20 Frugal Money Saving Tips From the UK - Do They Apply in the US?
Today we're going over 20 frugal money-saving tips for people in the UK. I wanted to explore what people do to save money in different countries and would any of it works for us. I found The Times UK article called 20 Simple Ways to Save Money, which I'll discuss.
1. Switch to spending less on your utilities
This is kind of like what I talk about with insurance. You're shopping around for different plans. You always want to be shopping around like every six months. Is this the best plan for us? Is this the cheapest we can get?
2. Change banks and get free cash
They're talking about if a bank is offering you £150 or dollars to switch, then you could switch, and then they would give you that free money. With all the work required to do this, I feel like it might be ineffective.
3. Cancel unnecessary commitments
You see what you're paying for when you're going through your bank statements. You're evaluating your subscriptions, canceling the ones you don't use, or deciding to switch on and off which subscription you use.
4. Transfer debt to a 0% deal
This is the idea that if you have a bunch of credit card debt, you could transfer that money onto a credit card with an introductory deal that's 0% for one year. Then you could pay down the debt without paying all that interest.
5. Organize a free overdraft
Maybe you have a bank app, and you can set it up to text or email you when it goes down to a certain low amount in your bank account. Then you can deal with that, so you don't get overdraft fees.
6. Get a side hustle
Side hustles have a place, and sometimes you need that little extra money to help balance your budget. However, if you don't learn how to be the boss of your own money, your side hustle can't save you from your budgeting problem.
7. Do a low-spend week or month
During a spending freeze, you're not buying anything discretionary, nothing that you don't need to survive to kickstart your savings and save a few bucks fast.
8. Have a holiday-free year
You're putting off long, expensive vacations to help you save money. What kind of staycation could you do? How could you camp inexpensively? How could you visit your family and have fun or make a little road trip?
9. Support charities with your time
Perhaps one of your priorities is giving to a charity of your choice, and maybe you've been doing that with money. You can try to switch to doing that with your time instead if money is tight and you still want to be involved in charitable giving.
10. No presents
They don't mean absolutely any presents on any occasion. They're talking about changing how you view presents, like doing a secret Santa and drawing names for gifts or getting everyone to agree to a spending limit. You could also decide to do handmade gifts.
11. Spend less on food
Meal planning, generic brands instead of name brands, and where you are shopping can save money. Are we getting the best deal? Could we go to a more discounted supermarket to get what we need?
12. Reduce your tax bill
Be looking into any tax relief programs that you could apply for and that you would qualify for to lower your tax bill. I'm not sure that's as much of a thing here in the United States as it is in the United Kingdom.
13. Get the right money-saving app
I know they suggest you need a budget app. We use a banking app that can remind us if our account is low and show us where we're spending. You could use that to budget, help you save money, and encourage you in your saving plan.
14. Cashback websites
I don't know about the ones they mentioned here, but I have heard of Honey and Rakuten. You can shop for deals and coupons, and the add-on can look for those for you, saving you time and money.
15. Hit the charity shops
In America, a charity shop is like Goodwill, Samaritan's Purse, or that sort of thing. You're looking for deals and already-used items to save money on things you need.
16. Borrow rather than buy
If you need a carpet cleaner or a book, could you go to your buy nothing group on Facebook and see if anybody has one you could borrow or rent?
17. Learn for free
My favorite place to learn for free is, of course, on YouTube. There are some free books on Audible. There's also the library and podcasts. There are many ways to gain skills without paying money, going to university, or taking paid classes.
18. Free nights out and culture
Instead of paying to go to a movie or a concert, how could you enjoy the free local things around you? The museums, the events, the concerts. If you live next to a university, they often have lots of free student recitals and plays that you can see.
19. Quit the bad habits
This is about quitting habits costing you a lot of money, perhaps smoking or drinking. It can add up and be expensive, keeping you from your financial goals.
20. Write a list and stick to it
This refers to stores. Make a list before shopping, then if it's not on the list when you're at the grocery store, don't put it in your cart.
Frugal money-saving tips from the UK
That's all 20 of the frugal money tips for the UK. I hope getting a different perspective from another country can help to save you money.
Can you follow any of the UK's tips? Comment below to share your plan for spending less.