If you’re in debt, you are far from alone. Nearly 10 million Brits are in the red for a string of things, including rent, credit cards, and utility bills.
The average debt per person in the UK is currently £33,410.
So, it’s understandable that when being bogged down by the hefty sum, the idea of saving money seems laughable, if not impossible.
But, there are ways to cut down, and even create some savings on the side.
Borrow don’t buy
Skip to the pot of gold at the rainbow’s end by renting clothing.
Two thirds of Brits who are swapping purchasing for leasing have noticed big savings, according to financial experts at Vantage Leasing.
If you consistently buy new clothing from the high street, you could save hundreds if you switch to renting. If you are more inclined to fork out for pricey designer gear, you’ll benefit even more.
According to finance experts, renting clothing or other products such as cars instead of purchasing them can save a person an average of £636 a year. It’s also better and more sustainable for the environment.
Ringfence the amount saved as and when you rent so you can see exactly what you are saving.
A no-spend month
The average UK household has £213 a week of disposable income, a 9.2% fall in previous years. Choosing to participate in a ‘no spend’ month is not easy, but the rewards can be huge – as in £852 worth of savings,
Ultimately, the rules are that a household only makes essential purchases, such as car insurance, petrol, rent, mortgages and food.
So cut out the ‘treats’, such as that extra cheeky dessert, that appointment at the nail salon, the spontaneous boozy night-out or that occasional Uber trip home from work because you’re too tired to wait on a bus.
Free days and nights out
Sign up to the right mailing lists for freebies and check out websites that show where you can see the hundreds of free exhibitions and festivals in London.
You can also grab free tickets to some of your favourite TV shows such as The Graham Norton Show, Live at the Apollo, The Great British Bake Off after-show and Countdown, which can be applied for online.
The BBC mailing list, for example, offers free concerts all around the UK, including Later… with Jools Holland, Radio 1 gigs, Radio 6 recording sessions and BBC orchestra performances.
Ban to stay on plan
Scan your latest three bank statements and highlight the expenditures that vanish from your account most regularly. Is it take-aways? Taxis? Or maybe subscriptions? Place a ban on the culprits for a month.
Putting these on ice will not only save you at least £80, according to the researchers, but at the end is likely to make you realise you can survive without them and didn’t need them in the first place!
Carry on for a year and you’re looking at savings adding up to £960.
No gifts
Save at least £150 by implementing a no presents rule with your family and friends until the end of the year. If not your thing, try a spending limit ‘Secret Santa-style’.
It’s tricky and takes time to find cheap gifts, but, if you have children you can turn it into a creative and fun lesson about spending and your bank balance will thank you.
MORE : How to contact the Martin Lewis Money Show – question process explained
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