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Thrifty Britain: The UK’s top saving tactics revealed

  • 4 October 2013
Thrifty Britain: The UK’s top saving tactics revealed

In a bid to boost their coffers, the UK’s savviest consumers are saving hundreds of pounds a year by using every money-saving tool and discount at their disposal writes Philip Scott.

By maximizing their use of discount vouchers, making their own lunches, cutting back on pricey coffees and even using money-off apps, thousands of Britons are banking an extra £530 a year on average according to research from comparion site, Gocompare.com.

The study revealed that 95% of people are always looking for ways to save money but while 70% are happy to share money saving tactics with friends and family, a considerable 27% are less willing to spread the wealth and tend to keep their coupons and other cash saving tips to themselves.

Below we list the top money saving tactics favoured by Britons:

Rank

Favourite money saving tactic

%

1

Use vouchers, coupons, money-off apps to get discounts

57

2

Take a packed lunch to work

50

3

Shop around for insurance

49

4

Turn the thermostat down to reduce heating bills

49

5

Use loyalty and cashback schemes

49

6

Cut down on takeaway meals

46

7

Do more home cooking and batch cooking

41

8

Keep a coin jar and save change

41

9

Take your own treats to the cinema

40

10

Plan meals, make a shopping list and stick to it

38

11

Cut out takeaway coffee/coffee shop treats

38

12

Don’t impulse buy – sleep on it

37

13

Switch energy supplier

35

14

Buy second-hand instead of new, use sites like eBay or Freecycle

31

15

Never grocery shop on an empty stomach

30

16

Draw up a budget and stick to it

30

17

Don’t use a tumble dryer

29

18

Review your satellite or cable subscription or cancel it altogether

27

19

Switch to a cheaper supermarket

26

20

Leave the car at home and walk or use public transport

25

21

Review your mobile phone contract or come off a contract altogether

25

22

Cut up your credit cards

23

23

Transfer all credit card debt to a 0% card

22

24

Review your gym membership or cancel it and train outdoors

21

25

Only use cash – not cards

20

The survey also revealed that women are thriftier than men as some 97% of women, compared with 94% of men, said that they actively use money saving tips.  And the survey found that women were much more likely to use certain cash-saving tactics such as using discount coupons, turning down the thermostat and buying goods second hand or new, via the likes of eBay or Freecycle.

When asked why they look for ways to save money, over half, at 54%, of those surveyed said that they hate spending money unnecessarily, 47% genuinely needed to make savings, 35% just had a money saving habit, a third were on a tight budget, while 11% said that they were just a bit tight.

Claire Peate, customer insights manager at Gocompare.com, says: “Rising prices coupled with static incomes mean that many people are having to find ways of making their money go further.

“And, as our survey demonstrates, whether it’s cutting food or energy bills or making savings on financial products, people are embracing a wide range of money saving tactics. Switching products and services is one of the biggest money saving areas.”

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  • lauralouise90

    I agree with a lot of things on the list – simple tips like not having takeaways can make a huge difference to your wallet. You just need to make sure that you don’t skip important things like car services and MOts though, as you’ll end up putting your safety at risk.

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