There are plenty of ways for British people to save, as new research into the nation’s money saving habits shows how we all go about it.
A new study revealed that Brits believe they save nearly £600 a year on average by being thrifty.
Using vouchers and money-off coupons tops the list of saving methods, while 42% of Brits said they had developed money saving instincts out of necessity rather than choice.
A third of people said they developed their money saving skills from their parents and 64% said they were actively using those techniques.
Some 39% of those questioned in the study said they hate unnecessary spending while 37% said saving stemmed from a genuine need to do so.
Nearly a third of people asked said saving had become a habit while 18% said they were proud to be tight with their finances.
The top money saving tips
Of the top 25 saving tips, women were found to be those more likely to follow them; more likely to follow the tips in 20 of 25 cases.
Despite this, it was men that believed they made the greatest savings of around £693 a year, compared to women who believe they save slightly more than £500.
Taking a packed lunch to work was the second most popular saving tip while ditching takeaway foods and turning to cheaper supermarkets were also popular choice.
Turning down the thermostat can cut energy bills while cooking food in batches was seen as a way of reducing food bills.
Saving loose change in a coin jar and then paying it into a bank reduces the amount of money withdrawn from cash machines while switching energy supplier can help find a better deal.
Effective budgeting was listed by 28% of respondents, although the statement was clarified by saying the people actually need to stick to a budget once it is created.
Cutting out impulse buys and buying second hand goods could also drastically reduce expenditure as could reviewing any contracts such as those for TV, internet or mobile phones.
Prepaid financial management
Financial management is extremely important so keeping spending in check with a prepaid card is a great way of ensuring you don’t spend more than you would like.
A prepaid card limits spending to the amount on the card at any given moment and is not directly linked to a bank account making funds safer.
The cards can easily be topped up or replaced if required while accounts can be checked regularly online if needed.