Discover 5 money-saving tips that don’t involve cutting up your cards

'I’m officially broke'. Sound familiar? Whether it was an unexpected appliance malfunction, emergency travel, or poorly calculated income tax – sometimes we all get stunned by a huge bill. And funds we've carefully saved can be eaten up in one big bite. When you suddenly need to watch your wallet, where do you start?

When you’re low on cash, 'make more money' isn’t always an actionable first step. Yes, increasing your income is always a solid move. But that’s usually a long-term solution which takes a bit of time to reap rewards. So, in the here and now, it may be time to see where you can cut back – and here are some places to start.

1 Fry the big fish first

When you think of saving money, it’s natural to start with the small transactions. The minor things you could live without. But even when you add them up, they may not make a huge dent in your overall spending. So to save the most, consider starting with your largest outgoings.

Rent, council tax, car payments, elite gym membership. Thinking creatively, can you cut back on your highest costs? If you own a second bedroom, can you rent it out? Or better yet, if your lease is ending anytime soon, can you search out a place with lower rent or lower overheads?

If you live alone, have you claimed your 25% council tax discount? Or looked up any other help on offer from the government? Maybe it’s time to trade in your car for something a bit easier on the wallet?

To make the biggest impact on your spending, start with your biggest spends.

2 Swap your umbrella spending

We’re not suggesting you get soaked in the rain to save a pound or two. Umbrella spending is where you make lots of small purchases from one shop or brand. Like your grocery shopping – lots of items, one shop. Or your chosen brand of workout gear or skincare.

Much like the last tip, looking at places you spend big chunks of money is a sensible place to find savings. So, if you shop at a premium supermarket, consider finding a cheaper alternative that has decent-quality goods. Same goes for your go-to brands – rather than designers, look for brands that pack a lower financial punch. It’ll help your overall spending drop.

3 Break the cycle

Much like cutting down on your largest outgoings, recurring costs end up taking a huge slice out of your cash flow. Think mobile phone bill, Wi-Fi provider, streaming services. Any bill that pops up in your transactions like clockwork, every month – have a look at either finding a cheaper alternative or getting rid of it altogether. After all, how many streaming services does one person need?

4 Sweat the small stuff

If you still haven’t made a huge dent despite culling in the previous categories, it’s time to look at the smaller transactions. Where is your cash constantly dribbling? Do you pop into your local off-licence every time you go past? Or splash out on frothy coffee concoctions daily?

Small spending does add up. Consider browsing your last few months’ transactions in your banking app and look at all the ‘small’ payments. If you don’t think you can resist splashing out, consider putting your ‘spending money’ on a different card and only using that when you’re out and about.

When the money’s finished – no more spending until your next pay day.

5 Experiences vs. expenses

Getting into the mindset of budgeting can be hard. It can be easy to cut back so much that every day feels like a slog. But life is for living, so it’s always important to have things you’re looking forward to, despite your money challenges.

Consider looking to experiences, rather than products, when you want to treat yourself. A trip to an art gallery, a walk along the river, scaling your city’s tallest buildings to get breathtaking views. There are plenty of ways you can find enjoyment that don’t necessarily involve big price tags.

Money stresses can take a toll, so remember to keep looking after yourself.

To support customers with actioning their budgets, Chase lets you set up multiple current accounts, up to 20 in total. Since you can spend from these directly, they might help you track your spending throughout the month.

18+, UK residents.

Recommended reading

• Money too tight to mention?
• Should you rent, lease or own your car?
• How I learnt to save

Disclaimer: The Hub is intended as a knowledge portal to provide information on a range of topics, including financial products. Articles may reference products and services that Chase UK does not currently offer. This article is for information only and does not constitute financial advice.