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How to Save Money Without Cutting Back

April 12, 2022

This post was featured by Twinkl in their Cost of Living Crisis blog

When people think about overhauling their finances to save money, they tend to think about earning extra because we are comfortable in our lifestyles and don’t want to give anything up. But, there’s good news; you can earn extra without cutting back. Here’s how. 

Create Savings Systems 

If you’re like most people, you have a direct debit that comes from your current account every month and goes to a savings account. This is an example of a savings system. However, there are a lot more savings systems that you can discover with a little planning and creativity. 

A smart budget for your family is also a good idea; this means you know exactly how much to spend on supermarket shopping each week and extras like excursions with the kids on the weekend. You can also overhaul your bill systems to see what changes you can make to save.

Change Energy Providers 

One of the best places to save money on your household costs and therefore earn extra is on your energy bills. Energy prices continue to rise, but the market has never been more competitive; that’s good news for consumers who can switch providers easily and save money. 

Search energy providers online and check you’re getting the best deal on your energy; if you’re not, it’s easy to switch and save hundreds every year. When it comes to energy providers, it’s a case of why pay more, so you can also carry out tests to make sure you get the same service.

How to Save Money Without Cutting Back

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Cashback Credit Cards

When you think of credit cards, you think of credit reports and convenience – what you don’t think about is savings. In fact, credit cards are an excellent way to save if you know what you’re doing. First, set up a direct debit to pay off the card every month, so no interest is charged. 

However, before you take this step, you need to scour the market and make sure you are getting the highest cashback rewards for the card. In some cases, you can get up to 5% cashback which amounts to hundreds every year. Don’t delay; earn with credit cards today.

Council Claims 

Compensation claims are also an excellent way to boost your income or savings without much effort. If you have been involved in an accident and you aren’t to blame, you could be entitled to hundreds, if not thousands, in compensation. Contact a compensation lawyer for more detail. 

Compensation claims happen when someone is injured or mentally affected by circumstances that are the responsibility of authorities such as the council. In council case claims, someone might have been injured by a pothole or faulty wiring at home – click here for more information

Switch Savings Accounts 

Savings accounts don’t always offer you the best savings rates, but often people don’t check or assume that the rate in the marketplace is similar across the board. Don’t make this mistake. The truth is the savings market is highly competitive, and you can land great rates with effort. 

Switching your savings account is an excellent way to save money without cutting back; instead of a 1% rate, you can have a 5% rate with an online savings account that tends to offer better rates all around. This makes a huge difference to the money you save each year without effort.

How to Save Money Without Cutting Back
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Switch Back Accounts 

Similarly, you can earn better rates of interest when you switch back accounts. Not only that, many banks now offer generous bonuses when you switch to them. Like the savings market, the current account market is highly competitive, so you can find excellent deals all year round. 

Most people stick with their bank accounts for convenience, but if you want to earn money without doing much, it’s a good idea to shop around every year or every two years. Any money you get from the bank as a bonus can be channelled into your savings account every year.

Use Rewards Cards 

If you have a family, chances are you head to the supermarket once a week for a big shop! If you aren’t using a rewards card for this, you could be missing out on hundreds in lost income every year. Rewards cards don’t seem substantial, but they add up and provide strong savings.

It’s not only the supermarkets where you can earn excellent rewards for your spending. These days most companies have rewards cards that allow you to save as you spend. One trick is to keep track of your rewards savings and channel them into a main or secondary account.

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