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Your Money > Budgeting Articles > Seven ways to...
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By Rachel Robson
Pondering what to do this lunch time? Then why not get into the savings habit and pocket some extra cash... I don't know about you, but finding enough money to put aside and save seems to have become much harder over the past year. In fact, it seems that whenever I get paid, my salary gets zapped back out of my bank account almost immediately to pay for all of those irritating bills. So, following on from the popular Ten ways to make money in your lunch hour, if you're struggling to save money, have a look at these seven top tips - all of which should be easy to do in just a lunch break! 1) Get cash back! The high street can be a truly hideous place when it's packed with shoppers. So if you've got some things to buy, why not stay inside and do your shopping online? As well as being easy, shopping online can really help to save the pennies. If you use cashback websites, such as Quidco, TopCashback or GreasyPalm, you can earn money back every time you make a purchase via their links. To find out more about which cashback sites offer the best deals, read Grab some free cash today. What's more, by doing your shopping online, you can make the most of voucher codes which will give you juicy discounts off your purchases. Good websites to browse include HotUKDeals , vouchercodes.co.uk and myvouchercodes.co.uk - so make sure you have a good hunt around before you buy! Finally, by using a cashback credit card to pay for your purchases, you'll be able to save even more! For example, if you use the American Express Platinum Cashback Card you'll earn 5% cashback in the first three months (up to a maximum cashback of £100). After that, you'll earn between 0.5% and 1.5%. Just make sure you pay off your bill in full each month, or the interest you'll pay will cost you far more than the amount of cashback you'll receive. 2) Get rid of that expensive mobile deal! If you've had the same mobile tariff for years, chances are there's a better one for you out there somewhere. So why not use your lunch hour to surf the net and hunt out a better deal. Even if you don't have access to a computer, it's worth phoning up your mobile provider to see what they can offer you. Thanks to the recession, mobile providers are offering some really great deals right now - and if you still can't find one that suits your needs, it's always worth haggling to see whether you'll be offered something even better. Read The best mobile phone tariffs to find out more. 3) Choose a broadband bundle Similarly, if you use broadband with other services such as phone line rental and television services, it can work out cheaper to opt for a bundle. In fact, according to Szu Ping Chan, you could save a whopping £110 a year ! So why not spend this lunch hour shopping around to see what you can save! 4) Switch energy suppliers Admittedly, you won't be able to do this in just a lunch hour, but you can certainly get the ball rolling. Take a look at lovemoney.com's gas and electricity comparison tool to find the cheapest tariff for you. If you opt for dual fuel - so both your electricity and gas come from the same supplier - as well as choose to pay by direct debit, you're likely to save the most money. In fact, by simply doing all of this you could save as much as £350! And it really doesn't have to be difficult. 5) Get a better insurance deal If your home insurance, travel insurance or car insurance policy is about to come to an end, don't automatically renew the policy with the same provider. Many of the best deals on the market are offered to new customers only so you won't be rewarded for your loyalty. Use your lunch hour wisely and shop around for a better deal. You might be surprised at how much you can save. 6) Bring in your own lunch The idea of making your own lunch every day might sound like a lot of hassle, but it can seriously save the pennies. Instead of forking out £5 a time for that egg and ham sandwich from M&S, why not simply buy some bread, ham and eggs and make your own! Even if £5 for lunch doesn't sound like a massive amount, over the course of a month that works out to be around £100! When you consider you can make easily make your own sandwich for under £1, that's a big saving! 7) Get a better savings account Once you've started to save, you need to find a good home for your cash! So make sure your savings account is paying a competitive rate of interest and switch to a better one if it's not. If you're prepared to tie up your funds for a year or more, the Post Office is offering a one year growth bond at 3.85% and you will need a deposit of £500. Alternatively, ICICI and the AA are both offering a two year fixed rate bond at 4.35%. To qualify for the ICICI bond, you'll need a deposit of £1,000, while for the AA bond, you'll need a deposit of £500. If you'd prefer to be able to get your hands on your cash whenever you want, an easy access savings account will be more suitable. The Alliance and Leicester Online Saver Issue 5 , for example, is offering an interest rate of 3.15%. This rate includes a bonus of 2.65% on balances under £25,000* - but this bonus is variable so it could change at any moment. However, my favourite easy access account is the ING Direct Savings Account which is offering a guaranteed rate of 3% for 12 months. And you'll only need a deposit of £1. So what are you waiting for? Lunch-time is approaching - which means it's time to get saving! *Whatever your balance, you are guaranteed a 1.65% variable bonus. More from lovemoney.com Useful links: |
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