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8 Money-saving Tips to Invoke your Inner Saver

Money Saving Tips | Post Coronavirus | UK | LoanTube

Money-saving is the new trend. This lockdown has led us thinking about all the unnecessary expenses we use to carry out. How do you keep a check on your spending habits after the lockdown ends?

The Coronavirus pandemic turned a ‘YOLO spending’ Britain, into a nation of savers. Many of us who dreamt of saving for future funds, got this chance only because of the pandemic. Being locked indoors is taxing, but there’s a glimmer of hope to this situation – the amount of money you are saving amidst the lockdown. Saving has never been Britain’s cup of tea, but a crisis like these compel us to invoke our inner saver and secure some pounds for the rainy days. After all, a penny saved is a penny earned.

We believe that this newfound habit shouldn’t just be limited to the lockdown. Therefore, we’ve come up with 8 ways to help you save money even after the lockdown is over!

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4.8/5

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Representative APR

31.90%

Minimum Age

21 Years

Minimum Income

£2000 per month

Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52.

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4.8/5

Norwich Trust

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£4000 -

£20000

Loan Term

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10 years

Representative APR

31.90%

Minimum Age

21 Years

Minimum Income

£2000 per month

Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52.

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Evolution Money Loans

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Representative APR

28.96%

Minimum Age

18 years

Minimum Income

Not mentioned

Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00

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28.96%

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18 years

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Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00

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1Plus1 Guarantor Loans

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1 -

5 years

4.4/5

4.4/5

Representative APR

39.90%

Minimum Age

18 years

Minimum Income

Not mentioned

Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56.

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4.4/5

1Plus1 Guarantor Loans

Loan Amount

£1000 -

£10000

Loan Term

1 -

5 years

Representative APR

39.90%

Minimum Age

18 years

Minimum Income

Not mentioned

Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56.

1. Probe into your Direct Debits

  • Auditing your direct debit will require you to put those blazing spending habits under scrutiny. Look for any direct debits than you can pause for the time being. For instance, a gym membership that you’ve barely used, or a club membership to visit attractions. Think of it this way – any expenditure that you’ve survived without during the lockdown, is basically a leisure expenditure. This time around, avoid renewing unnecessary subscriptions. Perhaps try picking a new hobby to replace those activities.

2. Price Tracking – A Smarter Way to Buy

  • Price tracking websites are a saving grace, as they notify you whenever your favourite retailers slash their rates. All you need to do is lookup for your retailer online and track them through one of these websites, for instance, Alertr. Andy Barr, co-founder at Alertr explains “You can even set a price limit on these sites so that you get notified only when the price has dropped to where you want it to be.” Additionally, these sites can help you stay updated about all the sales being held by your favourite brands. It’s a win-win!
  • Now that you’re a pro at smart buying, we bring Loantube for smarter borrowing!
  • Compare loans from multiple lenders based on Real Interest Rates, to find your ideal loan, by just filing a single application.

3. Using Points

  • We often ‘obliviate’ the concept of points, when it comes to shopping. A large number of stores provide ‘Point cards’ or ‘loyalty cards’ to keep track of the points that a person earns on each of their purchases. You have to spend a certain amount of money to earn points. Once you meet their reimbursement criteria, you can use these points to shop. Chains like Boots, Debenhams, Tesco and Nectar, etc., are among a number of places offering point cards.
  • Another method is often known as ‘Wombling’, can come in handy even in the long run. Wombling simply refers to picking billing receipts of people who left them behind and using them resourcefully. You can scan these leftover receipts and points to your shopping cards. After all, why waste points when someone may not even need them. This technique is popular among students and youngsters who’re trying to use cash judiciously. If you don’t fancy hunting for someone’s discarded receipts, you can ask your friends and family to preserve their bills and hand them to you.

