How to Save Money Without Changing Your Spending Habits
Saving money can feel overwhelming, but it doesn’t have to be a choice between spending or cutting back. In fact, during the cost-of-living crisis, 19.5% of UK residents reported signing up to a cashback site as a direct response to rising prices. While cashback used to be seen as a bit of a hassle, that perception is shifting—Brits are becoming increasingly savvy when it comes to saving and earning online.
What is Cashback?
Cashback is essentially a rebate on specific goods or services that you've purchased. Historically, the downside was long waiting times to receive pay-outs — or worse, failed payments that gave these platforms a bad reputation.
What’s Changed?
The rise of instant cashback providers has completely changed the game. Instead of waiting weeks or months, you can now receive cashback instantly. The process usually involves buying a prepaid gift card at a discount and then using that gift card to shop as normal. It adds a small extra step, but the savings can be substantial. For example, platforms like Everup offer cashback rates of up to 20% using this method.
Cashback Debit Cards
UK banks and credit card companies are now offering generous cashback incentives to attract new customers. These offers often run for a limited time, making them ideal for quick wins. The best part? You can keep spending as usual while earning extra money. Some cashback debit cards also let you purchase instant cashback gift cards, allowing you to stack multiple cashback rewards on a single purchase.
Earning Money Online
There’s no shortage of online income opportunities — but not all are worth your time. In the UK, 42% of millennials and 39% of Gen Z now have a side hustle. While the internet has made earning easier, the most consistent ways to boost your income include:
- Bank switching
- Free money offers
- Survey sites
- Referral bonuses
These may take a little effort, but they’re great for increasing your disposable income without adjusting your spending.
Loyalty Cards
Supermarkets and retailers have embraced reward systems to keep customers coming back. For example, Tesco Clubcard users get exclusive discounts on a wide range of products. It only takes a few minutes to sign up, but over time, the savings really add up. A smart trick is to create a folder on your phone labelled "Rewards" to store all your loyalty apps — no more fumbling at the till!
Freebies
Many UK brands offer free trials and giveaways to promote their products or collect consumer feedback. Right now, you can grab freebies like:
- Free Spotify memberships
- Gym passes
- Food and drink samples
Not only does this help scratch that impulse-buy itch, but it also saves you money on treats and essentials alike.
Saving Efficiently
While the Bank of England base rate sits at 4.5%, many savings providers offer up to 6.5% interest, especially via introductory offers. These rates allow you to beat inflation without the risks of investing. Though setting up new accounts can take a little planning, it's worth the effort if you want your savings to work harder — all without changing your spending, just your account choices.
Final Thoughts
Yes, cutting back is one way to reduce expenses — but it’s not the only way. With a bit of strategic thinking, you can spend the same amount but get far more value for your money.
The UK's financial sector is highly competitive, which means providers are constantly rolling out perks to attract new customers. Flexibility is key: just as Chase Bank's 1% cashback offer showed, market grabs come and go. Being willing to switch providers when better deals emerge is essential.
Whether it's combining cashback cards with gift cards, joining reward schemes, or picking up a side hustle, small steps like these can help you save — or earn — without sacrificing your lifestyle.
