Save, make, understand money

Household Bills

Revealed: how Brits plan to save money in 2016

Paloma Kubiak
Written By:
Paloma Kubiak

Vouchers, shopping around for insurance, switching supermarkets and cutting out treats such as coffee and takeaways are just some of the ways Brits plan to save money this year, according to a survey.

Research commissioned by GoCompare found that just under half (48%) of UK adults will use money-off coupons, vouchers and apps to avoid paying full price for a range of goods and services, while 44% will use benefits from loyalty and cashback schemes to cut their spending.

Other tactics for saving cash include setting a budget, reviewing or cancelling mobile phone contracts and walking or using public transport instead of cars.

The survey of 2,002 people also revealed that 10% are “seriously worried about their finances” and 6% said they rely on credit cards to make ends meet.

It also revealed that:

  • 30% of Brits plan to try and reduce their outgoings in 2016
  • 14% of those surveyed said they run out of money before the end of the month
  • 11% expect to have a credit card debt for most of 2016.

Here are the top 15 ways Brits will aim to save some money:

YMoney MoneySaving 5 1 16

Matt Sanders, money spokesperson at Gocompare.com said, “Making money go further is a key theme in many of the nation’s money savings tactics – whether that’s using vouchers and coupons to get discounts and freebies or shopping around for a better deal on insurances and household utilities.  Collectively, these money saving tactics can save you hundreds of pounds in the course of the year on a range of goods and services.”