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- 5 Ways To Save £1000/ Year! 🤑 (realistic)
Read Time: 2.5 minutes
👋 Hey guys - Noah here,
In today’s edition, we are looking at
💸 5 Ways To Save £1K per year
🤑 Actionable ways to save money
👜 Awesome life hacks for your cash
💸 5 Ways To Save £1K Per Year
If you can save an extra £1K per year (p.s. it’s not that hard) you could potentially retire with an extra £350K in your investment account. 🤑
Assuming you invest that money each year into a low cost index fund like the S&P 500!
PLUS: Saving money doesn’t mean living a more boring life.
Often it’s just changing a few simple things… things that can improve your life! 🤭
So let’s break down my top 5 tips. 🤝
1. Pay for you car insurance early
If the average person simply pays for their car insurance a month earlier than the average person, they can save hundreds to even thousands per year!
Car companies know they can charge more to people who have no other choice/option. At the same time, they see organised people as more trustworthy.
Action: Set a reminder in your calendar a month before your car insurance runs out! 📆
Potential Savings: £300-£1000
2. Set up a robot to track your bills
That’s right. There are companies out there who will track your cost of utility bills for you….
When they find a better or cheaper deal, they automatically let you know and help you switch!
Sometimes these services will charge a small fee, but this is usually covered and way more by the savings.
Look into companies like “Look After My Bills” to start with a service like this!
Action: Look into an automatic bill monitoring service
Potential Savings: £400+/ year
3. Move your savings into a better account
Thousands of people are losing thousands a year by simply having their savings in a terrible savings account paying a sh*t interest rate!
Always monitor the best interest rates on the market. Right now, interest rates are paying pretty good! Some up to 5%!
Right now, I personally like Monzo’s easy cash ISA that pays 4.6% per year! Plus because it’s an ISA, returns are tax free 🤑
Alternatively, Trading 212 offers 5.1% on an invested cash in your account, paid out daily!
Action: Check you are getting the best rate on your savings account!
Potential Savings: £100s/ year
4. Pay for just one streaming service at a time!
Lots of people end up falling into the trap of subscribing to every streaming service under the sun: Disney, Netflix, Hulu, Now TV, Sky, blah blah blah…
The point is: there’s only so much content one can consume in a month…😅
So only subscribe to one platform at a time. When you have the subscription, work your way through all the things that spark your interest. Once you are done, cancel and move to the next one!
So to save LITERALLY hundreds per year, just go with one. Don’t be greedy! 🤣
P.S. I’m thinking of making a spreadsheet that tracks all streaming services, their prices, the selection they offer. A tool to help you track, manage and cancel your streaming subscriptions.
Would you want a streaming service spreadsheet? |
Action: Cancel all your streaming services apart from one!
Potential Savings: Hundreds per year!
Switch your bank account!
My final tip is to switch your bank account.
I have worked with The Current Account Switch Service for years. They are a brilliant site that compares what different bank accounts offer, so you can pick one that is right for you.
Every year, it’s good to check your bank account is right for you. Often there may be better ones out there, ones that offer
Lower overdraft fees
Higher interest rates on your balance
Better money management
SIGN UP BONUSES (i.e free cash)!!!!
Check out The Current Account Switch Service for more!
Action: Review your bank against others online
Potential Savings: £100s/ year
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