It's almost time to start thinking about your 2016 resolutions. All those good intentions and big plans you had in January this year are but a memory, and it's probably fair to say that we all still have goals left unfinished. Chief among them: Saving money.
Let’s say you want to put away £500 over the first three months of the New Year. It’s definitely doable — and you don’t have to sit at home every night eating canned beans and crying into the darkness as you suffer from extreme FOMO. You just have to cut back where it counts.
Ahead, 10 cost-cutting ideas to try to put you on the path to having some money in the bank before spring breaks. (And if £500 is too lofty a goal, we still recommend trying these tips to trim your budget — when it comes to your savings account, every little bit really does help.)
If you’re spending £40 to £60 a month on SKY (at least), it might be time to cut the cord. With Netflix, Amazon Prime and Now TV, you can watch almost everything on your computer without the expensive cable bill. (Most internet services don't cost more than £5 per month.)
And really, doesn't "sharing economy" encourage the sharing of Netflix passwords (or, um, stealing them from your parents?). Yes, this is the Golden Age of TV, but it's also the Golden Age of the spoiler alert. Who watches anything in real-time these days?
Savings: £40+ per month
Illustrations by Mallory Heyer.
Cutting back on coffee spending won’t make you a billionaire (well, depending on how much coffee you drink), but if you’re spending £3 per day on soy lattes, that’s £90 per month and about £270 between now and February. If you swap it for a regular coffee instead, it’ll save you about £100 over the coming months. Drinking regular coffee isn’t the worst thing in the world — especially when your bank account is £100 fatter. (Need the soy milk? Stash a carton in the office fridge.)
Savings: a potential £90 per month
Illustrations by Mallory Heyer.
It’s hard not to lust after miracle serums, magical moisturisers and otherworldly eye creams that promise to give you the skin of a highly airbrushed Kardashian. The problem is, those mystical beauty products are usually expensive as hell. But that’s where free samples come in. Instead of spending £25 to £50 on a vitamin C algae sea kelp serum, score free samples from Selfridges. All you have to do is ask. Nicely.
Savings: £40+
Illustrations by Mallory Heyer.
Maybe when you hear the term “clipping coupons,” you imagine yourself old and grey, wearing a robe and slippers, sitting at a sticky kitchen table with oversized scissors, listening to Radio 4. Coupon clipping is not lame! And more and more, you can "clip" them digitally.
You can save up to £10 to £15 per grocery trip if you’re diligent about it. Use apps like mySupermarket and TopCashback, and sites like Couponshop.
And curb that Whole Foods or Marks & Spencer habit for a while — all those £4 packs of asparagus add up.
Savings: £80+
Illustrations by Mallory Heyer.
Are you regularly paying £20 (and up) for some high concept work out class? What about those £20 yoga classes and £25 barre sessions? If your monthly budget includes £40 per week for workout classes, it might be time to reprioritise in favour of your savings account — at least for 3 months. Cutting out the classes altogether can save you hundreds between now and Spring.
Of course, we don't want to suggest you stop working out — you can just try out some cheaper options. Maybe there’s a spin place nearby with a monthly £40 unlimited class deal. And if you can bear the cold, you can take your workouts outside — running and biking are basically free. You can also do workouts at home — there are countless videos available on YouTube, including some pretty classic Jane Fonda clips. And of course our 30 Day Work Outs.
Exercise should definitely be a priority, but cutting back on the fancy classes can save you big bucks in the short term.
Save: £100+
Illustrations by Mallory Heyer.
The only thing worse than haggling might be haggling with the phone company, but this can be a big money saver — especially if you have been a loyal customer. Call your provider and ask for the retention department (Most providers have one. If they play dumb, just say, “Then please connect me to the equivalent of the retention department.”) to negotiate a lower package.
If you’re nice and calm, and if you politely, but firmly, ask them how they can help you cut down you bill, they will usually find a way. (Doesn't hurt to mention that you're shopping for another carrier.) The savings can be as little as £5, but it can also be as much as £20 (per month) — and really, every penny counts.
Savings: a potential £10+ per month
Illustrations by Mallory Heyer.
Instead of eating out seven nights a week (including ordering takeaway — sorry), stay home and cook dinner. It doesn’t have to be elaborate (in fact, it really shouldn't be, or you'll end up overspending on ingredients), and you’ll save a ton of money.
You’re paying at least three times more for food at restaurants (it's near impossible to dine out for less than £10 per person), and it's easy to spend £10 or more on your Just Eat orders. You can save £500 in three months simply by changing your dining habits.
If you think you’re hopeless in the kitchen, just remember: Nigella is just a woman who taught herself how to cook stuff. (Same goes for Nigel Slater – but a guy who taught himself to cook stuff.) Test your skills with this recipe for roasted chicken with tahini. Delicious and cheap.
Savings: £150+
Illustrations by Mallory Heyer.
If you think spending money on food when you go out is pricey, just remember that they’re seriously jacking up the price of alcohol at bars and restaurants. Have you ever bought a bottle of wine at the store for £6 and then ordered a glass of that same wine at a restaurant for... £6?
On those nights you're looking to have a few drinks, consider keeping the party local — as in at your flat. Have your friends bring a bottle or two, or pick up some cheap bottles from the wine shop. Swapping one or two nights out, where you easily drop £30 to £40 on drinks for a fun night in can save you £20 or more.
Savings £60+ per month
Illustrations by Mallory Heyer.
Cinema trips are pricey enough (we recommend hitting up a matinee), so instead of paying £5 for a jumbo-sized Sprite (Seriously, who needs that much liquid?) or £6 for some stale popcorn, stuff your bag with snacks from the corner shop instead. Hell, sneak in a bottle of wine if you want. Just make sure it doesn’t topple over and roll down every step in the theatre. Been there.
Savings: £15+
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