The Best Money Saving Moves To Make this Year

What are your big money goals this year? Planning a big overseas holiday? Hoping to buy a car? Simply want to start a rainy day fund? Whatever you’ve got your heart set on, if there’s money involved, you can pretty much guarantee that you’ll have to do some saving. We know, we know, booooo. Of all the money moves you can make, saving can sometimes feel like the one that really makes you drag your feet. But shimmying towards your goals and reaping the benefits of that is something to be proud of. 

That’s why in this blog we’re talking about ways to save that go further than putting loose change in a piggy bank (not that we’re knocking that tried and true method). It’s your money and your moves, so however you save is completely up to you but here are some of our best tips to have a crack at this year.

The key to these tips is making sure you put the money you save into your savings pot and not running out to spend it straight away — think of those big goals!

1. Reduce energy costs where you can 

It sounds obvious because we would all love to not have to pay heaps for our energy bills, but taking practical steps can actually help keep costs lower. Try switching to energy-efficient home appliances which have high ratings to save on electricity or installing secondary glazing on your windows to improve insulation and reduce heat loss.

2. Rethink your transportation

Making smart travel and commuting choices is a simple way of saving in your day-to-day. Carpooling with friends, family or coworkers is great for saving money on fuel costs while travel discount cards can reduce your commuting expenses as well. For short distances if you’re able to, walking or cycling are both excellent options (for you, your wallet and the planet).

3.Get the most out of your groceries

Being mindful of your grocery shops can help make a difference too. Switch to budget-friendly supermarkets and opt for loyalty cards which offer good discounts on your regular purchases. You could also try cashback apps which get you rebates on your everyday purchases.

4. Shop preloved threads

Great for your wallet, great for your wardrobe, great for the earth — buying secondhand is a triple threat of perks. Find bargains by thrifting at flea markets or browsing your local charity shops, you never know what gems you might find. Hosting a clothes swap with your mates is also a fun way of giving your wardrobe a refresh without draining your bank account. How does it work? Everyone brings clothes they don’t want or need anymore and from there, you can all give and take as you please and the stuff left over goes to charity shops.

5. Leverage loyalty programs and employer perks

Signing up for loyalty cards from your regular shops can save you money over time through rewards and discounts. Additionally, check with your employer for any workplace benefits that might include discounts on travel, gym memberships, or shopping.

6. Cut unnecessary subscriptions

Take a long hard look at your subscriptions. Have you been using all your streaming services that much? Are you getting the most out of your gym membership? If not, think about taking a break from them to save some money until you’re ready to come back. You could also try negotiating your bills — call providers to ask for better rates on services like internet, electricity, and insurance.

7. Practise smart spending habits

Smart spending starts with being intentional. Try challenging yourself to a buy-nothing day once a week and see if it makes a difference to your spending habits (and in turn, your savings). You could also buy in bulk for non-perishable items to save in the long term. Delay discretionary purchases by giving yourself 24-48 hours to decide if you really need them. Saving money is like mastering a dance routine—it takes rhythm and practice, so find your groove and stick to it.

8. Build your credit

If you really want to make your money move, joining Loqbox could help. Use your membership to save money and as you make your payments, we’ll report them to the credit reference agencies (CRAs), helping to strengthen your credit history and could grow your creditworthiness. With a good credit report, you can get better loan and mortgage rates, helping you save in the long run and bringing you closer to achieving what you want, the way you want.‍

Improvements to your credit score are not guaranteed.