Dan Whittaker, personal finance expert at CashLady.com has shared five savings hacks to help Britons save nearly £600 this summer. With the latest predictions from analysts at Cornwall Insight suggesting the energy price cap could rise to £3,244 from October, these tips could prove useful if it means families can save some money and put it towards expensive Autumn bills.
As Britons continue to grapple with the cost of living crisis, many will find it important to save money where they can – particularly ahead of the colder months when energy bills naturally soar.
Though summer can be an expensive time with social plans at their peak, there are certain ways that thrifty savers can take advantage of the warm weather.
Dan said: “Summer can be an ideal time to save a bit of money. There’s generally no need to have the heating on, free outdoor activities are easier to attend and many of us take time off work which can cut commuting costs.
“It is, however, also a time that we typically socialise more frequently and maybe even try to squeeze in a holiday if possible. With the continued cost of living crisis and colder weather a few months away, there are some steps you can take now to build up a small savings pot in preparation for Autumn.”
1. Take control of your finances now
As the days are longer in summer, people can be more pro active and plan ahead. He explained that Britons should carry out a financial audit to see what they are spending and where they can cut back, as well as looking at which of their accounts aren’t giving great value.
He suggested that Britons should do some research to find better interest rates on savings accounts and consider switching current accounts.
“Some banks are paying up to £150 (Halifax) if you move your account to them, which is a tidy sum to start your autumn savings fund,” he added.
Potential savings: £150
2. Keep the kids entertained for less
Dan stressed the importance of organisation to avoid strain on finances. He suggested people starting with the obvious by getting out in the fresh air, visiting lots of parks and taking a picnic everywhere they go.
He said: “Hunt around for cheaper childcare; often local sports groups are cheaper than school provisions and ask friends and family if you can buddy up and help one another with childcare one day a week.
“If you do fancy a treat, lots of restaurants offer ‘Kids Eat Free’ deals and companies offer vouchers such as ‘2 for 1’ or ‘kids go free with a paying adult’ on big attractions which can save you a small fortune. Never do anything without a discount voucher!”
Potential savings: £104
3. Find cheaper ways to holiday or have fun
Dan continued: “When the weather treats us right, there’s loads we can do in the UK to save on socialising. Invite friends over for a BBQ and BYOB, look for free local events and festivals like parties in the park or summer fetes or get out and go for a long walk with friends in the evening.”
He mentioned finding staycation venues sites like Airbnb or Canopy & Stars as this is popular and people can find amazing places.
He added: “You could even go camping if you fancy a break on a tight budget.”
Potential savings: £100
4. Earn extra cash
Dan said: “If you have the capacity- for example, if you’re a student, a teacher or work shifts – you could take on a summer job to earn some extra money. Royal Mail looks for cover workers to fill in for staff on holiday and many retail stores have temporary part-time vacancies whilst staff who are at university go back home for the holidays.”
“Many local festivals and pop-up events will also need staff to cover stalls, and sporting or music events often hire agency staff for additional security. If you’re qualified and CBS checked, you could even help out at a kids club for a week or two.”
Potential savings: £152 per week
5. Make some lifestyle changes
Britons can try to become more eco friendly to try and save money this summer.
He explained that wearing fewer clothes in summer means naturally less need to use the washing machine as often.
When the washing is done, it can be left to dry outside instead of using a dryer, he suggested.
Dan continued: “Cooking outside can save money too, using barbecues and eating salads that require no cooking at all. Quit the gym and recoup the cost of your membership, and instead go for regular runs or work out in the garden whilst the weather is warmer and dryer than normal.
“Cancel or rotate your TV subscriptions; with all of the outdoor activities at your disposal, you shouldn’t need to watch as much TV over summer.
“Finally, think about walking or cycling to work, or at least walking to the next station along where the fare might be cheaper. Not having to fill up with petrol would be a huge saving as would paying less for trams or trains. The health benefits would be a bonus too, so you could definitely ditch the gym.”
Potential savings: £88
By taking on board the tips provided by Dan, Britons could save up to £594 this summer.