How to save money in 2022: Top 5 Money Saving Tips

Top 5 Money Saving Tips in 2022 – The cost of living is becoming expensive everyday, due to inflation around the world. But that doesn’t mean there aren’t simple money saving tips and tricks to to minimize the effects of inflation.

Financial experts shared 5 tips we think are worth noting that can go a little way to helping you save money, or make money in the midst of sky-high inflation and rocketing bills.

Top 5 Money Saving Tips

Top 5 Money Saving Tips

In this article, we will share a way to cut down on your monthly food shop, save money on your phone bills and make some money by renting your unused equipment.

1. Make the most of discounts and save on food bills

If you have a habit of outings more often every month, it’s time to control it, since it become highly expensive with this inflation period.

While a lot of money saving tips tell you to go back on spending, as money saving on food isn’t an option. But still there are some ways to get it discounted and free.

Top 5 Money Saving Tips

I confess, I am a fond of rapid grocery delivery apps. Gorillas, Getir, Gopuff, I’ve got them all. 

There has been so much competition in this food industry that they are constantly giving discount and offers to retain customers.

There are usually introductory offers and you can earn money through referrals. I often get a percentage off the bill and/or free delivery too, which means a £30 food shop costs me just £10. 

Of course, it isn’t anywhere near as cheap as buying in bulk but it’s a good idea to save a bit of money on a small shop.

Another way to save money on food is to use an app like Too Good To Go. It partners with cafes, shops and restaurants which put leftover food in a bag and sell it at a half or cheaper price.

So you get to enjoy the likes of Pret, Costa and Yo Sushi for a fraction of the price and you get to feel worthy because you’re fighting food waste. A win win situation.

2. Save money on your monthly phone bill

If you want to keep up to date with the latest iPhone, it can cost you so high. Even with networks offering special introductory deals, more often than not you become locked into 24 month contracts which can be a real strain on your finances.

Getting some less cost monthly deal and buying an old phone from somewhere online can save you a significant amount of money. I bought a phone for £100 and now only pay £20 a month for 100gb of data.

Top 5 Money Saving Tips

If you want a more up to date phone though you can use a phone rental service. There are many online sites where you can choose either a new or refurbished phones and a pay a monthly fee for 12 months.

After a year you can carry on renting the phone for a cheaper monthly fee, upgrade to a new model or return the phone.

3. Free e-books and audiobooks

It’s easy to only focus on cutting things which are not so necessary when you want to save money but you should still be able to enjoy the simple things.

I am a books lover. I buy them and they sit on my shelf in my study room for years. Not only are the piles and piles of books that don’t fit on my shelf an absolute eyesore, it is an expensive habit to keep the books for such long period and maintain the shelves.

I started reading on a Kindle a few years ago partly for convenience and partly because the books are often a lot cheaper than buying them in paperback.

However I recently discovered some other app i.e Libby, a library reading app which lets you read and listen to audiobooks for free. It basically brings the public library into the 21st century.

It is completely free with no subscription costs. All you need is a valid library card from your library and up to 1,000 libraries are partnered with this app Libby.

The book love is unlikely to stop but Libby might help to maintain the habit somewhat.

Top 5 Money Saving Tips

4. Make some money by renting out your equipment

As well as cutting back on your spending on food and phone bills making a bit of cash on the side can only be a positive.

Selling old clothes and clutter online is one way but what if you could rent out your items instead which are not in use?

Top 5 Money Saving Tips

There is an app Fat Llama lets you earn money on items you don’t use often by renting them out to people in your local area. You can get anything from a sewing machine to DJ equipment or any other items you use rarely.

In my local area I can rent a camera for £5 a day, a Segway for £10 and a Campervan for £115. The options are endless.

Fat Llama also recently launched a new platform which allows customers to rent from major retailers including John Lewis, DFS and Sofology.

5. Use round-up pots to save some extra cash (Top 5 Money Saving Tips)

On both my Monzo and Starling accounts I’m able to automatically round up all of my transactions to the nearest pound and put the spare change aside into a pot.

Top 5 Money Saving Tips

It’s a small thing but it can add up. I’ve saved £200 just on rounding all my transactions up to the nearest pound over the past month, which I can use for either a holiday or, more realistically, my energy bills.

Challenger app Plum offers something similar. Its AI links a customers’ bank account, analyses spending and transfers small sums into a savings pot that pays 0.25 per cent. This core product remains free.

The Plum Plus account gives customers the opportunity to invest for just £1 a month. Alongside the savings features, customers have access to Plum’s 12 investment funds in a risk assessed portfolio.

Top 5 Money Saving Tips

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