6 new ways to super power your savings

Sam Jackson

January 31, 2014

November 13, 2018

6 new ways to super power your savings

 

Saving means so much more than putting a little aside every month. With a few changes, some clever tools, and a few bright ideas, anyone can super power their savings. To get you started, take a look at these six fantastic savings tips...

1) Be disloyal

Customer loyalty is a thing of the past. It has never been easier to compare and switch energy suppliers, broadband providers and even loan facilitators. Use our free price comparison tool to get a clear view of the best deals on offer, but remember to think long term - some energy providers offer limited deals to entice consumers, before raising their prices.

2) Try peer-to-peer lending

If you're disillusioned with savings accounts altogether, peer-to-peer lending is an interesting alternative. The idea is that savers lend money to borrowers, paying a small percentage of their earnings to a broker who performs the relevant credit checks that reduce the risk of defaults. Sites like Zopa and RateSetter are two great choices that have been running for years, giving you the chance to earn interest of more than 5%.

3) Get paid to spend

There are plenty of articles out there that tell you to cut back on spending, but there is an alternative. There are now a whole number of sites set up exclusively to help you get paid each time you spend, usually through cashback or vouchers. Try shopping through a site like Quidco, which rewards its customers with cashback for every pound they spend. Once you're done shopping, you can even sell your opinions to Crowdology or SwagBucks for a few extra pennies.

4) Learn to earn

If being frugal is not for you, try turning your knowledge into cash. A survey by private bank Coutts showed that passion investments have delivered returns of 77% since 2005, dwarfing returns from the FTSE share index. So if you're a classic car buff or love antiques fairs, your hobby could be your route to a savings boost that your ISA can only dream of.

5) Sublet

When both money and time are short, make the most of your assets. If you have a spare room or a holiday home, consider short-term lets, or use sites like airbnb to host travellers on a budget. Even your driveway can earn you money - rising parking prices and overzealous attendants have sparked a rise in websites like Parklet and ParkatmyHouse, which allow homeowners to rent out their driveway to people who work in the area. It may seem like a big lifestyle concession, but for a sizeable boost to your savings, it's worth it.

6) Make budgeting easy with online tools

With all these money-saving tips, it's important to keep track of your progress. Although this can seem like a tricky task, there are a number of ways to make it simple. Our free budgeting software brings all of your current accounts, savings accounts and credit cards together, groups your transactions by spending type, and lets you monitor your incomings and outgoings all in one place.

Try these tips to see how much you can boost your savings by, and if you have any other money saving methods, let us know in the comments below.

Sam Jackson

Money Dashboard

Subscribe for updates

Get the latest posts delivered right to your inbox

Success! Keep a look out in your inbox!
Oops! Something went wrong while submitting the form.