Money saving is often difficult for people to achieve, mostly because it is perceived as a lengthy process which must be kept up over time. In addition, the impact of the COVID-19 crisis has meant many people are already strapped for cash. However, a recent study has revealed the cutbacks Britons can make and exactly how.
Next on the list is changing energy supplier to a more cost-effective option, with estimated savings of £310.
And this endeavour is one estimated to take seconds under seven minutes, so is likely to be an easy one to complete.
To apply and accept a cheaper car insurance quote takes seven minutes and twenty seconds in total.
However, with over £500 of estimated savings, it could be the best chance for Britons to save a substantial amount of money.
Another money saving tip is to sign up for supermarket loyalty cards wherever households choose to shop.
While this action is one of the longest out of all the money saving tips at 10 minutes, an estimated saving of £400 is likely to be worthwhile.
And it is an easy win for those who shop on a regular basis.
The longest activity is switching to a more budget-friendly broadband provider – which takes nearly 13 minutes.
However, there is a potential saving of £69 to be clinched, and the move is beneficial for the whole household.
A final money saving tip Britons may wish to consider is opening a new bank account.
With interest rates low due to the impact of the COVID-19 crisis, looking around for a suitable deal may be viewed as a tricky endeavour.
However, it is one which could take just 10 minutes, and save people an estimated £32.
Combining these easy tips together could help Britons save over £1,000, and with one in eight asked stating they spent 100 percent of their savings when navigating lockdown – the advice could be particularly welcome.
As a general rule of thumb, people are advised to have three months worth of savings put aside for a rainy day.
This is likely to provide valuable financial cushion should difficult circumstances arise.
Jonny Sabinsky, Head of Communications at thinkmoney commented on the difficult financial situation many are currently facing.
He said: “The last six months or so came completely out of the blue. They have been extremely tough for the majority of people from a financial perspective.
“It’s sad to see how many people have been forced to dip into their hard-earned savings. Hopefully, our money saving tips can help those affected save a little extra by changing a few small things.”