The top 20 ways adults are trying to save money
A poll of 2,000 adults found 48 per cent have tried a new way of conserving cash in the last 12 months.
Other cost-saving methods include shopping at discount stores, buying in bulk and learning to mend damaged clothes instead of buying new ones.
For 27 per cent, home energy use has been the priority area for cutting their spending, with 51 per cent of those who have a smart meter claiming it has helped them control their bills.
While 31 per cent found price comparison websites were an invaluable tool for saving cash, and 16 per cent relied on savings spreadsheets.
But the survey, commissioned by Smart Energy GB, found 26 per cent aren’t sure where to go to find ways to save money.
A quarter would ask family or friends, while 12 per cent would use a social network and eight per cent would go to a charity organisation.
However, 37 per cent of those attempting to put cash away have still not found a saving method that works for them in the last 12 months.
Following the findings, financial guru Meg Micklewright, 26, who runs a money-saving-tips Instagram account, @thesavvysaverofficial, has offered her advice on how to save cash.
These tips include taking advantage of cashback apps, which allow you to save money on ‘absolutely everything’ – and never buying branded items.
The Birmingham-based financial guide said: “In terms of food shopping – shop unbranded, you’ve got to.
“You’ve got things like Heinz asking £5 for ketchup - for me personally, I’m not one of those people that are hooked to branded items and I think you can save so much while shopping unbranded.”
The research also found 29 per cent of Brits admit to splurging cash on eating out, while 19 per cent drop unnecessary cash on clothes.
But Meg says these unintentional purchases could be stopping them having more financial freedom.
She said: “A mistake I see some people making time and time again is unintentional spending – I feel like they aren’t thinking about things they actually need.
“For me, it’s having a sensible mindset when it comes to shopping: do I really need that? What’s the purpose of it? Having those questions around them when they’re spending is important.”
The savvy spender also believes technology is both a blessing and a curse when it comes to how people access their cash.
And while everyone is trying to make their money go as far as they can, a balance has to be found so life can still be enjoyable.
She said: “Whenever I have cash, I do find it easier to spend because once an amount’s withdrawn out of my bank it’s not trackable, so I just spend spend spend.
“Whereas say I’m going out shopping and I’m constantly using my card I’m more aware of how many times I’ve tapped it, and it feels like I’m spending loads.
“When it comes to tech in the home, my tip would really be to get a smart meter; it makes you so aware of how much energy you’re using.
“You can use it as a trial-and-error thing - where and what appliances are using too much? It’s usually winter where I’m watching it every day, it really comes in handy then.
“Having a budget helps you to enjoy your life while also being able to save – it’s absolutely crazy how many people don’t know how much their expenses and bills are – how much is going and what’s coming in.
“My biggest tip is to sit down have a look what’s out, what’s in, how much you have left after all expenses and things have to be spent, and work with that end figure.”
Top 20 ways Brits have tried to save money
- Turning the heating down
- Cooking at home
- Doing fewer washing loads
- Using colder settings on the washing machine
- Shopping at discount stores
- Taking shorter showers
- Only buying the absolute essentials
- Bulk buying
- Ending subscriptions on things you don’t use
- Walking or cycling more than using public transport or driving
- Signing up for a loyalty card
- Meal prepping for the week
- Mending damaged clothes
- Installing a smart meter
- Doing workouts at home
- Learning to give yourself or family members a haircut
- Giving yourself a manicure or pedicure at home
- Using home ingredients for cleaning
- Reusing teabags
- Showering at the gym