7 Money saving tips to beat the cost-of-living crisis
BY Yasmin Rufo
4th Oct 2022 Managing your Money
As the impact of the cost-of-living crisis is felt more acutely by everyone, Yasmin Rufo shares her best tips for saving money
It’s not an easy time right now. Energy prices are skyrocketing, supermarket bills are soaring and people have less money in their pockets.
That’s why it’s important to seize every opportunity to save money. Here are seven tips that could help reduce your outgoings in the coming months as we weather the cost-of-living crisis.
1. Wrap up in a heated blanket
Instead of keeping the heating on late into the night, invest in an electric blanket that could save you hundreds and keep you toasty in the colder months.
An electric blanket could save you hundreds of pounds
Heated blankets cost around £25 and are highly cost-efficient—some use as little as 1p per night on the lowest setting.
To ensure the blanket is energy-efficient, check it has temperature sensors, timer features and controllable heat settings.
2. Try out this food app
If you’re after discounted groceries or good-value meals, check out Too Good To Go. The food waste app provides mystery boxes of fresh food from local shops. Stores range from restaurants to supermarkets to cafes and all food is heavily discounted.
"This food waste app provides mystery boxes of fresh food from local shops"
Prices of the mystery boxes vary from £3 to £5 depending on the amount of food. You can pick up everything from full meals from fine dining restaurants to sandwiches and pastries left over from high street chains.
3. Stock up on reward cards
When reward cards offer you points in exchange for money spent, it might not seem like a lot at the time. However, these points add up and will help you save on your future shops.
"Most high street stores offer reward schemes"
It’s worth investing in a supermarket rewards card and downloading the respective app to gain bonus points, see the top offers that week and receive personalised coupons that provide discounts on products you regularly shop.
Most high street stores also offer reward schemes so you can save money on other essentials such as toiletries and household goods.
4. Shop around for a better deal
It might seem easier to sign over the same mobile, insurance and broadband tariffs, but shopping around could save an impressive amount of money. A quick search on comparison websites will show the best value tariffs that match your needs.
You may be able to find a better deal elsewhere
Many companies also offer cash or gift card incentives to switch over. If you don’t want to switch, it is still worth calling your current providers as they may provide loyal customers with better deals.
5. Petrol price website you need
Regular drivers will not want to miss out on this website. Instead of going to the same petrol station, shop around for the cheapest petrol in your area with petrolprices.com.
The website and app also offer a rewards card that lets customers gain points as they fill up their car. Based on the car you drive, petrolprices.com estimates you can save anywhere from £160 to £500 per year. The handy app provides fuel price updates, station opening times and local offers.
6. Invest in an air fryer
Heating the oven when cooking a simple meal for one or two people can seem like wasted energy. Consider instead using an air fryer—a kitchen gadget that allows you to cook everything from a quick snack to a full meal.
For smaller households, an air fryer can be a good investment
Air fryers take only five minutes to pre-heat and use far less energy due to their small size. A recent study by Instant Brands found that an air fryer or pressure cooker can help you save more than 80 per cent energy compared to an electric oven.
A search online will reveal hundreds of quick, simple, and delicious recipes that only require an air fryer and take under 30 minutes to cook.
7. Switch bank accounts
You might have had the same bank account for decades, but the rewards offered for switching are pretty impressive. Most high street banks provide incentives for new customers to switch accounts.
"Many banks also offer cashback on purchases and household bills"
Rewards range from one-off cash payments to special interest rates for a set period. Many banks also offer cashback on purchases and household bills. Your new bank can automatically switch over your direct debits, so there’s no need to faff around doing it yourself.
Read more: 7 Ways to teach your children about money
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