Umair
Spring is finally showing signs of appearing and for some it may be an opportunity to give their finances a bit of a clear out.
As the daylight hours lengthen and people get out and about a bit more, it’s also a good time to look at cutting costs.
Research commissioned by cashback service Rakuten suggests more than half (58%) of people are embracing the season as an opportunity to turn over a new financial leaf.
It also found that people have saved £111 on average by switching providers or cancelling unused subscriptions, with some reporting savings as high as £300.
Rakuten spokesperson Whitney Standring-Trueblood has some tips for cleaning up your finances this spring season:
1. End-of-season sales aren’t just for fashion
Standring-Trueblood suggests: “Look out for home improvement, gardening, and travel deals too. Many brands start offering discounts in March and April in order to clear out winter stock, so plan ahead and compare prices before you buy.”
2. Out with the old and in with the new
As well as ditching subscriptions that you no longer use, it could also be worth considering whether there are savings to be had by taking out some new ones.
While things like gym memberships and streaming services may be more “obvious” subscription services, there may be other ones to consider which could make regular spending more cost-effective, such as ones for cleaning products, toilet paper or flowers.
3. Maximise your savings
Standring-Trueblood says: “Before making any purchases, whether it’s the weekly shop, travel, fashion or tech, first check if you can earn money back.”
Get a free fractional share worth up to £100.
Capital at risk.
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Get a free fractional share worth up to £100.
Capital at risk.
Terms and conditions apply.
4. Switch and save on contracts
Make a note of when your phone, internet, or utility contracts are up and set a reminder to shop around for the best deals closer to the time.
Standring-Trueblood adds: “Switching providers can often save you money, and many companies offer sign-up bonuses and incentives to new customers.”
5. Don’t forget your points
Standring-Trueblood suggests making sure to “cash in” any vouchers, loyalty points or cashback that you’ve accumulated.
She says: “You can use them for everyday essentials like groceries, household items and toiletries, or put them towards bigger ticket items that you have your eye on.”
Some supermarket loyalty points, for example, could be put towards the cost of holidays or days out this spring.
