MTTM Podcast Episode 528 – Small financial habits to make or save you thousands

Listen to Episode 528

In this week’s episode, we share the small financial habits that have quietly saved or made us thousands of pounds over the years. We cover everything from smart shopping strategies and energy-saving hacks to optimising your bills and banking. Plus, we share a listener success story about how a Share Save scheme turned a £3,600 investment into nearly £15,000.

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Episode 528 Podcast Summary

Money saving tricks

Summary

In this "Money Saving Special" we reveal the personal habits the Money to the Masses team uses to keep costs down. We explore "smarter spending" techniques, such as the 24-hour rule to curb impulse buys and how to trigger discounts by abandoning online shopping baskets.

Key insights

• The 24-hour rule: Sleeping on a big purchase decision for 24 to 48 hours can prevent impulse spending and give you time to find a better deal.
• Triggering discounts: Leaving items in your online shopping basket without checking out can often prompt retailers to email you a discount code to complete the purchase.
• One in, one out: To reduce clutter and spending, adopt a rule where you must sell or donate an item from your home before buying something new.

Smarter bills and household hacks

Summary

We discuss how to reduce the cost of household bills and energy usage. We highlight the financial benefits of paying insurance premiums annually rather than monthly and the importance of negotiating renewals. We also look at energy-saving tips, including the switch to LED lighting and the hidden costs of "phantom energy" from devices left on standby.

Key insights

• Pay annually to save: Paying for car and home insurance upfront for the year can save between 10% and 15% compared to monthly payments, which often incur high interest.
• Negotiate renewals: Always shop around 26 days before your insurance renewal date and never auto-renew without checking prices.
• Beware of phantom energy: Devices left on standby, particularly outdoor lights left on all night, can drain significant energy and money over a year.
• Switch to rechargeable: Using rechargeable batteries for high-drain household devices can save hundreds of pounds over time compared to buying disposables.

Banking and Investing habits

Summary

We look at financial habits related to banking, debt, and investing. We discuss the importance of clearing credit card balances monthly to avoid interest and using eligibility checkers to secure 0% balance transfers. We also explain how small habits, like increasing pension contributions by a tiny percentage each year, can compound into huge gains over time.

Key insights

• Use a mortgage broker: A broker can check the whole market to find the lender most likely to accept you at the best rate, potentially saving you thousands in interest.
• Clear bad debt: Prioritise paying off high-interest debt and use soft-search eligibility checkers to find 0% balance transfer offers without impacting your credit score.
• Automate your savings: Use "round-up" features on apps like Monzo or Moneybox to automatically save your spare change, which can accumulate into a significant pot for Christmas or emergencies.
• Increase contributions annually: Increasing your ISA or pension contributions by just 5-7% each year ensures your savings keep pace with inflation and boosts the power of compounding.
• Self-insure where appropriate: For certain risks, like pet insurance for older animals, it may be more cost-effective to save the premium amount into a dedicated bank account rather than paying expensive insurance costs.

Resources

Links referred to in the podcast:

• Sign Up To The MTTM Weekly Newsletter
• MTTM - Ep 360 - Share Save Schemes
• Hidden Fees and Pressure Selling
• Jam Doughnut cashback App review
• Best Cashback Credit Cards in the UK
• Top 10 household devices that could be wasting £600+ per year in energy
• How to make your child a millionaire

 

 

 

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