Frugal tips to make you richer
in 2015

Posted in: Finance Last updated: 14 Jan 2015

What do Susan Boyle, Mick Jagger and Bill Gates all have in common?

The answer is frugality; all three of these millionaires know how to look after their money. Isn’t it interesting that despite being wealthy, these public figures still choose to be frugal?

It pays to watch what you spend

Whilst most of us don’t live in mansions or own private jets, it still pays off to watch what you spend. You’d be surprised at how making basic changes to your financial decisions can free up cash and enhance your wealth. So, as the new year marches on, we’ve compiled some thrifty tips to help you kick those naughty spending habits and get richer in 2015.

Make your diary your best friend

When it comes to managing finances, your diary can be your best friend. It’s one of the most powerful tools for monitoring your expenditure. A diary can be used in multiple ways to keep on top of spending – whether it’s pencilling in deal end dates to remind yourself to cancel direct debits, recording daily outgoings or highlighting when the bills are due so you don’t get saddled with late payment charges.

Get what you deserve

Billions of benefits and tax breaks go unclaimed each year as a result of people not knowing what they’re eligible for. Make sure you don’t miss out, visit entitledto and use their benefits calculator to find out if you’re entitled to anything.

There’s also an abundance of inheritance funds floating around in unforgotten bank accounts as a result of loved ones forgetting to tell family members that a policy exists. If you’re on a the hunt for lost funds held in other accounts, visit mylostaccount. Simply fill in a free form and they will search a whole host of financial organisations for you.

Join forces with friends or relatives

Clubbing together with others can save you a fortune. Booking train tickets in a group can earn you discounts with brands like National Rail and Thetrainline.com. Hotels such as Travel Lodge and Marriot also knock money off group bookings.

Download useful apps

Impulse buying is the root of all evil when it comes to draining funds. Thankfully, technology can help us to shake off this bad habit. There’s an ocean full of money saving apps  and websites out there to help you monitor your spending and hunt down the best deals.

Empty your pockets and bags for loose change

Cashing in loose change could give your wallet a much needed boost – who knows how much all those spare pennies might be worth? So unearth those coppers from their hiding place and get them cashed in at a bank. Alternatively, use your nearest CoinStar machine, but bear in mind that they will charge a small commission for every exchange.

Fill up the rainy day fund

It’s worth having a cash cushion to fall back on in case everything goes pear-shaped. If you were to suddenly find yourself out of a job or caught up in a crisis, you could use money from your emergency fund to replace lost income or to cover expenses. This can prevent you from having to dip into long-term savings or borrow from relatives.

Enter the lottery for free

If you regularly dream about winning the lottery but can’t afford to fork out for weekly tickets, Free Postcode Lottery might be just the website for you. Sign up with your postcode and email address and every day a postcode is chosen at random to receive a cash prize. If your postcode is drawn, you’ll have 24 hours to check the site and claim the cash before it rolls over to the next winning postcode.

For more money saving tips, see our post on how to make extra money in retirement.

Note: Whilst we take care to ensure Hub content is accurate at the time of publication, individual circumstances can differ so please don’t rely on it when making financial decisions. OneFamily do not provide advice so it may be worth speaking to an independent financial adviser about your own circumstances.