Save Money

Whenever you are spending money on impulse purchases, following the 30-day rule you would put the money into the savings account for 30 days before deciding to make the purchase or not.

1. Make a budget: Start by figuring out how much money you have coming in and how much you’re spending. Then, create a plan to spend within your means so you can avoid overspending. 
   Find out more: Check out our budgeting guide

2. Trim the fat: Take a look at your expenses and see where you can cut back. Cancel any subscriptions or services you’re not using, like that gym membership, you’ve been meaning to use but haven’t.

3. Cash in on rewards: Don’t leave money on the table! Sign up for cashback programmes, use credit card rewards, and look for discounts to save money on your purchases. Every little helps! We have guides on how to make the most of the Tesco Grocery & Clubcard App as well as the Asda Rewards App.

4. Make saving and investing automatic: Set up automatic transfers from your current account to your savings account or investments each month. That way, you’ll save money before you even have a chance to spend it.

5. Cook more at home: Eating out and grabbing takeaways can really eat into your budget. Plan your meals in advance and cook more at home to save money on food spending and dining out.

The 50/30/20 rule is a budgeting strategy that helps you divide your income into three categories:

The first category is essential expenses. This includes things like rent or mortgage payments, utilities, food, groceries, transportation, and other bills. You should aim to spend no more than 50% of your income on these things.

The second category is discretionary spending. This includes things like dining out, entertainment, shopping, and hobbies. You can allocate up to 30% of your income towards these things.

The third category is saving and investing. This includes emergency funds, retirement savings, or paying off debt. You should aim to save or invest at least 20% of your income.

By following the 50/30/20 rule, you can prioritise your essential expenses, enjoy some discretionary spending, and save for the future simultaneously. Remember that this is just a guideline and you may need to adjust it to fit your unique situation.

To begin, start by keeping track of your expenses and creating a budget. This will help you to identify areas where you can cut back on spending and save money. Look out for discounts and coupons to save money on groceries, clothes, and travel.

Simple changes to your daily routine can also help you save money. Try packing your lunch instead of buying it or taking public transportation instead of driving. These little changes can add up over time and help you to reach your financial goals.

Lastly, consider ways to increase your income such as starting a side hustle or negotiating a raise at your job. With a bit of effort, you can find clever ways to save money and build financial security for the future.

• Set a savings goal: Decide how much you want to save each month and set a specific savings goal. This will help you stay focused and motivated to save. Make sure your goal is achievable and realistic for your income level. If you need to earn more income to reach this savings goal, check out our Make Money category.
• Automate your savings: Consider setting up an automatic transfer to move a fixed amount of money into your savings account every month. This way, you won’t have to think about saving and it will become a habit. You can also set up automatic contributions to your ISA or retirement accounts, to ensure you’re saving for your future.
• Cut back on expenses: Look for ways to reduce your expenses, such as eating out less often, cancelling unnecessary subscriptions, and shopping for deals. Challenge yourself to find creative ways to save money, such as taking advantage of free entertainment options or finding alternative transportation methods. The money you save can go towards your savings goal.

1. Track your expenses – Look to see where you are spending your money. Those items or services that have increased in value the most are the ones to tackle first.
2. Look for deals and discounts – Sign up for rewards apps and asking for discounts on your purchases should become second nature to you. Repeat after me: It is not embarrassing to ask for a discount.
3. Eat seasonally or stock up – Food that is in season is often the cheapest. Buying food when it is cheap and stocking up for later is a great way to keep your food bills down.
4. Build an emergency fund – Always have 3-6 months of living costs in hand. Going into debt because of the increasing cost of living is a pathway to disaster. Fix this, before it becomes a problem.