A money-saving app has come up with a list of eight simple hacks that could cut bills for every household in the UK by £100 a month in 2023. Nous.co has created simple tips to save more than £1,200 across the year.
The finance app is also launching a new feature to help households keep on top of their spending. It records important events – like when subscriptions are due for renewal, when mortgage deals are ending, when you need to renegotiate contracts – automatically tracks the dates in an online diary and sends you emails when you need to take action).
Greg Marsh, founder and CEO of Nous.co, said: “It’s been a torrid nine months financially for everyone and things are likely to get worse in 2023 before they get better. No one can completely escape the effects, but we can all do things to make small savings which, together, can add up to a fair whack.”
1. Review subscriptions – saves £305.88
It is easy to sign up for free trials and it is just as easy to forget to cancel them within the timeframe. It might have been something you were very keen on at the time such as a Strava Subscription, but now you may not use it enough to warrant the fee.
Assess whether you need these subscriptions and you could save yourself more than £100 across a few cancellations. For example, cancelling a Strava deal (£4.58 per month), Tinder Gold (£11.92 per month) and Amazon Prime (£8.99 per month) can save you £305.88 over the year.
Additionally, with some subscriptions, you can threaten to leave and potentially be offered a better deal.
2. Know when your contracts auto-renew – saves £305
Ensure you are aware of when your contracts are up for renewal and check for new deals. That could help you make savings on your mortgage, broadband, TV, mobile, home insurance and car insurance contracts. The new Nous.co tool sends helpful automated email reminders to keep you in the know and will help you find better deals.
Also mindful of when new customer deals expire, and you return to a standard tariff as that can always be a good time to change. When on a default tariff, Ofgem says that you could make savings of roughly £305 per year if you switch to a smaller provider.
More than two in three (69%) of British people agree that it is a good idea to look for cheaper energy regularly according to research by Nous.co.
Be wary of mortgage increases due to interest rate fluctuations. Figure out if it suits you best to be on a variable or fixed deal too now that conditions have changed and see if other providers can offer you a better rate. You can work out whether falling property prices could affect your loan-to-value (LTV) ratio, what that means, and what you can do to avoid the Mortgage House Trap with Nous.co.
3. Shop clever – saves £246.48
A chunk of people do this already but you can save a lot of money by changing up your shopping habits. Switch from a more expensive supermarket and go to Aldi or Lidl instead. There you can also shop for its own branded goods to save money.
If you opted for Lidl’s Newgate baked beans, Aldi’s The Juice Company Smooth Orange Juice, Aldi’s Harvest Morn Honey Nut Crunchy Cornflakes, Lidl’s Mister Choc Crunchy Peanut Butter, Lidl’s Choco Nussa Spread (like Nutella) and Aldi’s Grandessa Mighty Yeast Extract (Marmite) instead of the big, branded versions you could save £246.48 over the year according to independent research.
The Too Good to Go app also allows you to get your hands on excess food for a snippet of the price to stop it from wasting away. It is a great way of getting tasty food for more affordable prices.
4. Switch off the lights when you leave the room – saves £20
You would be amazed at how many people unnecessarily leave on lights when they are not in the room or out of the house. Like any bill, it all adds up.
The Energy Saving Trust say that the typical household could save nearly £20 per year by doing so.
5. Turn off plugs when items aren’t in use – saves £120
It is another simple solution that can knock more than £100 off your bill over the year. When you aren’t using items such as TVs or phone chargers, for example, turn them off at the wall.
The Energy Saving Trust believes it could save £30 per person over the year. Say that applies to a four-person family home, £120 could be saved.
6. Turn down the heating 1 degree and add a layer – saves £145
If you simply take one degree off the thermostat and add an extra jumper and pair of socks it can really make a difference.
When you put it in perspective, you are taking 4 – 5% off the bill and this can help save you around £145 per year, says the Energy Saving Trust.
7. Take 20% off your shower time – saves £86
Everyone loves a long shower, especially in the colder months. If you shaved 20% off your daily shower time, taking it from 10 minutes to 8 minutes, it certainly helps your funds.
This Is Money says you can save £43 each year for each person within the house. Say that this applies to two people having daily showers, a solid £86 worth of savings will be made.
8. Wash clothes at a lower temperature – saves £40
When doing the laundry, make use of the modern washing machine’s talents. It can clean clothes effectively at a lower temperature so moving from 40°C to 30°C allows you to get three washes for the price of two. Washing machine-dependant, that could be using the same amount of energy too saving you up to £40.
Overall savings: £1268.36
