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Building your wealth takes consistent effort, but regular investing is one of the best things you can do to secure your financial future. Whether saving for an emergency, down payment, or investing for retirement, finding ways to save a little more each month makes for a significant long-term impact.

Follow these practical strategies to increase your monthly savings. 


Review and Reduce Household Expenses 

Analyse your bank statements and credit card bills to tally up total monthly spending across categories like housing, utilities, food, transportation, entertainment, subscriptions, etc. Look for areas where you may be overspending based on needs. Finding ways to cut back discretionary expenses frees up more cash that can be redirected to savings. 

For instance, by eating out one less time per week and limiting takeaways, a family can potentially save £80-100 monthly. Identify your top expenses and see where you can trim. 


Change Energy Providers 

Shopping around for lower cost providers for your gas, electricity, mobile, broadband and insurance can lead to major savings. Use comparison sites to find deals and switch providers when promotions end.  

For example, switching energy plans from the typical variable tariff to a cheaper 12-month fixed plan can reduce average household energy bills by £200-300 annually. Applying that savings monthly increases disposable income. 


Negotiate Better Rates 

If you have subscriptions, memberships or regular services like childcare, look for opportunities to negotiate better rates. Even modest discounts add up over the year. Just be sure to avoid commitments that are difficult to exit. 

Also negotiate things like rental rates when renewing leases, car insurance premiums on renewal, mobile phone contracts when eligible for upgrade, etc. Being an assertive, polite, negotiator pays off. 


Cut Down on Takeaway Coffees, etc 

Small daily indulgences like takeaway lattes, snacks, cigarettes, lottery tickets drain wallets fast. Try going without these for a month and redirect the cash to savings instead. Brew coffee at home and bring water and healthy snacks to work. 


Pay Your Future Self First 

Rather than saving whatever is left over each month, get in the habit of automatic savings deposits that come out on or just after payday. Even £25-50 per pay period adds up significantly over time. Consistency is key. 

Many banks allow you to setup standing orders to savings accounts. Or have a portion of your pay deposited into a separate savings account. This money builds up quickly. 


Use Cash Only for Purchases 

To reduce unintentional spending and overuse of credit/debit cards, use cash only for certain spending categories like dining, entertainment or petrol. Withdraw a set amount each week and once it’s gone, it’s gone! 

Having visible limits makes you more mindful about wants versus needs. And sticking to cash preserves the money in your current/savings account.

Consider Other Ways to Earn 

Earning extra income through freelancing, consulting, ride sharing, tutoring or other occasional side jobs provides a chunk of “bonus” cash that can be used specifically for savings rather than inflating your lifestyle. 

Even small efforts like participating in focus groups, market research, donating plasma or completing online surveys can generate an extra £100-200 per month to put into savings. The key is keeping side income separate. 


Review Subscriptions 

Audit recurring subscriptions for things like video streaming, tv channels, music services, box deliveries, memberships, software and more. Determine what you can live without. Downgrade plans and cancel underutilised subscriptions to save £5-50 monthly per service. 

For example, share with family to reduce costs. Review recent bank and credit card statements for forgotten subscriptions draining small amounts monthly. Every pound counts. 


Buy Own Brands 

Opting for supermarket own brands, less expensive pantry staples and generic medicines and toiletries saves money without sacrificing much quality. Less costly swaps for 20 regularly purchased items can save £10-20 per weekly shop. 

Review where brand loyalty may be costing you more without any benefit. Consider switching to less expensive generic or store brands for a wide range of goods.

Use Cashback & Voucher Sites 

Cashback sites like TopCashback and Quidco along with coupon sites like VoucherCodes offer easy savings when you purchase from major retailers. The cashback and promo codes provide discounts that you can redirect into your savings account. 

Just be sure to only use them for purchases you would be making anyway. Don’t spend just to earn cashback. Activating various browser add-ons also automatically applies available voucher codes at checkout for extra savings.

Buy Second Hand 

Consider buying used for categories like furniture, electronics, appliances, toys, and apparel. Shop classified ads, thrift stores, auction sites and charity shops to find quality items at deeply discounted prices. This stretches your pounds and makes space to save more. 

For example, you can easily save 50-75% buying “pre-loved” appliances and furniture versus new. Seek good condition items from trusted sellers and inspect carefully before purchasing. 


Use Public Transport 

Commuting by public transportation like trains or buses rather than driving allows you to save on fuel, parking, car maintenance and insurance.  

While not always practical, utilising public transport a few times per week can lead to considerable savings over the year if you have the option available. You can use the commuting time productively too. 


Bring Lunch to Work 

Purchasing meal deals and visiting the work cafeteria daily gets very expensive over time. Prepare meals at home that you can bring to work for lunch 2-3 times per week. Involve family to do batch cooking and meal prep together on weekends. 

Home packed lunches can easily save £3-5 per day. Over the month, this adds up significantly. You’ll also eat healthier than grabbing fast food or a hurried supermarket sandwich and drink. 



Overall, saving more each month is about mindset and creating habits around conscious spending. Start by identifying your savings goal, then diligently track where every pound goes to uncover savings opportunities. Small daily efforts to consume less while making your money work harder leads to real progress. 

If you would like to discuss your personal finances, our multi award winning team at Fiducia Wealth Management are here to help you plan your financial future.