Looking after the pennies in 2024

When it was announced that the UK was officially out of recession earlier this year it will have been a welcome relief for many households across the nation. With forecasters predicting the British economy to start a slow and steady upward trajectory, there are signs that the country could finally be recovering to full financial health. However, with a reported 21 million Brits struggling to pay bills, the effects of the cost-of-living crisis are still being felt up and down the country with many ordinary people continuing to grapple with increasing prices and stagnating wages. It is therefore more important than ever to find new ways to look after the pennies and make your money go further.  

Create an effective monthly budget  

While it may seem obvious, there are still many people in the UK who still don’t budget their finances properly, ultimately making it harder to prioritise essential purchases and track what they spend. By carefully tracking your income and expenses, you can get a clearer picture of your financial situation, providing clarity on what you can afford to be spending. Portioning off your income into separate pots for expenses like bills, groceries, savings and non-essentials helps to organise your money better while utilising powerful budgeting tools like Emma and Chip to make the process even easier. Budgeting is the essential first step to keeping track of your cash. 

Be smart when shopping for groceries  

There are a number of ways you can make your grocery shop work for you, boosting the size of your shopping trolley while minimising the length of the receipt. Every supermarket in the country has a loyalty scheme available to sign up for which gives loyalty card members several money-saving perks. Most schemes use a points system which allows shoppers to earn points as they shop which can then be spent in-store to save on future shops, while certain ones, such as Tesco’s Clubcard system, offer cardholders exclusive discounts on store cupboard essentials. Furthermore, these loyalty programs are free and easy to join – making it a no-brainer for looking after the pennies.  

Take advantage of bank account sign-up bonuses 

To entice new customers to set up accounts with them, several banks are now offering generous sign-up bonuses that should definitely be taken advantage of. Lloyds, for example, is offering customers who switch to them £200 cash as well as the opportunity to get either 12 months of Disney+ membership or free cinema tickets. Similarly, Nationwide and First Direct are offering $175 for switching to them. Using Uswitch, switching accounts is much easier than you’d think, and with free cash up for grabs, it is hard to see any downside to making the switch. Remember to read the terms and conditions of any sign-up bonuses on offer to make sure you are eligible before making any moves. 

Look out for deals when doing your hobbies 

Whatever your hobby, using the free time you have away from the workplace to do the things you love is vital for your mental health, especially during turbulent periods like now. If you’re a fitness freak, look out for gym deals with many leading gyms offering huge reductions for new members in some cases offering a free trial period. If you love to play poker or slots at online casinos, make sure to use helpful casino guides to find the best value bonus when playing your favourite games. Maybe if you’re looking for a new hobby, look on coupon sites like Wowcher or Groupon to find huge discounts on new experiences.  

Think about switching your energy provider 

The energy crisis that has the UK in recent years has caused financial woes for many households, with soaring bills often leaving customers wondering whether or not to turn the heating on. Due to fluctuations in the energy market, for a while the best option to minimise energy bills was to stay on a variable tariff, however in recent months certain fixed-rate deals have hit the market that could reduce your energy costs. Using comparison sites like Compare the Market to weigh up different options is the best way to make sure you’re getting the best deal. Though it may seem like an arduous task, switching to a better deal could make it much easier as the winter months arrive.  

Clear out your house  

If you’ve lived in the same house for a long time, it is easy to accumulate lots of stuff and forget that it even exists. Remember one man’s trash is another man’s treasure. You could be keeping holds off loads of clothes, toys and technologies that you haven’t thought about for years that could be worth something to someone else. Having a clear-out and selling unused items on second-hand sites like Facebook Marketplace, Vinted and Ebay is an excellent way not only to make some extra cash but to declutter your house. Furthermore, being part of the second-hand society is a great way to live in a more environmentally sustainable way as well.  

Swap the takeaways for home cooking 

A recent study has shown that Brits are continuing to ditch their pots and pans in favour of expensive and often unhealthy takeaways with the 50% rise in takeaway consumption as a result of the pandemic staying high as the country returned to normal. While ordering your favourite foods is convenient and tasty, the increased costs of eating takeaway compared to home-cooked meals add up over the course of a year. Making meal plans and batch cooking for the week ahead is a useful way of making sure you’re not overspending on meals without sacrificing too much of your time in the kitchen. Plus, homecooked meals can sometimes end up tasting even better.  

Starting by creating an effective and realistic budget, using any or all of these money-saving tips will put you on the right path to saving the pennies this year. Not all of them will suit your needs now, but by being aware of the diverse ways you can stretch your money, you will always be ready if you have financial worries in the future.