![]() Siobhan Holbrook, founder of Mortgage Light Brokerage, says: “Can you explore subletting a room in your home to make extra cash? You can also split the cost of food stores. This is easier said than done in minutes, but the other benefit is that it reduces your debt on value faster – which means that if you pay less than the value of the loan ( 60 percent), you may qualify for low-interest deals down the line.” This significantly reduces the amount of interest you pay overall and allows you to pay off the entire outstanding balance more quickly. “The best tip in terms of saving money over the lifetime of your mortgage is to pay more. “But in the medium to long term, my advice would be to seriously consider fixing for now, while the rest of the cheaper fixed rate deals are still around. “In terms of mortgages, there really is no easy way to save money,” says property expert Jason Orme. It takes time to change your habits with spending and every step you take toward healthy financial practices.” A step in the right direction.” Accommodation “Make sure you review your budget regularly, and don’t be too hard on yourself. Meygens says apps like theirs “show a full breakdown of your purchases by category, merchant, and savings, so you’ll always be on top of your spending.” Many banking apps offer helpful instant alerts, while others help you track spending, including Emma or Plum. Good budgeting comes with knowing what you are spending. If you’re not interested anymore, you go shopping.” I can thank myself for not giving in.” apps ahoy Do I need it? Do I have something like that? Give yourself two weeks. “If you see something you like, really think about it. “Īnother way to save, says Phoebe Ellis of Thrive Money, is to resist the urge for instant gratification. “Try doing the 52-week challenge, where you save a pound in the first week, two pounds in the second, three pounds in the third, and so on. “Sometimes, healthy competition can be a great way to motivate yourself,” says Matt Megens, founder of money-saving platform Hyperjar.
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