I saved £20,000 in a year on a £32,000 salary whilst renting by following these 8 simple tips
SAVING MONEY can be difficult, especially when we are in a crisis regarding the cost of living.
However, one woman told how she saved a whopping £20,000 when she rented a property in London.
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TikTok user @anitalksmoneyy listed her top tips for saving money and said it was achievable on her £32,000 salary.
The first thing she did was cut out all “unnecessary expenses.”
This means she has to say goodbye to all her subscriptions, including Netflix, Spotify and Apple Music.
Anita then automated her savings by setting up an automatic transfer to a savings account every month.
It is much harder to save when you have a high mortgage or high rent Anita decided to move to another flat in search of a cheaper place to live.
She said: “Paying £500 a month really allowed me to save.
“I lived closer to my work and walked when I could.”
Of her £32,000 salary, Anita is said to have taken home approximately £26,171 after her death. tax and National Insurance, which works out at approximately £2,180.92 per month.
After putting aside £500 in rent, she was left with £1,680 to play with.
She saved as much of this as she could and supplemented her salary by selling resume templates as a side income.
She also picked up extra shifts when she could, although she admitted she “hated” it.
In good months she could earn an extra £800 to cover her living expenses.
Anita added: “I had a strict budget for everything.
Part-time jobs in figures
An estimated 22.8 million Britons use a side job to supplement their income, according to new research from Finder.
Of those aged 18 to 23, 68 percent will have a part-time job in 2024.
The 24 to 42 age group is not far behind: 65 percent have an additional source of income.
Part-time jobs are less popular among older generations: 40 percent of 43 to 54 year olds have one.
While 23 percent of people between the ages of 55 and 73 earn extra money in this way, and only 7 percent of people aged 74 and older do.
“If I wanted take-out, I would watch it on YouTube and make it at home.
“[I did] little to no shopping.
“I got all my makeup at the drugstore.
“Sometimes I had to say no to going out.
“I opted for cheaper (less than £10) or free activities in London.”
Anita’s eight best tips for saving money
TIKTOK user @anitalksmoneyy shared her top tips for saving money, saying it was achievable on her £32,000 salary.
- Save on unnecessary expenses such as subscriptions
- Automatically transfer part of your salary to a savings account
- Make sure you have a strict budget for everything
- Skip the takeout
- Only take part in activities that cost £10 or less, or are free
- Consider moving to pay lower rent (if applicable)
- Buy makeup from cheaper stores
- Take on extra shifts or start a side job
The savvy saver admitted the process was “not easy,” but it’s easier when you have a goal in mind.
She shared: “Most of the money went to paying my tuition, and I will graduate next month. I am so excited and proud of myself.
“Because I come from a low-income family, my goal was to sponsor myself for my studies, and I succeeded.”
Many people were impressed that she had managed to save £20,000 in just 12 months.
Someone wrote: “Thanks for sharing. This is how I will save and save for the next four years.”
Another added: “You should be so proud of yourself!!”
A third commented: “Well done, good progress.”
5 Money Saving Tips for Fall/Winter
1. Make your home draught-free
It takes time and money to heat your home, so it’s important to do as much as you can to keep the heat in. Close your doors and windows and fill any gaps with draught excluder.
2. Turn down your thermostat
According to Energy UK, turning down your thermostat by just one degree Celsius could reduce your heating bill by 10% and save you around £85 a year. And if you don’t have a thermostat, you could save up to £70 a year by installing one!
3. Move furniture
Make sure that there are no large, bulky pieces of furniture, such as sofas, in front of the radiators.
4. Wash the clothes at a lower temperature and add an extra spin
Unless you are dealing with bedding, towels or really dirty clothes, turn the temperature down to 20 or 30 degrees and swirl the machine twice to remove excess water.
5. Heat the person, not the house
There is no point in heating a room where no one is sitting, so pay close attention to which radiators are on.
