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With millions of people feeling financial pressure amid the ongoing coronavirus pandemic, making savings where possible will no doubt be a priority. And, while saving money can seem like somewhat of a challenge, This Morning’s new money expert Emmanuel Asuquo has a plethora of money saving suggestions.
They have come at a time when the average family in Britain has found themselves with a substantially reduced monthly income – which may leave some worried they’ll need to sacrifice treasured family moments.
According to research by Asda, the annual cost of family activities such as parties for children and days out stack up to £2,327.
However, findings suggest four in five (78 percent) Britons are worried they won’t be able to afford this with current economic pressures leaving the average family bringing in £396 less per month.
The worries haven’t stopped there of late either, considering the added cost of children returning to school.
From uniforms, backpacks and technology to books and lunch boxes, the average cost of sending one child back to school is £226.
This rises to £452 for two children, and £678 for three.
With these additional forms of expenditure, many may well be looking for ways in which they can make savings elsewhere.
And, following the research – which marks the return of Asda’s “Pocket Tap” advertisement celebrating “Asda Price” – Asda has teamed up with a number of money saving experts, including Emmanuel Asuquo, to launch a series of “Tap Tap Talks” which will be posted on social media.
Emmanuel commented: “During these times of uncertainty, there is so much value in time spent together as a family making special memories, but this doesn’t always come cheap.
“I have teamed up with Asda to share my money saving tips for families to help cut costs so they can save for the moments that really matter.
“Making changes like selling unused items online, creating budgets with your children, and opting for own brand goods if they are cheaper, plus many more, means families can make their budgets stretch further to focus on what they value most.”
Qualified Financial Advisor Emmanuel, who is a parent-of-four, has shared a number of money saving tips, and this includes a way to slash expenditure on household essentials by £1,040 each year.
This is something which may be achieved by switching to supermarket own brands.
“There can sometimes be a significant price difference between branded items and supermarket own brands,” he commented.
“By making the switch to own branded goods on food and drink, my family was able to reduce the weekly shop by £20, which has saved us £1,040 per year.”
What other tips did Emmanuel share?
Packed Lunches vs School meals
“This all depends on your circumstance and how many children you have paying for school meals but generally, once you have two or more children, you can save money by preparing packed lunches, which amounts to saving between £200 – £400 per year.”
Make the household shopping budget a family project
“A great way to teach children about money and reduce household food waste is to involve them in the household shopping budget.
“In my family, we assign the children a budget for the food that they eat.
“If there is any wasted food, the cost of this is deducted from their next month’s food budget.
“Since implementing this, we have seen a significant drop in half-eaten fruit and yoghurts etc. This system encourages discussions and teamwork.”
Sell unwanted items online
“This is a great way to make some extra money and save space there are many sites that you can advertise on for free.
“I have a rule with a lot of my clients that they must sell an item before they buy a new one.
“It helps them focus on their needs rather than their wants. You’d be surprised at what people will buy.
“One person’s trash is another man’s treasure, as they say…”
Rent out things you’re not using
“You may also have expensive items, and you don’t want to sell, but you may be happy to rent for example, camera, bags, electronic devices, even a car.
“Some sites help you rent out your items, and you may want to consider it as a ‘side hustle’.”
Switching your Gas and Electricity suppliers annually
“Typically, you can save around £300 per year switching their gas and electricity suppliers.
“Suppliers can increase their prices at short notice, so it pays to keep your options open.”
Mobile phone contracts
“My tip is to do your research and find another provider that has a great deal for the phone that you want.
“Call your mobile phone provider and ask them if they can beat the offer.
“In most cases, they want to keep your business so they will give you a good deal. Also, for those with older children, look at getting a family plan, you could save around £200 a year.”
Consider a staycation
“Staycations have become more and more popular in recent times.
“Although most research shows it’s cheaper to holiday aboard than in Britain, right now there are some fantastic deals, especially for families holidaying in the UK. Also, our economy and small businesses need us to support them in these unprecedented times.”
Utilise your savings allowance
“If you’re a basic rate taxpayer (earning under £50,000 per year), then you have a savings allowance which means you do not pay tax on the first £1,000 of interest that you make.
“With interest rates so low this means you could save about £74,000 before paying tax.
“Bonus tip: look at NS&I Premium Bonds for your emergency fund, you could win a million pounds.”
The 48-hour rule
“This is a rule that stops instant purchases over an agreed amount.
“For example, any purchase over £20 you could place the item in your basket, but you would have to come back after 48 hours before completing the purchase.
“After taking time to think about it, 70 percent of my clients don’t end up making the purchase saving themselves hundreds, sometimes thousands over a year.”
While taking inspiration from these money suggestions may mean reaping hundreds in savings, there’s plenty of other hacks out there for boosting one’s bank balance.
Other tips, shared exclusively with Express.co.uk, include:
“Sign up to a survey agency or research company to take part in regular surveys,” Emmanuel said. “This can earn you around £20-£50 a month.”
“Sign up to be a mystery shopper. This can bring you in £150-£200 per month.”
Renting out one’s parking space
“This can earn you between £100 and £250 a month,” Emmanuel commented.
Other suggestions he put forward are trading in old electronics for cash, and selling pre-loved clothes and furniture online.
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