Saving money can sometimes feel out of reach, but with the right approach, it’s not only possible, it can also become part of your everyday lifestyle.

Whether you want to build up an emergency fund, save for a big purchase, or simply reduce financial stress, these strategies are practical and achievable. They don’t require drastic lifestyle changes, just a bit of planning, consistency, and awareness of where your money is going.

Here are 10 money-saving tips you should know about.

 

1. Start a Savings Account

One of the most effective ways to save money is to physically put it aside. Opening a separate savings account ensures your money is not mixed with everyday spending, making it less tempting to dip into.

Look for accounts that offer competitive interest rates, as these will help your savings grow faster. Using a savings comparison site such as Moneyfacts Compare can show you the best accounts across a range of banks and providers.

I recommend setting up an automatic transfer from your current account to your savings account on payday. That way, you’re paying yourself first before you have a chance to spend it elsewhere. Even if it’s just £25 a month, it builds up quickly. This is one of the simplest 10 ways to save money that requires hardly any effort.

2. Devise a Financial Plan

Creating a financial plan is a powerful way to understand where your money is going and identify opportunities to cut back.

Start by calculating your income and essential outgoings, such as mortgage or rent, utilities, food and transport. Then, review your discretionary spending, like dining out, online subscriptions, or impulse buys. Splitting your expenses into essential and non-essential categories makes it easier to see where you can reduce costs.

Having a clear plan gives you structure and direction. It’s easier to say no to non-essential spending when you’ve already earmarked that money for savings, debt repayment, or an important goal like a holiday fund. Reviewing your plan monthly will help keep you on track.

3. Monitor Your Spending

Once you’ve created a budget, it’s vital to keep track of your actual spending. You can do this manually with a notebook, a spreadsheet, or by using a budgeting app.

Recording your expenses makes it much easier to spot unnecessary purchases. It’s often surprising to see how much small items like coffees, snacks, or subscriptions add up over a month. By becoming aware of these habits, you can redirect that money into savings instead.

Click to learn how to budget your salary each month for even more tips.

4. Favour Cash Over Credit Cards

Using cash instead of credit cards can reduce the likelihood of overspending and help you stick to your budget. Physically handing over cash makes you more mindful of what you’re spending.

Cash also provides a visible reminder of your limits. When your notes are gone, that’s it – there’s no temptation to overspend. Credit cards, on the other hand, can make it easy to lose track and rack up unnecessary debt.

That said, if you are disciplined, there are some smart ways to use a credit card. Paying off the full balance each month while making purchases you would spend on anyway can earn cashback or rewards points. For example, I use the Tesco Clubcard credit card and we use the points for meals out at Pizza Express, making it a genuine money-saving tool rather than a debt trap.

5. Capitalise on Discounts and Vouchers

Taking advantage of discounts, vouchers and promo codes is one of the easiest ways to save money on everyday purchases.

Before buying online, always do a quick search for a discount code. Many retailers share deals on their websites, apps or social media pages, and signing up for newsletters often gives access to exclusive offers.

There are also websites and apps that gather discount codes in one place, making it easy to find deals without much effort. From groceries to fashion and tech, you can often make significant savings simply by checking for codes before checkout.

We also use UK cashback websites like TopCashback. I’ve used TopCashback for years now and get hundreds of pounds back on our everyday spending each year. If you’re not getting cashback then you’re missing out on free money. Most major high street shops, insurance companies and travel websites are listed, and it costs nothing to get money back on your purchase. I recently booked a holiday and we’ll get £120 cashback just for using the TopCashback link. Don’t miss out!

6. Compare Prices

Never assume the first price you see is the best. Prices vary between retailers, and with a little research, you can often find the same product for less.

Whether it’s groceries, clothes, or electronics, comparing prices across different shops or websites can save a surprising amount. Cashback websites such as Widilo and Topcashback can also give you a percentage of your purchase back, adding to your savings.

Before making a purchase, write a list of what you need and compare prices in-store and online. This habit can save hundreds each year, especially on regular expenses. Price comparison is one of the most underrated but effective ways to save money.

There are even apps and many unique ways to save money on the weekly grocery shop, so check these out!

7. Choose Non-branded Products

Branded items often come with a higher price tag due to advertising and marketing costs, but non-branded versions are usually just as good.

Many supermarket own-brand products contain the same ingredients as leading brands, but cost significantly less. Over time, switching to non-branded items can save you a large amount without compromising on quality.

There may be slight differences in taste or packaging, but for most products, these are minor compared to the financial savings. Trying different supermarket ranges can help you discover where you’re happy to downgrade without noticing much difference.

8. Avoid Unnecessary Purchases

Impulse buying is one of the fastest ways to waste money and cause unnecessary spending. To avoid this, always shop with a list and stick to it.

If you see something that catches your eye, give yourself 24 hours before deciding to buy it. More often than not, you’ll realise you don’t really need it. Shopping when you’re tired, stressed or hungry also increases the risk of making unnecessary purchases, so plan your shopping trips when you’re in the right frame of mind.

Resisting impulse spending not only saves money but also helps you appreciate and make better use of the things you already own.

9. Cancel Redundant Services

Subscriptions can quietly eat into your budget, particularly if you’re paying for services you rarely use. Take some time to review all of your direct debits and standing orders.

We cancelled our TV licence years ago. We realised we weren’t even watching live TV anymore, with all the streaming services we preferred instead. We can easily cope without BBC catch-up, too. It’s such a simple way to cut costs if you don’t watch live TV anyway or aren’t interested in BBC content.

Do you really need multiple streaming services or the biggest phone package? Downgrading or cancelling can save you hundreds across the year. Even small changes to unused subscriptions can quickly add up and leave you with more money in your pocket.

10. Take Advantage of Free Alternatives

There are so many free resources available if you know where to look. Public libraries offer free books, magazines, films, and even workshops. Parks provide free outdoor spaces for exercise, relaxation and family days out.

I started saving a fortune when I began using our library’s online service to get book series for my son, who is a prolific reader. I can reserve the books online, and they email me when they’re available to collect. We’ve saved so much money compared to buying new or used books online, and the library has most of the titles he wants anyway.

Online, you can also find free workouts, free yoga classes on YouTube, and even free educational courses. There are also free money offers, free food offers, free samples, and referral bonuses that let you enjoy extra perks without spending.

Choosing free alternatives wherever possible reduces expenses without reducing your quality of life. Sometimes, free activities are even more rewarding than paid ones, especially if they involve learning new skills or getting outside with family.

Final Word

By incorporating these 10 strategies into your daily routine, you’ll notice real improvements in your financial stability. Remember, saving money isn’t about deprivation – it’s about being intentional with your spending and prioritising what truly matters.

With a little planning and consistency, these 10 ways to save money can become habits that help you reach your goals, whether that’s debt freedom, a holiday fund, or long-term financial security.

Before You Go…

Are you completely new to saving money and not sure where to begin? Hopefully, these tips have given you plenty of ideas. If you’d like even more practical advice, check out these easy 5 tips to start saving money as a beginner for extra help in building strong financial habits from the start.

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