Ways to cut your spending

Food is a big part of expenditure but there are things you can do to cut down. 

• Make it at home: can you make your morning coffee at home, or take a packed lunch to work?    
• Meal plan and make a shopping list to cut down on waste and only buy what you need. Try online shopping if you find it hard to stick to a list and consider shopping at different supermarkets.
• Don't like food waste, and want to save money on groceries? Search for different apps that allow you to buy discounted food at the end of the day from a number of different places.
• Use My Money Manager in our mobile app through the link below to track your spending.

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From TV and apps, to music and meals, subscriptions can be a useful way of paying for services. But be careful, research by TopCashback found 48% of people are paying for something they haven’t used regularly in the last six months.

• Do a subscriptions spring clean and cancel the ones you don't want anymore. You'll save money every month. 
• Don't fall for the 'Free trial trap’, where you sign up for a service that is initially free but then forget to cancel it. 
• Don’t just look at Direct Debits and standing orders, look at your transactions for repeating card payments. 
• Set up a monthly reminder to check for subscriptions, clear out anything you haven’t used.

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Follow these quick tips from the Energy Saving Trust to save money every year on your energy bills. Figures are based on a typical 3-bedroom home as of July 2023.

• Just by remembering to turn your appliances off standby mode, you could save up to £60 a year.
• Washing at 30 degrees, and reducing your use by one load per week, could save you £30 a year.
• You could save another £60 a year by drying washing outside in warmer weather and skipping the tumble dryer.
• Save £25 a year by turning off the lights when you leave a room.

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A good rule of thumb to give yourself a solid financial cushion is to have at least three months' essential outgoings available in an instant access savings account. Try these tips below to help you save, or check out savings advice on MoneyHelper.

• The cupboard clear out: take an inventory of the long life foods in your cupboards and freezer, make a meal plan from what you have and only buy fresh food as you go.
• The banned list: put £5 into a savings account each time you buy something on your banned list.
• Savings habit: by putting 1p more each day into a savings account, 1p day one, 2p day two, 3p day three, you’ll save over £650 in a year!
• Thrifting: take advantage of freecycle and local Facebook groups to get items for free or cheap, and then save what you didn’t spend.

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In the 2022 Student Money Survey, 82% of students worried about making ends meet.

• Check for scholarships, grants, and bursaries. 42% of students surveyed felt they weren’t made aware of these funding options.
• Use our budget calculator to create a budget and stick to it. Keep that loan in a savings account and transfer your budget to stop overspending.
• Discounts with your student ID: get 10-20% off at shops, restaurants and more.
• Take advantage of our student bank account (make use of a free 4 year railcard!)

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