Money Saving Plan

How To Write A Personal Money Saving Plan While Living In The United Kingdom

Saving money in the UK may be fairly easy when you live in the countryside, but London and other big cities are definitely expensive. But some good money-saving advice can actually help you spend less. Here’s how to write a personal money-saving plan while living in the United Kingdom.

#1 Track Your Expenses

First of all, you need to start tracking your expenses. This is an obvious step, but a necessary one if you really want to improve your spending habits and start saving more. The best way you can track your expenses is by taking a separate journal and writing down all of your expenses in it. This journal will be the one that keeps your personal money-saving plan. You can also try some of the accounting apps such as Hosted QuickBooks Cloud along with Cloud Desktop Service to remotely keep a track of your expenses.

One way you can write down what you spend is simply by noting the date and then listing what you bought or what you paid for and how much each item cost. Another way to do this is by creating an organized table. Divide a page into three sections by drawing two lines on it. The middle section should be the widest while the ones on the sides should be thinner. The first section is for dates, the second is for the item names, and the third is for the prices.

#2 Buy Discounted Food

Another way to save money is by buying discounted food. Most supermarkets in the UK don’t like throwing away food once it expires or is close to expiring. This is why most grocery stores and supermarkets discount food. Moreover, the discounts are usually big which means you can buy your groceries and other items for significantly less money.

To find such discounted food, visit the supermarkets later in the day. In fact, it’s better to come there in the evening when the red and yellow stickers appear on some items. Even some restaurants close to you may have a similar policy, so you can get a cheaper dinner this way.

#3 Plan Your Meals

Everyone has wondered at least once in their life what they were going to have for dinner. It’s true that it’s usually hard to decide, especially when you are tired and getting home from work. But that’s exactly what makes planning your meals so valuable.

You can once again take your journal and plan your meals there. You can either plan out an entire week or you can create several options for each of your meals that you can then choose from. Either way, you will have more control over the price of each of your meals and you will be less likely to make spontaneous expensive purchases.

#4 Use Public Transport

Not everyone needs a car to get by. Of course, if you live in a smaller city that doesn’t have a well-developed public transport system, getting by will be impossible without your own vehicle. But if you live in a big city like London or Liverpool, you can rely on public transport for your day-to-day travel.

London has one of the world’s biggest subway systems making your trips cheaper and easier. When you need to get from one city to another, you can take one of the trains. Besides saving you a lot of money, using public transport will also help you save time by avoiding traffic jams (if you use the subway).

#5 Switch Brands

Brand loyalty seems to have lost its importance nowadays even though some people still prefer to stick to one company. However, switching brands can actually help you save money. For example, you can reduce your household bills by switching your provider because new clients usually get cheaper plans thanks to the competition.

As Jocelyn Hoffman from the essay writing service reviews site Writing Judge says, “You don’t need to be loyal to a brand if you aren’t happy with it. If there are better deals out there, you should definitely try them.”

#6 Start Thrifting

Thrifting is getting more attention now that prices are high and environmental friendliness is common. Most people don’t need many clothes, so buying one or two items from time to time can be enough. But if you are the kind of person who loves shopping but doesn’t have enough money for it, thrifting is for you.

Britain, like many other European countries, has its own thrift stores. You will probably need to spend some time looking for the right piece for you, but if you like shopping, the process will probably be enjoyable. Besides, you will be paying several times less for a clothing item, so you may end up saving hundreds of pounds.

#7 Find Discount Codes

Like discounted food, you can probably find discounts for virtually anything. Sales are frequent during holidays, but if you want to get something for a lower price during “normal” days, you will need to seek out discounts.

Luckily, there are websites and apps dedicated to collecting the best deals and discounts. Groupon offers online deals and coupons, Skyscanner can help with cheap airplane tickets, and Wowcher offers shopping deals on everything from hotels to electronics.

#8 Get Freebies

What if you can’t buy discounted items and you need something for free? Well, you can get freebies too and save even more money. Freebies can be found in supermarkets, but you can also use Freecycle which is a website for giving away and getting freebies. You can register and find your local group of volunteers who manage all the “transactions”.

#9 Reduce Non-Essentials

Non-essential spending might just be the biggest problem for most people trying to save money. It seems impossible to reduce non-essential spending, but you can actually do it by sitting down and reviewing everything you purchase or pay for regularly. Then, you can make a list of what you actually need and cross out everything you don’t need. You can even plan the purchases in your journal to buy everything on time.

#10 Share Accommodation

Lastly, you can consider sharing accommodation to reduce your rent. If you are a student or you live on your own, sharing a flat will probably be a good option for you. If you can live with your family or relatives, you won’t have to pay any rent at all! Obviously, this option is not for everyone, but it can help you save a lot of money.

Final Thoughts

To sum up, saving money while living in the UK is possible if you follow several important tips and create your own money-saving plan. Take the advice from this article and start saving more money in your day-to-day life.

BIO John Edwards
John Edwards is a writing specialist who is looking for ways of self-development in the field of writing and blogging. New horizons in his beloved business always attract with their varieties of opportunities. Therefore, it is so important for him to do the writing.

About the Author

Daniel Carter

Daniel Carter is a senior writer and editor at Usevoucher. His work has been featured by The Associated Press, USA Today, the Chicago Tribune and Reuters. He holds a bachelor's degree in journalism from University of North Carolina at Chapel Hill. When he’s not writing about money, Carter enjoys traveling around the world.