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Day 6: How do I save more money?

It is not always easy to make extra money. But most of us can find ways to spend less with a little bit of help.

We are here to help you work out how to save more money. Use what you save to pay off your debt quicker. Or set some aside for emergencies.

Go and make a cup of tea. When you get back, we are looking at simple ways to save money. Many only take a couple of minutes to do.

Today's tasks...

  1. Look at ways to save money on everyday expenses
  2. Find out how to save money for a rainy day

Task 1: How can I save money on my bills and living costs?

Look at the budget you made a couple of days ago.

You may see three or more things you could spend less on today. These might save you hundreds of pounds over time.

Here are some tips for saving money on living costs.

  • Plan your meals for the week
  • Cook meals in batches and freeze them for when you need them
  • BOGOF (buy one get one free) offers: Only if you will really use it. Any doubts, walk away
  • Use up your toiletries before buying new ones
  • Use a bar of soap instead of shower gel. It lasts longer
  • Use the correct amount of toothpaste (the size of a pea) and shampoo (a 50p piece for long hair, less for short hair)
  • Use multi-purpose cleaning products, or natural products like lemons, baking soda or distilled or white vinegar to clean around the home
  • Water meters are free to install and help you monitor your water usage
  • Switch off electric appliances at night or when you leave the house
  • Unplug phone chargers when you are not using them
  • Wait until you have a medium load or large load to wash you clothes
  • Hand wash delicate clothes if you can
  • Hang dry your clothes and use the tumble dryer for linens
  • At least once a year, check if there is a better deal
  • Use WiFi to save on mobile phone internet data
  • Use free apps to call friends and family, especially abroad
  • Are all the vehicles in your household essential? You could sell a car if you do not need it every day
  • Could you carpool with friends or colleagues?
  • Can you buy season tickets or travel off-peak?
  • Could you walk or cycle?

Looking for more money-saving ideas?

Read our guides to saving money and increasing income.

 Are you ready to deal with your debts?

There are lots of ways to get help. Do it in your own time with our online advice tool or call our friendly teams.

Find out about how we can help you

Task 2: How can I save money for a rainy day?

Why should I care about having savings?

We want you to thrive, not just survive.

That means you need some cash to fall back on in an emergency. Like car repairs or a vet bill.

And goals give our lives meaning. A savings target gives you something to work towards. It feels good to pay with money you saved instead of putting it on a credit card.

Most importantly, by saving money you are ‘buying’ yourself peace of mind. You know you can cover costs without putting your budget at risk.

Now we know the ‘whys’ of saving, let’s look at the ‘hows’…

1. Pick a goal

Putting money towards your goals makes them more ‘real’, which can positively effect on your life. Your goal could be anything, like:

  • Saving up £50 for a new winter coat
  • Saving up £100 towards Christmas
  • Saving up £250 in case your washing machine breaks
  • Saving up £500 to buy a pram for your baby

Starting small is fine. Even saving just £1 a week gives you £52 in a year. That is not to be sniffed at.

2. Commit to saving an amount of money each month

You may have seen where you can save money when you built your budget on Day 3.

Put these savings aside each month.

For example:

  • Switch to a cheaper supermarket: You could save £5 a week on food. £5 x 52 weeks is £260
  • Cancel a £40 gym membership: You could save £480 over 12 months
  • Cancel your £50 satellite subscription and switch to Freeview: You could save £600 over 12 months

On Day 5, we talked about earning extra money. You could put that aside too.

Make sure your saving goal matches what you can realistically afford after living costs and household bills.

3. Give your savings a home of their own

Keep your savings separate from money you spend on daily living costs.

You could:

  • Set up a basic bank account: Pay your savings in each week by Standing Order
  • Use pots in an online banking app
  • Put your savings in a jar and watch them grow

4. Upgrade your growing savings pot

Once you have saved up a chunk of money, look at how to make that money grow.

Phew! We have covered a lot these last few days. Tomorrow is the final day of your 7 Days, 7 Ways journey.

Debt happens. We deal with it.

We have helped millions of people since 1993.

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"StepChange has been a life saver"

"StepChange has been a life saver. I can only be thankful. They were helpful all the way through, always getting back to me. I didn’t need much help to set the account, but help was there, had I needed it."

Mireia, Feefo Review

 Coming up in day 7...

We finish any jobs for your debt solution. And look at more ways to thrive (not just survive).

Skip ahead to day 7 now