10 great money saving tips | Best ways to save money | Barclays (2024)

If you’ve ever wondered about ways to supercharge your savings, why not look for help from hacks?

Quick and quirky savings tips can act as rocket fuel to your efforts to regularly put money aside. These smart shortcuts could help you think differently about money, and make it work much harder for you.

Or if you’re just starting to save, a number of small savvy steps can together lead to big savings and encourage you to nurture a brilliant new habit.

To find some of the best hacks to share, we asked for top personal savings tricks from you, our colleagues at Barclays, friends and family - and were delighted at the response.

We’ve highlighted our favourites in speech marks below – some are twists on an old invention, others we’ve never heard of before.

And with 10 different tips to try, why not see which ones save you the most over a year? With the rise in the cost of living, they could help you cut back and stay on top of your money.

1. Take the 1p savings challenge

“This is all about scale over a year! Save one penny on day 1, 2p on day 2, 3p on the third day and so on. After 365 days you could end up with savings over £650.”

2. Try a ‘no spend’ weekend

“Set yourself a ‘no spend weekend’ – one every other month if you can. Do activities like going on walks, movie night, board games, free museums. And if you use up any leftover food from the week as well, this can all really make your salary go further every month.”

3. About to splurge? Save the same sum first

“Next time you want to buy a treat from your usual spending money – a £30 dress, say – make yourself save the £30 first. For example stop yourself buying that coffee out (£3 saved), make a few extra veggie meals (£10 saved etc) until you hit £30. Now switch this sum from your current account into your savings account. This way, you’ll save extra, get in the habit of cutting back on spending and give yourself time to make sure you really want that dress.”

4. Put strangely-shaped veg in your supermarket trolley

“Look out for oddly-shaped veg in boxes for discounts (often quite a few pounds cheaper) because many customers don’t like the way it looks. But if you don’t mind your vegetables coming in strange shapes, it’s an easy saving.”

5. Buy lost and stolen goods at police auctions

"Police forces end up with plenty of lost and stolen items they can’t use, so sell them at auction. Items on offer vary wildly – bikes, razors, toys, denture cream, candles. Type the words ‘police stolen goods auction’ into your web browser and look for an auction near you. You’ll usually have to collect the goods in person, so always check location.”

6. Steer clear of monthly insurance bills

“Your insurance premiums might look more affordable in any list of insurance quotes, but there’s often a sting – many firms charge high interest if you pay monthly. This can put an extra 10 per cent or more on to your premiums – that’s a whopping £50 more, for example, for a £500 car cover policy. Pay upfront if you can.”

7. Take a very close look at your tax code

“It might look innocent enough to ignore but your tax code can trip you up – it’ll always pay to double-check you’ve got the right one. If it’s wrong, you could pay too much tax or pay too little and get a hefty bill later on. Millions pay the wrong amount every year. There are loads of HMRC tax tips to check you’re on the right one.”

8. Consider putting £50 a month extra onto your mortgage payment

“Overpay a bit each month and you could chop your mortgage term and save thousands in interest. Imagine you owe £100,000 at 3%. It’d be roughly £470 a month over 25 years. But pay an extra £50 a month and you could save more than £6,000 interest – and pay it off three years early. Always check for early-repayment charges, though."

9. Shopping online? See if you can get paid to buy it

"Once you’ve found the best price with your choice of retailer online, always check to see if cashback is available – try Topcashback, Quidco and other major cashback sites you can find through online research. There’s often a code which can give you a discount on your chosen item."

10. Pay off your pricey debts as a top priority

“Let’s say you’ve got £1,000 on a card at 18% (£180/yr interest bill) and, at the same time, £1,000 in savings earning 1% (giving you £10/yr). If you could pay off the card balance with your savings, you’d be £170 better off a year. It won’t be for everyone’s circumstances as it’ll mean your savings being used up in one go, but you won’t have the interest to pay.”

10 great money saving tips | Best ways to save money | Barclays (2024)

FAQs

10 great money saving tips | Best ways to save money | Barclays? ›

Save money automatically.

Set up a direct deposit from each paycheck to your savings account. That way you don't even think about the money you're saving—you're just saving. Start budgeting with EveryDollar today! And if you really want to get serious, use a separate bank from your existing checking account.

How can I save $1000 fast? ›

11 Easy Ways to Save $1,000 in 30 Days
  1. Create a Budget. ...
  2. Automate Your Savings. ...
  3. Create a Savings Bingo Sheet. ...
  4. Negotiate Your Bills. ...
  5. Separate Wants From Needs. ...
  6. Plan Your Meals. ...
  7. Buy Generic Brands. ...
  8. Cancel Unnecessary Subscriptions.
Sep 26, 2023

What is the trick to saving money? ›

Save money automatically.

Set up a direct deposit from each paycheck to your savings account. That way you don't even think about the money you're saving—you're just saving. Start budgeting with EveryDollar today! And if you really want to get serious, use a separate bank from your existing checking account.

