Last year, the credit crunch gripped the nation and people began to tighten their purse strings. In response, Channel 4 went on the hunt for Britain’s tightest person, revealing the extraordinary things people will do to save money.1 Cost cutting measures including using one teabag for three cups of tea, keeping egg cartons and selling them, and using the same foil to wrap sandwiches!
You may not want to go to such extremes, but if you want to tighten your belt without being branded stingy, there are some easy ways to save the pennies. We’ve listed some below to get you started…
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make a shopping list and avoid those impulse purchases
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use last nights leftovers for lunch during the week
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walk to work once a week instead of using your car
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don’t leave appliances on standby overnight - switch them off
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host a clothes swap party with your friends instead of buying new ones
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set up a direct debit for your savings account - what you can’t see you can’t miss!
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use the library for books and magazines and swap books you own with friends rather than buying new ones
Making little changes like these will help improve your attitude to spending and you’ll have that extra money each month to put towards your savings. Being resourceful is very different from being tight – it’s okay to have one night out a week, treat yourself every now and then or give money to your favourite charity!
The Guardian reported that people would rather go to the dentist than open up their bank statement2 – burying your head in the sand is never a good idea, and the sooner you take responsibility for your spending the sooner you can tackle it head on and start saving.
1. Channel 4 as reported in the Sun 9th jan 2009 http://www.thesun.co.uk/sol/homepage/features/2114297/The-tightest-people-in-BritainChannel-4s-Britains-tightest-personMoney-saving.html
2. http://www.guardian.co.uk/money/2003/jan/27/highereducation.medicineandhealth
