Way to save for rising costs
Looking for simple ways to spend less right now? Check out our tips to help you save towards those rising bills and the cost of living, whilst learning some clever money habits.
Try to drive less
According to government figures, 26% of journeys are under a mile and 71% are under five miles.* Can you walk or cycle instead? Either will keep you fit, while driving less will save you money on the cost of running a car. A step counter or activity tracker can help you stay motivated; you might already have a free app on your phone that does this. When you do need to drive, find ways to make your fuel go further in our handy guide.
Sell, swap and share in your community
See which swap and sell groups and boot fairs are local to you. Freecycle, Olio and Nextdoor are great places to start. And don’t forget about online options like Vinted. You could pick up second-hand items for less, or make some money yourself by having a clear out, it’s a win win.
Spend less on insurance
Have a note or alert in your calendar for when your insurance policies are due to renew. That way you can search in advance for better deals that meet your needs. You can also visit our handy renewals site where you can let us know your renewal month and we’ll send you a reminder closer to the time.
Check your phone bill
If you’re coming to the end of your phone contract, consider if you really need a new handset – a sim-only deal could save you quite a bit each month. Tesco Mobile has a huge range of deals on sims and handsets, either pay monthly or pay as you go, some with special Clubcard prices are even better value.
Make sure you know what you’re eligible for. Check out the GOV.UK Help for Households hub, it has lots of useful info on grants and schemes available to support you through the cost of living squeeze.
Try a weekly review
Many of us get paid monthly and get bills monthly, so it’s logical to set a monthly budget. But we often spend money daily, which can quickly add up. So try doing a weekly spending review. On the same day each week, look back at what you spent in the last seven days and what your budget should be for the week ahead. Which bills came out, and what did you spend? Does it mean you need to cut back somewhere?
Don’t give up on saving
Putting aside money might seem a challenge right now, but if you're able to, paying into a savings pot is a good habit to have. Even small amounts can add up and help towards unexpected costs in the future. Tesco Bank offers a range of savings accounts with different features to help you get the most out of your money. You can compare our savings accounts and see how interest is calculated to help you decide which one is best for you. Eligibility criteria apply.
Ask others how they do it
Never be shy to ask friends if they’ve found any ways to save on bills – they’ll be proud to share their ideas. There are also online forums like Mumsnet where people post their top tips, and influencers like Clare Seal and Mr Money Jar who are worth checking out for clever tips. You can also try MoneyHelper which offers free money guidance across a range of topics. From checking to see if you’re entitled to any benefits, to sharpening your budgeting skills, keeping on top of your spending is always a positive step towards lowering bills.
While we really hope you find this page helpful, please know it’s for information only and not financial advice. Any facts or figures we’ve used were checked at the time of publication and came from a range of sources.