GoCompare uses cookies. By using the website you agree with our use of cookies. Continue Find out how to manage cookies and view our policy here

Revealed: The top 15 money saving tactics for 2016

05 January 2016

Vouchers, money-off apps and coupons top nation’s thrifty tips

  • 30% of Brits need to reduce their outgoings in 2016;
  • 11% of those surveyed expect to have a credit card debt for most of 2016

Money-off apps, shopping around for insurance, switching supermarkets, cutting out takeaways and coffee shop treats are just some of the ways resourceful Brits plan to save money in 2016, according to new research released today.

The survey into the nation’s top money saving tactics for 2016, commissioned by Gocompare.com, found that just under half (48%) of Brits will use money-off coupons, vouchers and apps to avoid paying full price for a range of goods and services, while 44% will use benefits from loyalty and cashback schemes to reduce their expenditure.

Other top tactics for saving cash include setting a budget and shopping around for insurances and energy deals:

Rank

Top 15 money saving tactics for 2016

%

1

Use vouchers, coupons, money-off apps to reduce the cost of purchases

48

2

Use loyalty and cashback schemes

44

3

Set a budget and stick to it

29

4

Shop around for car insurance

28

5

Shop around for home insurance

28

6

Cut out takeaway coffee and coffee shop treats

27

7

Switch energy supplier for a cheaper tariff

26

8

Cut down on takeaways and ready meals

26

9

Reduce heating bills by turning down the thermostat

25

10

Switch to a discount supermarket

25

11

Review or cancel satellite/cable TV subscription

20

12

Cut down on the cost of holidays

17

13

Review or cancel mobile phone contract

14

14

Walk or use public transport instead of the car

13

15

Transfer all credit card debt to a 0% card

8



The survey also revealed that many people are struggling, with 10% of respondents admitting to being ‘seriously worried about their finances’ and 6% saying they rely on credit cards to make ends meet.  The survey also found that: 

  • 30% of Brits plan  to try and reduce their outgoings in 2016;
  • 14% of those surveyed said that they run out of money before the end of the month;
  • 11% expect to have a credit card debt for most of 2016.

Matt Sanders, money spokesperson  at Gocompare.com commented, “Making money go further is a key theme in many of the nation’s money savings tactics – whether that’s using vouchers and coupons to get discounts and freebies or shopping around for a better deal on insurances and household utilities.  Collectively, these money saving tactics can save you hundreds of pounds in the course of the year on a range of goods and services.

“However, despite many of the people taking part in our survey saying they need to reduce their outgoings in 2016 and 11% saying they expect to carry a credit card debt throughout 2016, only 8% plan to transfer their credit card debt to a balance transfer card.

“Depending on the amount of credit card debt you hold, a balance transfer card could save you hundreds of pounds off your existing borrowing. If you transfer a balance to a card with a 0% deal then, as long as you clear the debt within the introductory period, you could effectively borrow money Interest free at 0% interest, for a limited time.

Matt Sanders continued, “A balance transfer credit card allows you to move an existing debt over to a new card that charges either a very low interest rate, or gives you 0% interest introductory period.  Currently, some cards have a 0% interest period of over three years. However, you will pay a balance transfer fee, typically between 2% and 3% of the amount transferred, in return for moving your debt.  This is calculated as a percentage of the debt you're transferring and varies from card to card.

“If you don’t pay-off the balance in full by the end of the low interest or 0% introductory period, you will be charged interest on the remainder of the balance so, it’s important to make sure you know what rate of interest is charged at the end of the offer period”. A good idea is to create a repayment plan, ensuring you pay off the balance in full before the introductory period ends.

Gocompare.com has created a guide on balance transfer cards

- ENDS -

Notes to editors:

*On 7 December 2015, Bilendi conducted an online survey among 2,002 randomly selected British adults who are Maximiles 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 the United Kingdom.  Discrepancies in or between totals are due to rounding.