Savings: You could become ‘financially free’ amid money challenges & low interest rates

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Saving money is challenging, particularly due to the cost of living growing each year, and the obstacles brought about by the COVID-19 crisis. But many people are still keen to cut costs and live a more financially efficient life, and there are ways in which to do so. To explore the actions Britons can contemplate taking, Express.co.uk spoke to Aseem Munshi, CEO of anti-debt financial app Updraft, about the matter. 

This money can then be used to pay off debt, add to savings pots or support day to day spending.

Next, a process of simplified spending can significantly help someone’s savings, and drawing together one’s accounts can help.

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Linking accounts or drawing them together can assist Britons in tracking how much they spend each month, and eliminating actions which are unnecessary.

Mr Munshi’s next point for saving money and becoming financially free involves a psychological tip relying on the idea of brain power.

He continued: “Delete card details on your phone autofill or shopping websites.

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“Having to get up, find your card and put in the details gives you time to think about if you need what you are about to buy.

“Also, if you find yourself tempted by marketing emails promoting the latest sales – unsubscribe!”

In a similar sense, Britons should be regularly reviewing the subscriptions they have – whether these are for music, video streaming services or otherwise.

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While these subscriptions can be convenient, quick and easy, they also serve as a regular drain on a person’s bank balance.

And with many of these set up to pay via direct debit, it could be cutting a hole in a savings account with costs which quickly add up.

Mr Munshi recommended limiting oneself to one subscription for each category, and attempting to share with family and friends where possible.

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Finally, a step which can significantly help individuals who are looking to slash their costs relates to regular bills.

In many cases, people are remaining loyal to specific companies over several years and even decades. 

However, as Mr Munshi went on to highlight, contracts can become more expensive the longer a person chooses to stay in them.

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As a result, he highly recommended making use of price comparison websites for payments such as electricity, gas and broadband.

Some may wish to shop around independently, while others may wish to let algorithms do the hard work for them. 

Regardless of the actions Britons ultimately choose to take, a regular review of finances is likely to be key to saving money.

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Looking at one’s income and expenditure on a monthly or quarterly basis through a simple spreadsheet is considered to be one of the best ways to save. 

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