Top Saving Tips from Lee

Become a penny pincher with these top saving tips from our friend Lee Parkin at Kensington Financial Management Consultants:

Budget - Set an agreed budget and DO NOT deviate from it. If it helps, set up a simple Excel sheet to calculate all your outgoings and log every single item purchased, right down to coffees and snacks – you’ll learn a lot from this!

Plan – Make a list of birthdays, anniversaries and other celebrations and allocate a budget for gifts and parties. Set aside some cash from your salary each month so that you are armed and ready to spend. Don’t leave gift buying until the last minute, it leads to panic buying, which can be costly.

Research - Kensington Financial Management Consultants do not endorse or encourage credit cards but do understand they are sometimes required. If you can’t do without, invest some time into finding one with the lowest interest rates, with an extended interest free period and even one that provides cash back on purchases or points on things you wish to purchase.

Work – Taking a second job in the evenings or at weekends can really boost your income plus with less time on your hands you’re less likely to spend.

Switch your current account - An overdraft is one of the most convenient ways to borrow a bit of extra cash at the end of the month, but it can be expensive. A number of high street banks have recently hiked their overdraft rates - and charges for unauthorised borrowing are extortionate. Customers rarely switch their current account because they think it’s a hassle. But nowadays it’s very straightforward and your new bank will do much of the work.

Save whilst you spend - We all have our Tesco Clubcard/Sainsbury's Nectar Card/Somerfield Saver, in fact many major retailers are now offering loyalty cards, which provide a great way of saving throughout the year without actually paying out extra.

Give up something - Giving up one of your little luxuries can result in a significant saving over time. Giving up your daily latte, Friday night pizza or costly cigarettes could save a small fortune – open a savings account and add the money to it each week, that way you’ll feel extra virtuous!

Surf the World Wide Web – There are numerous websites offering voucher codes for special offers and discounts on various items from cheap meals to discount on gifts. They’re there for the taking, so snap them up! The Internet also has pages of competitions that are free to enter and you could find yourself with anything from a crate of wine to a brand new car.

Dress to impress – Host or look out for clothes-swapping parties in your area, also known as ‘swishing’. This is a cost-effective way to give yourself a quick fashion makeover and declutter your wardrobe.

Tried and tested – In your spare time you can take part in paid-for surveys or product trials – these don’t take long to do and you will usually receive vouchers or cash as an incentive for taking part. Kensington Financial Management Consultants undertake lots of surveys where respondents are entered into prize draws – if you would like to be part of their survey team please e-mail pr@kensingtonfinance.co.uk or call 0161 850 0565

Go the ‘extra’ mile – If you want to claim your place in the hall of fame, look into opportunities for roles as an ‘extra’ for local TV and film production companies – a fun and flexible way to earn some extra cash.

The Great Outdoors – You can save money by cancelling your gym subscription and taking up walking, jogging or cycling. The fresh air will do you the world of good – its great for your mental and physical well-being, and your bank account will feel the benefit too!

Save face – Research the best deals on ISAs and set up a standing order to transfer the money as soon as you are paid every month. You won’t notice it leaving your account, but you will always have a back up in case of emergencies. Remember, an ISA offers a tax free way of saving, so you end up with the full interest being added to your savings rather than giving a portion of it to the tax man.

Shopping around – The Internet makes it so easy to compare prices. Think about it, if you needed a new boiler installing you’re likely to get at least three quotes in before you decide to buy, so why should your weekly shop or annual holiday be any different? There is a multitude of price comparison websites out there that cost you absolutely nothing but can save you a great deal.

Buy in bulk - The supermarkets offer some great deals when you buy in bulk, such as ASDA offering 3 crates of larger for just £20. It makes financial sense to buy essential items, such as toilet rolls, tin foil, tea bags and washing powder in bulk, as you know these are items you will always use. Buying in bulk is by far cheaper than popping to the off license or corner shop each evening. Remember though, don’t be seduced and only buy the things you need. Plus, if you have limited storage space – shop with a friend and share out the bulk buys!