What is the 30 day rule? ›

The premise of the 30-day savings rule is straightforward: When faced with the temptation of an impulse purchase, wait 30 days before committing to the buy. During this time, take the opportunity to evaluate the necessity and impact of the purchase on your overall financial goals.

How to save $10,000 in a year? ›

To reach $10,000 in one year, you'll need to save $833.33 each month. To break it down even further, you'll need to save $192.31 each week or $27.40 every day. These smaller chunks are much more realistic and simple to comprehend, making it easier to track your progress.

How can I save $5,000 in 100 days? ›

The 100-envelope challenge is pretty straightforward: You take 100 envelopes, number each of them and then save the corresponding dollar amount in each envelope. For instance, you put $1 in “Envelope 1,” $2 in “Envelope 2,” and so on. By the end of 100 days, you'll have saved $5,050.

Is saving 2 grand a month good? ›

It depends on what you're doing and how much you make: If you're one person making $100K before taxes, it's pretty solid and means you're financially frugal. If you make $350K, even in the Bay Area, saving only $2K/month as a single person would be rather minimal, and would be a sign that you're living “overlarge”.

How do I stop wasting money? ›

Here are some ideas to help you stop spending money and build healthier financial habits:
  1. Create a Budget. ...
  2. Visualize What You're Saving For.
  3. Always Shop with a List. ...
  4. Nix the Brand Names. ...
  5. Master Meal Prep.
  6. Consider Cash for In-store Shopping. ...
  7. Remove Temptation.
  8. Hit “Pause"
Jan 19, 2023

How much should I save per month? ›

How much should you save each month? For many people, the 50/30/20 rule is a great way to split up monthly income. This budgeting rule states that you should allocate 50 percent of your monthly income for essentials (such as housing, groceries and gas), 30 percent for wants and 20 percent for savings.

How do I stop living paycheck to paycheck? ›

How to Stop Living Paycheck to Paycheck
  1. Get on a budget.
  2. Take care of your Four Walls first.
  3. Cut extra expenses.
  4. Start an emergency fund.
  5. Ditch debt.
  6. Increase your income.
  7. Live below your means.
  8. Save up for big purchases.
Oct 12, 2023

How should a beginner start saving money? ›

8 simple ways to save money
  1. Record your expenses. The first step to start saving money is figuring out how much you spend. ...
  2. Include saving in your budget. ...
  3. Find ways to cut spending. ...
  4. Determine your financial priorities. ...
  5. Pick the right tools. ...
  6. Make saving automatic.
  7. Watch your savings grow.

What's the 50 30 20 rule? ›

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals. Let's take a closer look at each category.

What is the wash sale rule? ›

Q: How does the wash sale rule work? If you sell a security at a loss and buy the same or a substantially identical security within 30 calendar days before or after the sale, you won't be able to take a loss for that security on your current-year tax return.

What is the $27.40 rule? ›

Instead of thinking about saving $10,000 in a year, try focusing on saving $27.40 per day – what's also known as the “27.40 rule” because $27.40 multiplied by 365 equals $10,001. If you break this down into savings per day, week, and month, here's what you're looking at in terms of numbers: Per day: $27. Per week: $192.

Is saving $1,000 a month realistic? ›

Saving money in this inflationary environment can be difficult, but it's not impossible. If you want to save $1,000 in a month, that can be within reach with a few straightforward steps. Financial experts recommend taking a few steps to get there.

How to save up $100,000 fast? ›

Five tips to help you save $100,000 faster
  1. Live below your means and cut frivolous spending. ...
  2. Be hyper-aware of every monthly expense and ruthlessly cut back to save faster. ...
  3. Pay down high-interest debts like credit cards first. ...
  4. Find the financial institution that will get you the highest interest rate.
Mar 27, 2024

How quickly can you save $1,000? ›

Breaking down the amount you need to save in shorter intervals can help you make concrete changes to your monthly budget and make the end goal more tangible. If you wanted to save $1,000 in three months, for example, you'd need to save roughly $84 per week.

How to save $1,000 dollars in one month? ›

How to save $1,0000 in a month, according to experts
  1. Analyze your finances. If you want to save $1,000 in a month, then you need to earn $1,000 more than what you spend. ...
  2. Plan your meals. ...
  3. Cut subscriptions. ...
  4. Make impulse purchases harder. ...
  5. Sell unneeded items. ...
  6. Find extra work.
Sep 26, 2023

How can I turn $1000 into $10000 fast? ›

6 Ways to Turn $1000 into $10000
  1. Invest in Real Estate.
  2. Invest in Stocks and ETFs.
  3. Get Out of Debt Now.
  4. Start an Online Business.
  5. Retail Arbitrage.
  6. Invest in Yourself.
Jan 23, 2024

How can I double my $1000? ›

One of the easiest ways to double $1,000 is to invest it in a 401(k) and get the employer match. For example, if your employer matches your contributions dollar for dollar, you'll get a $1,000 match on your $1,000 contribution.

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