4. House-party Games and Zoom Quizzes

  • Video conferencing apps seem to have found their niche amidst the lockdown. Not only are corporates switching to these apps, but they’re also equally popular for ‘socially distant game nights’, ‘movie nights’ or ‘friends pop quiz’ among others. Social distancing is anyway advisable for the time being, even with the lockdown being relaxed. So the next time you feel like hitting the neighbourhood pub but feel apprehensive about socializing, gather your friends in a video call and organize an online party. According to a survey held by The Deltic Group, on an average, Brits spend £70, on a regular night out.

5. At Home Salon

  • With the wide variety of products available on the counters, creating a salon-like experience at home is no biggie. With a relaxed lockdown, you may feel tempted to treat yourself to a manicure. But, ask yourself if it is really necessary. Instead of getting regular beauty treatments, consider them as a way to incentivize yourself. Making beauty treatments a treat, rather than a necessity, is a good step towards becoming a saver.

6. Recycle! Don’t Let that Slip

  • An interesting skill that we all acquired owing to the lockdown, is up-cycling. While recycling is a great practice, up-cycling is something that we can do even with damaged, discarded products. So next time you want to decorate your house with something new, consider creating something at home with cheaper alternatives, rather than splurging on expensive show-pieces.

7. Discount Coupons are a Holy Grail

  • With the emergence of Covid-19, people have replaced outdoor shopping excursions with online shopping. With the number of discounts coupons offered by third-party websites, online shopping might actually save you the extra bucks. So put on your searching hats and look for discount coupons before checking out and paying for the products in your cart. If not all, at least some products will be covered by relevant discount coupons.

8. Cutting the Commute Cost

  • Travel plans seem to have already subsided for 2020. That doesn’t mean you can’t explore your city anew. We say that you do it on a bike, instead of your car or the tube. Investing in a bike is a great idea, even in the long run as you save money on fuel, cab, bus and tube costs. For a lot of us, we couldn’t use the money that we added to our oyster cards, most of Q1-2020, due to the pandemic. Bikes are a good alternative to this as you can avoid that ride in a packed tube, which could potentially expose you to the risk of acquiring the infection. And our favourite upside of bikes is the fact that they’re absolutely eco-friendly!
  • The pandemic has drastically affected our spending habits but turns out there’s a silver lining to it. Ever since the Virus hit home, it has inspired us to not only save money but has also taught us to spend judiciously. An online survey of 2000 adults, revealed that 77% of Brits have saved close to £480 in the lockdown. This amounts to over £1.8 Bn of savings as a nation. Perhaps it is safe to say that the pandemic is a nudge that we desperately needed, to mend our spending habits. So we can’t help but ask ourselves if Britain becoming a Nation of Savers, is actually for a greater good?

Representative 79.5% APR

Warning: Late repayment can cause you serious money problems. For more information, go to moneyhelper.org.uk

Credit subject to status & affordability assessment by Lenders.

LoanTube is a credit broker and not a lender.

Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on any debt secured against it.

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Representative APR Example

The rate you are offered will depend on your individual circumstances.

Representative APR Example: On an assumed loan amount of £1,000 over 18 months. Rate of interest 59.97% per annum (fixed). Representative 79.5% APR. Total amount payable £1,554.10 of which £554.10 is interest. 17 equal monthly repayments of £86.09, and the final month’s payment of £90.57.

Some of the offered loans might be classed as High Cost Short Term Loans. APR rate starts from 18.22%. The maximum APR rate is 1721%, but you will get a personalised rate tailored to you. The minimum repayment term is 3 months, the maximum repayment term is 7 years. The minimum loan amount is £250 and the maximum loan amount is £35000.

Warning: Late repayment can cause you serious money problems. For more information, go to moneyhelper.org.uk

Credit subject to status & affordability assessment by Lenders.

LoanTube is a credit broker and not a lender.

Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on any debt secured against it.

Not all borrowers will qualify for a loan. The operator of this website does not engage in any direct consumer lending, we simply provide you a FREE loan brokering service. This means LoanTube does not charge customers a fee for using its introducer services, but it receives a commission from lenders or other brokers if a customer enters into a consumer credit agreement with them following an introduction by LoanTube.

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