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Revealed: The nation’s top 25 money saving tips

04 October 2013

Smart savers bank £530 a year on average with these proven money saving tactics

Thrifty money saving efforts are boosting people's finances by an average of £530 a year.  Vouchers, money-off apps, packed lunches and home cooked meals are popular money savers together with shopping around for insurance and reducing energy use to shrink bills.

But, while 70% of us are happy to share money saving tactics with friends and family, 27% of those surveyed kept their coupons and other money saving tips to themselves.   

The research, commissioned by Gocompare.com, revealed that 95% of people are always looking for ways to save money.  Favourite money saving tactics include:

Rank

Favourite money saving tactic

%

1

Use vouchers, coupons, money-off apps to get discounts

57

2

Take a packed lunch to work

50

3

Shop around for insurance

49

4

Turn the thermostat down to reduce heating bills

49

5

Use loyalty and cashback schemes

49

6

Cut down on takeaway meals

46

7

Do more home cooking and batch cooking

41

8

Keep a coin jar and save change

41

9

Take your own treats to the cinema

40

10

Plan meals, make a shopping list and stick to it

38

11

Cut out takeaway coffee/coffee shop treats

38

12

Don't impulse buy - sleep on it

37

13

Switch energy supplier

35

14

Buy second-hand instead of new, use sites like eBay or Freecycle

31

15

Never grocery shop on an empty stomach

30

16

Draw up a budget and stick to it

30

17

Don't use a tumble dryer

29

18

Review your satellite or cable subscription or cancel it altogether

27

19

Switch to a cheaper supermarket

26

20

Leave the car at home and walk or use public transport

25

21

Review your mobile phone contract or come off a contract altogether

25

22

Cut up your credit cards

23

23

Transfer all credit card debt to a 0% card

22

24

Review your gym membership or cancel it and train outdoors

21

25

Only use cash - not cards

20



The survey also revealed that women are thriftier than men as 97% of women, compared with 94% of men, said that they actively use money saving tips.  And the survey found that women were much more likely to use certain tactics listed in the nation's favourite money savers, for example:

  • Use discount coupons, vouchers or apps - women (68%), men (45%)
  • Take a packed lunch to work - women (57%), men (42%)
  • Turn the thermostat down to reduce heating bills - women (54%), men (44%)
  • Never buy on impulse - women (39%), men (34%)
  • Buy second hand or new, use eBay or Freecycle - women (37%), men (24%)

When asked why they look for ways to save money, over half (54%) of those surveyed said that they hate spending money unnecessarily, 47% genuinely needed to make savings, 35% just had a money saving habit, a third were on a tight budget, while 11% said that they were just a bit tight.

Claire Peate, customer insights manager at Gocompare.com, commented: "Rising prices coupled with static incomes mean that many people are having to find ways of making their money go further.  And, as our survey demonstrates, whether it's cutting food or energy bills or making savings on financial products, people are embracing a wide range of money saving tactics.

"Switching products and services is one of the biggest money saving areas.  Simply changing the supermarket where you do your weekly food shop or switching to own brand products can help to reduce your grocery bills, while using a comparison website to shop around for a better deal on your energy, insurance policies, credit cards and mortgage can save you hundreds of pounds."

-ends-

Notes to editors:

On 9th to 12th August 2013, Vision Critical conducted an online survey among 2,001 randomly selected British adults who are Springboard UK panelists. The margin of error-which measures sampling variability-is +/- 2.2%. The results have been statistically weighted according to the most current education, age, gender and regional data to ensure samples representative of the entire adult population of United Kingdom. Discrepancies in or between totals are due to rounding.