I used to go on a big trip every year, we’re not talking about me now in a Head of Marketing position, but me when I was earning between 16-21k and learning the ropes in marketing. So my friends and family often used to ask how I saved up the cash.
The real trick was cutting out certain costs without reducing your life quality. You don’t want to make so many sacrifices that you don’t enjoy your time, as a year is a good stretch, but if you can shave off some costs so you can spend two months in Peru, that sounds worth it to me!
Drink At Friends Houses
I love going to the pub with my mates, but you wake up in the morning and don’t really fancy checking online banking, as you know you’ve blown a fair chunk of your money. But if you went to a supermarket, picked up some drinks and took them to a mates house, you would have spent a fraction.
Plus, without loud music blasting, you can do the part you love the most, actually catching up with good pals.
You could even time it so you buy bottles of spirits when they’re on offer in bulk, so you don’t have to pay full price before meeting a friend.
If they can’t host, why not host your friends, but it’s worth mentioning you’re a bit tight on cash, as that way they don’t come around expecting food. Nowadays, I love hosting and spend a fortune on food and drinks when people visit, but when I was saving I was brutally honest with them, they all understood and didn’t want me to spend money on them.
Reduced Shopping With A Pal
Ok, so on the way to the gym, me and my mate Seb would visit 6 supermarkets in Brighton which were on route, then we would visit them on the way back if the reduced food hadn’t come out yet.
They all had slightly varying times between 6-9pm, so it was hard to guess, but you would get sandwiches, pizzas, mince meat and ready meals for 10p. I’m going back a bit of time now, but I occasionally spot people reduced shopping and remember how much I used to get a buzz from it.
Plus, you don’t have to eat it all that evening, I would freeze a lot of the food, so it could be spread out during the week. Considering how much our food bills have gone up, this is a great money saver and will shave off a lot from your weekly food bills.
The reason I wanted to highlight doing it with a pal was that it became a fun activity with my mate around working out, whereas if I was on my own I would be more shy about visiting the shops and wouldn’t enjoy the process.
Drop The Subscriptions
In June, I lost my job at a fintech company, fortunately I quickly found a part time marketing role so I wasn’t short of work or money coming in, but in those 3 weeks I was panicking quite a lot. My first reaction, beyond looking on LinkedIn, was to cancel my subscriptions.
Honestly, half the time we forget how many we have! I couldn’t believe it when I went through a month of payments on my bank account. I was paying for Amazon Prime, Netflix, Spotify, YouTube Premium, Peloton, Apple TV and Disney+. As you can imagine, this means I was ‘bleeding’ over £100 per month, when most of these I wasn’t using regularly.
I decided at that point to just have one TV subscription, to watch the shows I liked on that, before cancelling and rotating to one of the others.
I also realised I was using both Spotify and YouTube Premium for music, despite both having free versions with ads, therefore it made sense to drop this cost.
I don’t even want to get into the cost of running an exercise bike at home, more pricey than a gym membership!
Swapping Takeaways/Restaurants For Ready Meals
This might sound like an odd one, but you will hit a point where you fancy something readily made for you, whether that’s on a lazy Sunday or when exhausted from work on a Friday.
At that point, you’ll feel the temptation to head out or order something in. My way of tackling this was getting a luxurious ready meal. It sounds odd, but you step up and get it from the premium section and the taste is often really decent, yet you’ve spent a fraction of what you would have spent on a takeaway.
Go On Hikes, Or Other Free Activities
Cutting your spending doesn’t mean you shouldn’t meet friends or have fun weekends, it just pushes you to be more creative. I started going on hikes with my mate Matt, which were free and I would pack water and a protein bar, meaning I could be out most of the day and merely have the £1.50 cost of the bar.
This is compared to a day drinking session, a visit to a restaurant or going to comedy shows. I also started trying more sports, because again, there is no charge to kick a football around with a mate in the park.
It helps having two dogs as well, as I had a bit more time to take them out on longer walks. If you tell your pals you don’t want to spend much, they’re understanding, they just want to see you, so they’ll help to think of ways to keep the costs down and still have fun together.
Find Things To Do At Home
I have had so many hobbies over the years, spent so much money on them and they just get left to the side. I have a drum kit which I haven’t played in over a year. I always tell myself I’ll get around to it, but when you have to stop spending cash, you do suddenly have a bit more time for those hobbies you’ve already invested in.
On a Friday, I would still ‘treat myself’, whether that’s watching a movie with some popcorn and the Mrs or having a single game on an online casino.
In fact, I remember when I had to save, I dug out my PlayStation, which had been gathering dust, seeing games I hadn’t even started, in brand new packaging. Speaking of, I still haven’t played Red Dead Redemption yet.
No Need For New Clothes
Rather than paying for new clothes, I had a deep dive over everything I owned, the items I really don’t wear anymore I listed on both Vinted and eBay. Any money I raised from those sales I told myself I was allowed to spend on new clothes directly on the platform, therefore no money ever left my account.
This allowed me to order shorts and sunglasses for my trip at no cost, simply by getting rid of some old lumberjack shirts I hadn’t worn in close to a decade. It might look like old tat to you, but to someone else it’s gold.
Plus, you can feel good about yourself that you’re being more environmentally friendly by bringing use to existing items rather than buying new clothes.
Morning Coffees
I love a good coffee. Seriously, I’m sipping one right now and feel like I can’t operate in the morning without it. Sure, I have loads of energy, but psychologically it always feels like it gives me clarity.
But I was getting one in the morning on the way to work for £5.10 (when did it get so expensive, it was a large to be fair). If that’s 5 days a week, then you’re spending £25.50 per week and £110.50 per month.
Over an entire year, you’re looking at around £1,326, suddenly that morning coffee looks like a serious investment. I mean you could pretty much cover your entire travelling trip with those coffees. Or you’ve at least got your return flights and several hostels paid for, depending on where you’re going.
I’m not saying give up the coffee, but when I had to save, I accepted the not-so-tasty instant coffee in the office would suffice, because why pay for something when there is a free alternative that was fine, it just wasn’t great.
You Don’t Need An Upgrade
I normally get an upgrade on my phone before a big trip, as I get the temptation to invest in a better camera, or I might look at my DJI and wonder whether it’s time for a better version. Maybe it’s those Meta glasses that are tempting you, or a new smartwatch.
Realistically, unless something breaks, we’re just wasting money on all of these items. I love a gadget and always want a new one, but if I know I have to be tight on the purse strings, then it’s logical to take a step back and question whether it’s a necessity.
You may even find a friend has upgraded their phone and has no use for their old one, or they might be looking to sell the old one for an incredibly low price. I know I traded in my phone for a discount on my new phone, but the amount I got off from my device was silly, considering I’m basically selling a really expensive phone for £50.
You Don’t Need The Gym
Ok, this is easier if you’re not into weight training, but if you do cardio in the gym, then you really don’t need a membership. There are also a number of jogging clubs on Facebook (yep, that dinosaur of a Social Media platform) as well as cycling groups.
A number of parks have introduced outdoor gym equipment, 11 were launched in Camden alone! We have them in both of my local parks in Burgess Hill, highlighting how easy they are to find. My point is that you can use these for body-weight weight training and you can still get decent results from them.
If you own a couple of adjustable dumbbells then you’re pretty much sorted anyway, ideally with a bench as well, then you’ve basically got a decent home gym.
