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Ways to Save Money: Our Top 10 Simple and Super Savvy Tips

Here at LV= we love extreme savers, but simple everyday savings can also make a huge difference.

You might be a Becca, who worked 5 jobs while at university and bought her first house at 25. Or perhaps you’re an Alex, who house sat 14 different houses rent-free with her partner to save £12,000. Or, maybe Sofie is a bit more like you – she worked 2 jobs to pay off her credit card bill in just 6 weeks. 

Alternatively, you might not be an extreme saver at all. And that’s OK. We understand that huge lifestyle changes like these people made can’t be done by everyone, but simple everyday savings can make a considerable difference when it comes to saving money for those key life moments. That’s why we’ve rounded up 10 simple and super savvy saving tips below. Go grab that piggy bank...it’s time to start saving!

 

Becca worked 5 jobs while at university and bought her first house at 25

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Alex house sat 14 different houses rent-free with her partner to save £12,000

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Sofie worked 2 jobs to pay off her credit card bill in just 6 weeks.

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10 simple and super savvy saving tips

1. Dive into car pooling

Already hugely popular in countries such as France and Italy, carpooling is becoming more and more common in the UK too. This can make trips within the UK far more affordable, as opposed to flying or taking the train, and can be an extremely cost effective way of getting to work. Most rides will ask for some form of contribution, but this is often far cheaper than the alternative ways of travelling. Plus, who knows, maybe you’ll make a friend for life.

2. Slice train fares by a third

Rail fares are expensive, there are no two ways about it. There are, however, ways to cut costs – most noticeably in the form of railcards. These are available for ages 16-25 and 26-30 at 30%, as well as other categories such as the Two Together rail card, aimed at people who frequently travel together, the Disabled Persons Railcard, the Family & Friends.

The £70 railcard option lasts for 3 years and you’ll receive 30% off your ticket every time you travel. To put it into perspective, if you took the train to work every day and your daily ticket cost you £18, you’d save £6 a day, £30 a week, £120 a month and a monumental £1,440 a year. Although £70 might feel like an initial big spend, you’ll make back the money you’ve spent in 12 days.

3. Allow nosy parkers in

If you have a driveway or parking space near a big event, near offices or close to a transport link, you could be in for some serious cash. Depending on where you live, you could earn anything from £40 up to £400 a month just for letting somebody park in your driveway or garage. The most covetable spaces tend to be in city centres, but this is definitely one to check out if you want to make cash in an easy way.

4. Open up your home

Airbnb’s extreme success has made us more open to welcoming strangers into our home than ever before. Whether you live in a city and just rent out a room when hotels become booked up during big events (the original reason Airbnb started up) or you’re looking to host people permanently, if you’ve got a spare room, this could be a quick and effective money making scheme.

5. Rent your wardrobe

Not ready to sell any of your clothes for good but still want to make some cash out of your wardrobe? With apps such as Rent My Wardrobe, you can put cash in your pocket and keep your clothes. If you’ve got dresses hanging up that you only wear on occasion, why not rent them out as formalwear? You can decide the price and, you never know, it might be exactly what someone’s looking for.

6. Join the food sharing revolution

With food prices rising year on year, your standard food shop can become unaffordable, and as a result more and more people are beginning to seek alternatives. A whole host of apps, a leader being Olio, allow you to share, give and collect food completely for free, saving you money off your weekly food shop.

What’s more, this way of eating has a double benefit, as not only are you saving money by taking others’ food, you’re also reducing food waste, which is something we should all be making a conscious effort to do. If you’re going on holiday or moving out of your house, this initiative is a fantastic way of ensuring no food goes to waste.

7. Team up and buy in bulk

Bulk buy shops, such as Costco, can seem less beneficial when you’re only buying for yourself or a small family as, although the quantity is high, the price can seem an initial hit. However, when split with a neighbour or another family you can split the cost as well as gaining a good amount of produce each.

8. Become an interior star

Hiring out your home can be extremely lucrative as well as a fun experience. Everyone from photographers to film directors to magazine editors are looking for the perfect backdrop for whatever they’re shooting, which could just be your home. Whilst rates vary, you could earn from a few hundred to thousands of pounds, as well as getting the buzz of seeing your home on TV, in a film or in a magazine. A well-known company for this kind of renting is Location Works, an agency with more than 4,000 properties on its books that can be used for location filming and photography.

9. Turn rags to riches

In our ever-connected world, getting rid of unwanted possessions and making some money from them has never been easier. Sites like eBay have paved the way for niche online marketplaces – ‘creative’ app Depop makes selling old clothes simpler than ever, with wider platforms like Gumtree and Facebook marketplace making flogging furniture, cars more achievable for everyone. One man’s trash is another’s treasure – so be sure to scour these sites and consider using them before you chuck out your old chest of drawers.

10. Ditch the morning latte

A daily coffee on your commute to work is one of the easiest ways to burn through money without even realising it. Just think – if your daily coffee costs £3 a day, that’s costing you £60 a month and a huge £720 a year. Instead, invest in a good reusable coffee cup and bring your coffee to work with you from home. If you can’t quite go cold turkey, limit a takeaway coffee to a once a week treat – but bring in your reusable cup to get a discount, as many high street coffee chains are now offering.

Conclusion

There you have it, 10 quirky yet simple ways to save money and make cash. You don’t have to be an extreme saver; every day savings can make a huge difference. So, follow our tips and you’ll be well on your way to saving month by month for those key life moments.

At LV=, we want to help everyone prepare for these moments – which is why our life insurance cover starts from as little as £5 a month. When it comes to our life cover, you can tailor your policy to suit you and your loved ones. Find out more about LV= Life Insurance.