Award-winning financial influencer shares top money-saving tips

Meg Micklewright won Financial Influencer of the Year for her Instagram account, @thesavvyspenderofficial, where she has over 45,000 followers

Bookmark
Share

Life & Style

Andrew Young

12:53, 6 OCT 2023

Nearly half of Brits have tried new ways to save the pennies in the last year (Image: Getty Images)

An award-winning financial influencer has shared her top tips for the best ways to cut back on spending, including never buying branded food items – and always questioning whether your purchases are necessary.

Meg Micklewright runs the Instagram account @thesavvyspenderofficial, where she has a following of over 45,000 people – and won Financial Influencer of the Year 2023.

The 26-year-old dedicates her platform to helping Brits save – and make – money, with tips such as bulk-buying items when shopping, investing in a smart meter for your home – and taking advantage of cashback apps, in order to save money on “absolutely everything”.

And her tips come as a study of 2,000 adults found that 48% claim they have been trying to save the pennies in the past 12 months – by bulk-buying, turning the heating down at home, and cancelling subscriptions they don't use.

Other top areas where Brits have been trying to cut back include doing fewer laundry loads, taking shorter showers, and cooking at home rather than eating out.

And for 27%, their main priority for spending cuts has been on home energy use – with 51% of those who have a smart meter claiming it has helped them control their bills.

Three in ten (31%) found price comparison websites were an invaluable tool for saving cash, while 16% have relied on savings spreadsheets.

Cooking at home is one of the top tips to save a bit of extra cash, rather than eating out (Image: SWNS)

But the survey, commissioned by Smart Energy GB, found 26% aren’t sure where to go to find ways to save money. A quarter would ask family or friends, while 12% would use a social network, and 8% would go to a charity organisation.

However, 37% of those attempting to put cash away have still not found a saving method that works for them in the last 12 months.

Birmingham-based Meg Micklewright said: “In terms of food shopping, shop unbranded – you’ve got to. You’ve got things like Heinz asking £5 for ketchup – for me personally, I’m not one of those people that are hooked to branded items, and I think you can save so much while shopping unbranded.”

The research also found three in ten Brits (29%) admit to splurging cash on eating out, while 19% drop unnecessary money on clothes – but Meg says these unintentional purchases could be stopping them having more financial freedom.

She said: “A mistake I see some people making time and time again is unintentional spending – I feel like they aren’t thinking about things they actually need.

“For me, it’s having a sensible mindset when it comes to shopping: do I really need that? What’s the purpose of it? Having those questions around them when they’re spending is important.”

And some people have even been reusing tea bags (Image: SWNS)

The savvy spender also believes technology is both a blessing and a curse when it comes to how people access their cash. And while everyone is trying to make their money go as far as they can, a balance has to be found so life can still be enjoyable.

She said: “Whenever I have cash, I do find it easier to spend, because once an amount’s withdrawn out of my bank it’s not trackable, so I just spend spend spend.

“Whereas say I’m going out shopping and I’m constantly using my card, I’m more aware of how many times I’ve tapped it, and it feels like I’m spending loads.

“When it comes to tech in the home, my tip would really be to get a smart meter – it makes you so aware of how much energy you’re using.

“You can use it as a trial-and-error thing – where and what appliances are using too much? It’s usually winter where I’m watching it every day, it really comes in handy then.

“Having a budget helps you to enjoy your life, while also being able to save – it’s absolutely crazy how many people don’t know how much their expenses and bills are, how much is going and what’s coming in.

“My biggest tip is to sit down, have a look what’s out, what’s in, how much you have left after all expenses and things have to be spent, and work with that end figure.”

TOP 20 WAYS BRITS HAVE TRIED TO SAVE MONEY: