Lifestyle Guides

19 money-saving tips

Do you find yourself struggling to save money? With the help of the Admiral Loans team, we’ve come up with 19 simple and realistic money-saving tips to help you on your way to financial stability.

Woman hugging piggy bank
  1. Choose something to save for – Whether it’s a new car, new house or a treat you've had your eye on, it can make saving much easier if you have an end goal. Set yourself a goal, figure out how much money you need to save and estimate how long you have to save it. 
  2. Use cash over card transactions – Leave your card at home and delete Android or Apple Pay  off your phone - This way your spending is limited to what you have at hand. Everyone knows once you break a £10 or £20 note, it rapidly disappears. Therefore, having your money visible makes you more hesitant to hand it over. 
  3. Bills first – It’s a good idea to have all your outgoings (e.g. electricity bill, car insurance) leave your account straight after payday. This will help you budget and figure out a realistic figure to save each month.
  4. Savings second – Once you’ve paid your bills, set yourself a realistic target to save each month and transfer these funds into a savings account once you’ve been paid. Or even better, set up an automatic transfer to make sure your funds are fed into your savings account automatically every month.
  5. Keep a record of your expenses – Use a money-saving app or write down your in and outgoings. This will help you monitor your spending and can also help you discover any bad and unnecessary spending habits.  
  6. Start a “no spending” day – Challenge yourself to a “no spending” day once a week (or more if achievable). Unless there’s an absolute emergency, aim to not spend any money on those days.
  7. Save your change – Don’t underestimate loose change! Start to collect your loose change in a piggy bank and over time you will see how quickly you can increase the amount of savings in your pot. Aaron who works in Admiral’s Pricing team puts any loose coins under 50p in a jar and counts it once the jar’s full. savings jar
  8. Meal prepping – We’re no nutritionists but we do know preparing your food for the working week can help you save money. You may think your £4.50 salad from Pret isn’t going to break the bank but if you’re spending a few pounds on lunch every day it soon adds up.
  9. Be your own barista – If you won’t start your working day without a Starbucks, you’re not alone but to help save money, bring your own coffee and milk to work and make your own. It may not taste as good, but your bank balance will thank you for it later.
  10. Buy a car instead of leasing it - Leasing a car could save you money in the short term but you’ll have nothing to show for it once the lease contract ends. Check out our guide for some top tips on buying a car.
  11. Use savings apps – Saving apps are a good way of saving money without having to do the manual work of transferring your funds into a savings account. Check out Monzo or Moneybox
  12. Walk/Cycle more – When possible, replace driving and public transport with a walk or cycle. You’ll save money on petrol/public transport, you’ll be kinder to the environment and your wellbeing will thank you for it, too.
  13. Put aside any bonuses - If you get a promotion or a bonus in work, try to put the extra money straight into a savings account. If you managed fine without this extra benefit previously you shouldn’t miss it. 
  14. Eat in – Avoid eating out too often and embrace home cooking.Girl cooking at home
  15. Don’t go food shopping when hungry – If you hit the supermarket on an empty stomach you’re more likely to buy stuff you don’t really need. Eat before you go, make a list of essentials and stick to it. Still too tempted by the checkout promos? Give online shopping a whirl and get your food delivered. 
  16. Hang your clothes out to dry – Using a tumble dryer uses a huge amount of energy so invest in a clothes horse or hang your clothes out to dry. 
  17. The 24-hour rule – Before buying something non-essential, wait 24 hours to make sure it’s the right thing for  you. 
  18. Get the most out of your clothes – Re-wear or repair your clothes before getting rid of them. If you don’t like to re-wear something you’ve previously worn to a big event, look at selling your old clothing on sites such as Depop or Marketplace.
  19. Fun money – It’s important to have fun and enjoy life even when saving for the other important things in life. Don’t be so strict that you forget to relax and socialise. Each month put aside some ‘fun’ money which you can dip into when you feel like you need to let your hair down