With some out of work and others being forced to take furlough due to business closures, cutting costs has become particularly important. However, many Britons often find it difficult to know which areas are best to start saving in. Sharing their tips, several social media users took to the website Reddit to reveal where they started saving money.
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Some were even able to eliminate significant costs where they did not think they could.
One wrote: “As soon as you start earning, save half – or as much as you can afford.
“Every time your pay goes up, also increase the amount you save. I started this at 15 and managed to leave university debt free and with no student loans.
“For birthdays, anniversaries and Christmas – get sentimental. You can often make better presents for less than you’d spend on buying stuff.
“Learn to cook if you can’t already – it’ll make you really resent the price of eating out. Some of these points are quite obvious to those who are already savvy, but not to everyone.”
Another user stated they were able to save hundreds by shopping around, and going to multiple supermarket locations alongside butchers and fishmongers to see where the best savings were to be had.
However, one decided to cut out supermarkets as much as possible.
They wrote: “Grow your own food. Start with anything. One lonely tomato plant. Anything. You don’t need anything fancy.
“Then soon enough one tomato plant isn’t enough. Now you need basil to go with your tomato sauce. Growing food is a great addiction.”
A number of others suggested shopping exclusively in charity shops, or for items on sale to reduce their spending on clothes.
But a user with a family stated budgeting enabled them to determine how much money they could save.
They said: “Figure out what you spend for a week’s worth of groceries and petrol, and take out only that amount in cash – try to make do with that amount.
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“Once we started with cash, wow, what a difference! Make a list for a week’s worth of groceries, then try not to make any extra trips.”
And one other user concurred, stating this method alongside meal planning allowed them to save money, as they only purchased exactly what they needed.
While saving money can often be a difficult endeavour, there are a variety of ways to do so.
The Money Advice Service guides Britons on how to work out how much they can afford to save, alongside reaching a savings goal.
The organisation states Britons who set their savings goal save faster, and up to £550 a year more than people who don’t.
Eliminating unnecessary expenses, and sticking to lists, as well as forward planning and budgeting are all examples of ways to save money which are recommended by the service.
When setting up a savings account, the Money Advice Service has said its research suggests giving the account a name, which inspires a person to save helps them to save quicker.
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