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Brits reveal top money-saving tips
24
SEP
2014

Brits reveal top money-saving tips

The top ways in which people across the UK manage to keep a tight hold of their finances have been revealed in a new survey.

A study conducted by GoCompare found that discount vouchers, coupons and apps were among the most popular methods of saving money, with women found to be more likely to adopt thrifty habits than men, although the latter group still make bigger savings.

Men were found to make savings of £693, compared to the £504 of women, although women were more likely to use popular cost-cutting methods.

Claire Peate, customer insight manager at Gocompare.com, commented: “Women have in the past controlled household budgets within homes, buying the weekly shop and doing the cooking, so it’s not surprising that they top the table when it comes to money saving schemes. Men still tend to earn more, therefore would have more disposable income to spend – so it makes sense that they would save more money by using these saving tactics."

Overall, the thrifty habits of the general public were found to save an average of £596 a year, with the most popular money-saving tips including the use of coupons (50 per cent), taking packed lunches to work (44 per cent), using loyalty and cashback schemes (41 per cent), turning down your thermostat (41 per cent) and doing more home cooking (39 per cent).

The rise of cheaper, budget supermarkets has also been driven by the noticeable rise in the number of Brits looking to downshift to more affordable outlets, while cutting down on takeaway meals and shopping around for the best deals on energy and insurance were also popular.

In terms of their reasons, 42 per cent said they adopted such practices due to viewing the saving of money as a basic need, while a third said they had picked up such habits from their parents.

Thankfully, 62 per cent said they were happy to share their own cost-cutting tips with others, hammering home the idea that seeking advice is really the best policy when it comes to avoiding any potential financial issues.

Unnecessary spending was seen as the biggest financial sin for 39 per cent of people, while 37 per cent genuinely needed to make savings and 28 per cent said they did so in order to meet a tight monthly budget.

Ms Peate continued: “Our survey suggests that many people are feeling under pressure to save money to make their squeezed budgets go further."

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