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Guide to Essential Money Tools
Savings Tools
Small sacrifices make big savings
New research from Yorkshire Building Society has found that by making small sacrifices, UK consumers could save over £44bn annually and wipe out the nation’s £27bn savings gap.
Of the 1,631 adults questioned, 84% believed they could cut their daily expenditure simply ‘by tightening their belts’.
Of those who felt they could make daily savings, the majority (57%) estimated they could save on average £3 per day or £1,095 annually.
However, the more optimistic cost cutters believed they could reduce average daily spending by as much as £8 (16%) or over £11 (11%). Men (15%) were more likely to be able to cut their daily expenditure by more than £11 than women (8%).
Unsurprisingly, more men (66%) than women (56%) refused to reduce the speed at which they drove on the motorway. Although they think they would be able to save more, men, in fact, are more reluctant overall to make any small changes in order to increase the amount of potential savings – men (10.9%), women (5.6%).
‘Small Sacrifice’ Average Annual Savings
Making their own sandwiches £373
Turning down the heating thermostat by 1 or 2 degrees £30
Giving up one meal in a restaurant each week £1,300
Driving at 60 mph on the motor way rather than 80 mph £200
Downgrading their holidays from 4 to 3 £420