Today the UK is one of the most expensive countries to live in. The high rate of tax combined with the rising cost of living make it increasingly hard to make ends meet. Despite the expense, it is still possible to save money in the UK. By a few frugal living tips and some clever money saving, you could find that you have more of those pounds left over at the end of the years than you ever thought possible. In this article, we will show you save money in the UK.
Instructions
1. Open a savings account. This may sound fairly obvious but you'd be surprised at how many UK residents do not have one. Most of the High Street banks will offer 5-6 percent interest for money placed in a savings account. There are no limits and you can remove the money at any time. If you have room for a little more risk, most of the same banks offer a high interest option. Generally you have to keep your money in for a year and make regular monthly deposits ranging from 20-200 pounds. However, they pay out at anywhere from 8-12 percent at the end of that year.
2. Talk to the Inland Revenue. Several people in the UK pay too much in taxes. Sometimes a simple phone call and tax code change can result in more money in your pay packet. If you have a family then you may be entitled to an income tax credit. It's worth a phone call for a quick consultation. Millions of pounds goes unclaimed each year in the UK, so some of it could belong to you.
3. Shop carefully. Although the UK's prices are the highest in Europe, there are several possibilities for good bargain shopping. Stores such as Poundland, Wilkinson's and Pound Stretcher offer goods at well below the more upmarket chains. They can add up to extra money for that savings account.
4. Join supermarket points clubs. Sainsbury's, Tesco's and ASDA all offer them. They are free of charge and offer points on all money spent in their store. items are counted, so you don't have to buy name brands. The points can also be redeemed at any time and add up quite quickly.
Tags: savings account, phone call, save money