Martin Lewis advises on savings accounts for deposits
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To assist the public in their time of need, finance expert Jasmine Britels has teamed up with poverty charity Turn2Us to outline the ‘21 ways to save £100 in a week’.
Ms Britles is founder of MoneyMagpie.com, one of the country’s leading money self-help websites.
According to Ms Britles, if all her tips are implemented into the daily routines of savers, households will save £400 a month, and £4,600 a year.
All of her suggestions relate to how people have been spending their cash during the pandemic and what changes they can make to their everyday lives.
Here are some of the best ways people can save £100 within the space of a week, according to Ms Britles.
Find free money
According to Ms Britles, savers should see if they have access to free money that they never knew they had access to.
Savers can log onto Mylostaccount.org to search for any forgotten savings account they once used, which have spare cash on hand.
Alternatively, savers are encouraged to fully inquire about any potential inheritance they may be owned.
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Use all your food
Food and grocery costs have counted towards the majority of households’ outgoing expenses during the pandemic.
Ms Britles recommends that households use all the food in their kitchens before buying any more or eating out.
Savers are encouraged to buy very few perishable food items in order to cut costs even further.
From Netflix to Amazon Prime, the typical adult spends £39 a month on subscriptions they never use, according to research carried out by NatWest.
Savers should take stock of any unnecessary subscriptions or memberships which they are paying for but not using.
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Cut food costs
By using apps such as Olio, which tells people where people and businesses near you are giving food away for free, savers can significantly reduce their food bill.
Too Good to Go is another app which sends out notifications of local cafes and restaurants which offer cheap food at the end of the working day.
To cut back on electric and energy bills, savers should unplug electrical appliances at night instead of leaving them on standby.
It is estimated that this can save up to £50 a year.
Similarly for water bills, leaving a dripping tap for a year could cost you an extra £100.
Customer loyalty cards, such as Tesco Clubcard, Boots Advantage and Nectar, will likely have unused points which can be used while shopping.
Savers should check out what has been acquired on their cards and spend those points instead of paying with money, which can save around £12 a week.
On her tips, Ms Britles said: “Unfortunately during the lockdowns; we now have an even bigger divide between the ‘haves’ and the ‘have nots’.
“With over 11 million jobs being furloughed since the start of the pandemic; it’s predicted millions might lose their jobs when the scheme ends in October. This will add to the numbers who are already struggling financially.
“For many people across the country the situation feels desperate. This is why I’ve come up with ‘21 ways to save £100 in a week’; people can make some small changes and claim the government benefits that are theirs.
“With inflation already starting to bite I’m hoping that these tips will help everyone save a bit more money, and even better; help them build up a financial safety net to fall back on.”
Liam Evans, External Affairs Manager at Turn2us, emphasised the importance of people learning how to save money during this current economic crisis.
Mr Evans explained: “Over 14 million of us were in poverty before the pandemic, millions more will have experienced financial hardship for the first time during this crisis.
“With many of the coronavirus support schemes coming to an end in October, it’s vital people do everything they can to increase their income and reduce their expenditure.
“Last year in the UK, over 7.1 million people missed out on more than £15billion worth of benefits they were entitled to. We urge people to visit the Turn2us website and find out how they can access the benefits and grants they are eligible for.”
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