Money saving tips: Britons urged to act as new tool could help save up to £1,200 in 2023 | Personal Finance | Finance

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With the cost of food, energy and mortgages soaring, being efficient with money has never been more important. A money saving app has issued a list of eight simple hacks that could cut bills for every household in Britain.

The household finance app has shared some simple tips to help people keep more pennies in their pockets and it could save more than £1,200 across the year.

Greg Marsh, founder and CEO of, said: “It’s been a torrid nine months financially for everyone and things are likely to get worse in 2023 before they get better.

“No one can completely escape the effects, but we can all do things to make small savings which, together, can add up to a fair whack. And our new tool is an easy way to save. It can help by making sure you know when to renegotiate contracts to get the best deal and save money.”

The Nous new feature helps manage finances by recording important events – like when subscriptions are due for renewal, when mortgage deals are ending and when people need to renegotiate contracts.

READ MORE: ‘Excellent route to millionaires’ row’: ISA millionaires share their top tips

Review subscriptions – saves up to £305.88
It is easy to sign up for free trials and it is just as easy to forget to cancel them within the timeframe. It might have been something people were very keen on at the time, but now may not use it enough to warrant the fee.

It’s important that people assess whether they need these subscriptions and they could save themselves more than £100 across a few cancellations.

For example, cancelling a Strava deal (£4.58 per month), Tinder Gold (£11.92 per month) and Amazon Prime (£8.99 per month) can save people £305.88 over the year.

Additionally, with some subscriptions, Mr Marsh explained that people can tell the company their intention to leave, and while not guaranteed, they may potentially be offered a better deal.


Know when contracts auto-renew – saves up to £305
He explained the need to know when contracts are up for renewal and the importance to check for new deals.

This could help people make savings on their mortgage, broadband, TV, mobile, home insurance and car insurance contracts.

Mr Marsh said: “Also mindful of when new customer deals expire, and you return to a standard tariff as that can always be a good time to change. When on a default tariff, Ofgem says that you could make savings of roughly £305 per year if you switch to a smaller provider.”

More than two in three (69 percent) of British people agree that it is a good idea to look for cheaper energy regularly according to research by

It should be noted that there may be mortgage increases due to interest rate fluctuations. Britons should figure out if it suits them best to be on a variable or fixed deal too now that conditions have changed and see if other providers can offer them a better rate.

READ MORE: TV Licence: Households can claim refund on their BBC bill – are you eligible? 

Shop clever – saves £246.48

Britons can save a lot of money by changing their shopping habits. Mr Marsh suggested switching from a more expensive supermarket and instead going to Aldi or Lidl or buying own-brand goods to save money.

If someone opted for Lidl’s Newgate baked beans, Aldi’s The Juice Company Smooth Orange Juice, Aldi’s Harvest Morn Honey Nut Crunchy Cornflakes etc instead of the big, branded versions, they could save up to £246.48 over the year according to independent research.

The Too Good to Go app also allows people to get their hands on excess food for a snippet of the price to stop it from wasting away. “It is a great way of getting tasty food for more affordable prices,” he added.

Switch off the lights when leaving the room – saves £20
Britons would be amazed at how many people unnecessarily leave on lights when they are not in the room or out of the house. Like any bill, it all adds up.
The Energy Saving Trust say that the typical household could save nearly £20 per year by doing so.

Turn off plugs when items aren’t in use – saves £120

It is another simple solution that can knock more than £100 off one’s bill over the year. When people aren’t using items such as TVs or phone chargers, for example, they should turn them off at the wall.

The Energy Saving Trust says the typical household could save nearly £20 per year by doing so. Say that applies to a four-person family home, £120 could be saved.

Turn down the heating one degree and add a layer – saves £145
Mr Marsh said: “If you simply take one degree off the thermostat and add an extra jumper and pair of socks it can really make a difference.
“When you put it in perspective, you are taking four to five percent off the bill and this can help save you around £145 per year, says the Energy Saving Trust.”

Take 20 percent off your shower time – saves £110

Parv Sangera, managing director at The Bathroom Showroom suggests: “A person who changes from showering for eight minutes daily to four minutes daily could however save roughly £110 on their water bill over the course of the year.

“For a family of four, this hack could lead to a saving of £430 over the course of a year.”

Wash clothes at a lower temperature – saves £40
When doing the laundry, Mr Marsh encouraged people to make use of the modern washing machine’s talents. It can clean clothes effectively at a lower temperature so moving from 40°C to 30°C allows one to get three washes for the price of two. Washing machine-dependant, that could be using the same amount of energy too saving someone up to £40.

Overall savings in the year – up to £1268.36.

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