£10,000 is a lot of money and a figure that most of us would love to have in our bank accounts. It goes without saying that this will be impossible for some and significantly easier for others. However, the tips and advice in this article are applicable to everyone. Regardless of whether it is £100 or £10,000, our five points laid out below will be sure to save you money.
How Does £10,000 Break Down?
Breaking down the target savings into smaller goals make the amounts less scary, allowing them to feel more achieveable. We have provided saving targets of £100, £1k amd £10k broken down into monthly, weekly and daily segments.
Our top five tips for saving money have been listed out below. We hope you find them useful.
1. Cut Out the Coffee
Brits are known for our love of coffee. A RWB survey in 2017 revealed that the typical person visits a coffee shop 157 times per year, spending £8.52 per visit on average. This equates to an eye-watering £1295.04 per year on coffee and related products. Coffee-selling establishments have multipled in recent years and it isn't difficult to see why with these figures. Replace this coffee with one made from home and noticed the difference. If you're on the go, reusable drinks flasks are a fantastic alternative to prevent you parting with your hard-earned cash.
2. Go Easy on the Eating and Drinking Out
Big Hospitality reported that we spend an average of £70.69 on a night out and the average UK resident will go out at least 5 times per month, or 60 times a year. This equates to £4241.40 annually. This is not to say do not have fun and never leave the house. However, cutting this down to 3 times a month, can save you a massive £1696.56 per year.
What is more, you can replace this two 'missed' nights out with a cheaper alternative. There are plenty of free attractions across the United Kingdom for all to enjoy. VisitLondon have complied 101 things to do - you are spoilt for choice.
3. Start a Side Hustle
A side hustle, or second job, is done alongside your main job. The beauty with it is that you have the complete freedom to choose what this could be in. Utilise your skillset to do something rewarding and enjoyable.
Many report that earning over £500 per month is managable and achieveable.
With the rise of the internet, there are ever-increasing ways to do this. We've listed some options for you below:
- Dropshipping - this is becoming very popular with platform such as Ebay and Etsy
- Drive for Uber or a similar ride-hailing service
- Deliver takeaways with Deliveroo, Uber Eats or JustEat
- Become an extra
- Set up a dog-walking business
- Start a blog
- Utilise your knowledge and become a tutor
The above examples are just a few of the endless ways to earn money with your side hustle. Start researching today.
4. Slash your Subscriptions
According to Finder, the average Brit spends £60 per year on subscription services. Services such as Netflix, Amazon Prime and Hulu have become important parts of our lives in recent years. However, have a look at all the services you use. Do you need them all? If not, it is an easy way to save.
5. Explore Switching Utility Suppliers
The UK government stated in 2016 that switching energy suppliers could save people up to £200 per year alone. The same energy but at a fraction of the cost.
These figures vary depending on which source you look at but the same argument is made across all research: switching utility suppliers has the potential to save you an unbelievable amount of money. Start looking today.
Our Grand Saving Totals
Whether it is £100 or £10,000 you save, we hope the article has opened your eyes to the myriad of ways there are to save and earn money. Explore some today and reap the benefits.
|Cut Out the Coffee||Up to £1,295.04 of savings|
|Go Easy on the Eating and Drinking Out||Up to £4,241.40 of savings|
|Start a Side Hustle||£6,000 of earnings based off of £500/month (ex. taxes)|
|Slash your Subscriptions||Up to £60 of savings|
|Explore Switching Utility Suppliers||Up to £200 of savings|