Ten commandments of savings

Thanks very much to everyone who entered the Moneysupermarket.com competition to find the best ‘ten commandments of saving’ or top savings tips. There were some really great entries, but here are my ten favourites:

Get children saving at a young age.  My parents set me up a post office account, but it can be anything, as long as they can ‘save their pennies’ themselves.  If they’re aiming to save ‘for’ something rather than just save for savings sake, it helps to see the commection and builds good skills about the value of things, but it’s important to keep the savings going and not take them all out. Debbie Ruppenthal

Only use cold water for washing hands during the day to save igniting the gas boiler. Only wash up once a day and rinse with cold water. Kay Smith

Juggle your bank and savings accounts about.  Getting a lower rate and regularly switching can save tens of pounds a year especially if you don’t clear the card monthly.  The same goes for savings accounts – attractive rates only have a limited lifespan – move it when it runs out to something more attractive.  Debbie Ruppenthal

When towels and clothes start to look old and need a boost but are still usable and fit, dye them the same colour to refresh them or a different colour to make them feel like new. This works really well for jeans when the colour fades. Maxine Sells

This year I’ve saved over £300 by complaining about faulty items – things that didn’t do what they said, or have given up the ghost well within the warranty periods.  Normally, I’d let it go, so I’ve got the initial layout and then the cost of repair and replacement.  This last year I’ve girded my loins and made myself complain – why should people get away with shoddy stuff when I have to hand over my hard earned cash? Debbie Ruppenthal

If you have kids avoid the “baby chino” in coffee shops – just ask for an espresso cup and split a hot chocolate. Loyalty cards at coffee shops are great, be cheeky if others ahead of you don’t have one and get their stamps! Emma Gray

Don’t discard your old shoulder pads – sew them into the knees of chilldren’s rompers to prevent wear.  If you don’t have a proper steamer for fish, use a metal colander over a pan and cover with the lid.  Sylvia Kent

Buy spices from Indian corner shops as you still get more for your money than at the supermarket. If at the supermarket, buy spices in the ethnic sections as again they’re cheaper than the spice section. Emma Gray

Ask the butcher for a bag of bacon bits (left on the machine after slicing). You can get  a big bag for about £1.50 – put some in the freezer for future use and use some for making a big pot of soup with added vegetables. Kay Smith

Learn how to do hyper-miling in your car! When you’re on the motorway, keep your speed at around 55MPH and you’ll save around 10% on your petrol bill. Simon West

Well done to everyone who entered. The winners will be announced by Moneysupermarket on Friday 5th April.

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2 Responses to Ten commandments of savings

  1. sophiecussen says:

    Great tips. Saving at a young age definitely helped me. You’re never too young to start learning about things like that. Also the spices one is a definite must. What’s rather expensive at a supermarket can be significantly cheaper at a local corner shop, or even a local ethnic shop.

  2. piperterrett says:

    Thanks! The guys did good! I agree. Learning to respect your money at an early age sets you in good stead. I used to have to earn my pocket money by dusting and then my mum used to take me to the sweet shop to learn how to use it and budget.

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