As part of our B-Tox Challenge, we asked you to share the changes you’re making to your spending this year – big or small – for the chance to win a massive £1000! You proved that financial fitness doesn’t have to be an uphill struggle, with many of you saying you were focusing on small daily changes – after all, small savings every day can add up to a lot over the whole year.
So check out some of the best B-Tox tips below for some money-saving inspiration, and then make sure to enter the competition yourself for the chance to win £1000!
What were your most popular money-saving tips?
We had loads of fantastic responses from you all, and there were a few money-saving tips that cropped up over and over. So what were they?.
Putting aside a set amount each month. Whether it’s £10 a week, £300 a month or a percentage of your wage, this was a really popular one! Better still, some of you are setting up standing orders to automatically transfer money before you get a chance to spend it all.
Giving up takeaway coffee. Did you know you could save a massive £650 just by ditching your morning takeaway coffee? This is based on a £2.50 coffee over 260 working days. It’s not hard to see why so many of you are trying this one out!
The penny challenge. You’ve probably heard of it – you start by putting away 1p on the 1st of January, and increase by 1p every day until the 31st of December, when you put away £3.65. This money-saving plan will save you over £650!
Cutting back on nights out. Did you know you could save over £3000 just by staying in one more night a week? No wonder 61% of you told us you were staying in to save money when we asked you on Twitter! Check out our blog post on saving money at home for more tips.
Using cashback websites. These websites give you money back on your online purchases, helping you save as you spend! Lots of you said that you were going to use cashback websites when booking holidays or shopping online.
Shopping around for better deals on bills. More than half of us have never switched energy supplier or only switched once, but according to Ofgem, 60% of us could save up to £300 by switching! That’s why we were pleased to see so many of you saying you were going to look into switching, while many more of you were also looking for better deals on your phone or internet contracts. We’ve got a handy blog post on saving money on your utilities if you want more tips!
Giving up unnecessary subscriptions. When we asked you on Twitter which subscriptions and memberships you were giving up, 32% voted for subscription TV, while another 32% were cancelling unused gym memberships. So ditch the endless TV bingeing and make use of the great outdoors!
What were some of the more unusual tips?
We’re big fans of doing things differently here at B, so we loved reading some of your more unusual tips! A few of you came up with some innovative ways to save money, including:
Using electricity at night instead of during the day. If you’re on an Economy 7 energy tariff, it could pay to put the dishwasher or washing machine on at night instead of during the day to make use of the cheaper nightly rates. Of course, this depends on whether your neighbours would mind!
Saving money while losing weight. Some of you said you were combining your weight loss goals with your money saving goals, by putting away a certain amount for every pound you lose. A great way to save up for some new clothes when your old ones get too big!
The reverse penny challenge. Like the penny challenge, but backwards! Start by saving £3.65 and reduce it by one penny a day until the end of the year. Some of you said you were doing this so that you weren’t having to put as much away towards Christmas time.
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