‘Futureproof your finances’ Sustainable savings tips coming out of Covid
Savings: Expert gives advice on 'crucial' ways to save money
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According to a survey conducted by RCI Bank, around four-fifths of consumers in the UK have managed to save at least £3,000 during the course of the pandemic. This is primarily due to lockdown restrictions preventing households from spending money on outdoor and social activities. Tafari Smith, Head of Savings at RCI Bank, outlined why the British public should continue to save despite their newfound freedom.
Mr Smith said: “As the past 18 months have shown, it’s really important to futureproof your finances.
“By following a few helpful savings tips, you can take control of your regular spending and put money aside for bigger, better savings goals.
“Our recent research revealed that last year, 79 percent of UK consumers managed to save almost £3000 on average for a milestone purchase i.e: a bigger house, holidays and even weddings.
As well as encouraging people to continue saving, the financial expert is also reminding Britons of how sustainable fiscal planning is also a possibility.
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Mr Smith added: “This year, RCI Bank and the nation are focused on decarbonisation milestones and cutting waste, so some of our tips below can also help shrink your carbon footprint – futureproofing the planet for generations to come”.
Speaking exclusively with Express.co.uk, RCI Bank’s Head of Savings is sharing his top sustainable savings tips for Britons coming out of the pandemic.
Rent instead of buy
Deciding to rent instead of buying items is not only a useful saving mechanism for everyday life, but also a sustainable one, according to Mr Smith.
He explained: “Rent or borrow big ticket items like power tools, hedge trimmers, carpet cleaners, or jet washers as opposed to buying them for rare use.
“Swap expensive cleaning products for household items like vinegar, lemon juice, coca cola and baking soda.
“Research eco-friendly brands, go plastic-free or reduce carbon by shopping locally for cheaper options online.
“For gifts – wrap, reuse and decorate packaging from online deliveries then handmade greeting cards or send e-cards instead.”
Curb spending habits using apps
While certain activities can curb overspending habit, Mr Smith is an advocate of people using apps to source the best deals for going out.
He added: “Try and avoid overspending when reuniting with friends, family and partners.
“Activities such as bike rides, picnics, movie nights in and dinner parties can replace leisure venues with inflated booking fees.
“Food waste apps like TooGoodToGo, NoWaste and Karma offer treats from top takeaways and restaurants for a fraction of the price.
Regular self-audits are key
According to Mr Smith, families do not need an accountant to perform a full audit on their expenses.
He concluded: “Complete a full audit of your household’s current subscriptions, auto-renewals and outgoings – especially as mortgage holidays and furlough come to an end.
“With phone costs, broadband, streaming services, insurance and utilities, competition checks can save everyone a fortune.
“Calculate how much you’ll save each month by switching, then consider transferring the amount into a savings account to earn interest.”
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