny’s, Zizzi, Greggs, Costa and The Body Shop.
14) If you only need an item as a one-off, rent instead of buying it. Naomi says: “See if you have a local Library Of Things where you can borrow items or use a tool like Fat Llama, where you can rent from people in your community.”
15) Don’t return from holidays with a huge phone bill. You may have to pay a daily fee for overseas use if you’re a customer with EE, Vodafone or Three, but that will be cheaper than massive charges.
Sign up for birthday freebies at The Body Shop, Zizzi, Greggs and CostaAlamy
16) Beat the crowd to free or cheap holiday childcare.
If your child qualifies for free school meals, register for the Holiday Activity and Food (HAF) Programme before each school break.
17) Having a night out now and again is important, but do it for less.
Check out websites such as OpenTable to find two-for-one eating-out deals or make the most of cinema deals.
18) Recycle almost anything and make money. From printer cartridges to empty toiletries, old DVDs and books, you can get money when trading in.
GROCERIES
19) Switch to own brands. If your family eats a 630g box of Shreddies every fortnight, £3.95 at Sainsbury’s, you’ll spend almost £103 a year.
If you swap to the store’s 95p Wholegrain Malties, 750g, for under £25 a year, you can save £78 a year on breakfasts alone.
20) Swerve smaller convenience supermarkets, where budget ranges are less likely to be available.
Which? found that if Asda’s 52p Essentials rice is not available, the next cheapest alternative is its Easy Cook Long Grain White Rice, £1.50, both for a kilo.
Make a shopping list and stick to it to cut food waste and save £60 a monthAlamy
21) For free or cheap food, use the Too Good To Go app to get “magic bags” of food, typically at a third of the full price.
The Olio app will alert you to free food close to where you live.
Also, search for a nearby Community Fridge at hubbub.org.uk, for local surplus food.
22) Refill containers to top up your savings.
The Cussons Carex one-litre refill pouch is £3.50 at Morrisons, while a 250ml bottle with pump is £1.50.
If you refilled the bottle four times with the pouch, you’d then save £2.50.
Check the price per 100g to be sure you are saving.
23) Buying yellow-sticker food nearing its best before date can bring big savings.
The best time is usually after 6pm, but get to know your local supermarkets to find where and when the best deals can be found.
24) Buy frozen food to save. The cheapest frozen sweetcorn in Sainsbury’s is £1 for 950g with a Nectar card.
The cheapest own-brand tinned corn is nearly double at £2 a kilo, while you can pay up to £6 a kilo for a big brand.