You could save £6,660 – here’s how
PUBLISHED: 14:05 26 February 2019 | UPDATED: 14:39 26 February 2019
People in the East of England could save up to £6,660 every year, according to new research.
Post Office Money and the Centre for Economics and Business Research found that East of England employees were among those with the highest ‘potential savings opportunity’ (amount of disposable income households have left over after their total expenditure) in the UK.
The region is only beaten by the Welsh who reportedly could save £8,360 a year, and people in London who could save £7,430 a year,
The savings opportunity differs significantly for people across the country due to a variety of local factors, such as living standards and associated costs.
In response, Post Office Money has launched its Spend Well, Save More campaign to help people save as much as they are able to by making smart spending choices.
The project has already outlined a number of ways to save, courtesy of experts in each spending sector.
Food expert Jack Monroe suggested: “Do some basic meal prep – not only will it help you stretch ingredients it also helps speed up making dinner. I chop onions, veg, and defrost frozen spinach on Sunday evenings and store in containers in the fridge. It makes adding veg to dinners quick and easy.”
Travel expert, Monica Stott, of The Travel Hack blogs, said: “Buy tickets in advance – online prices will can be cheaper just be sure to look at reviews, so you are purchasing from a genuine vendor; you can also sometimes get skip the queue tickets for the same price online.”
Ricky Willis, aka Skint Dad, is the Post Office’s bills and bargain expert. He said: “Get a membership card or season ticket for local attractions – if you make regular visits, you’re likely to save money.”
Lastly, homes expert Kimberley Duran of Swoon Worthy, said: “Consider simple upholstery projects like fitting a new seat cushion to a chair rather than spending money on a whole new piece of furniture.”
Once you’ve saved your money, you need to know what to do with it. Iona Bain of Young Money, said: “Keep a money diary – it will help you keep track of any money you do retain through cost-cutting exercises.”