With the ever-rising cost of living, most of us could do with a bit of extra cash at the moment. 

So today I’m highlighting a simple way anyone can boost their bank balance for relatively little effort. 

To be very clear, nobody is going to get rich from online surveys. But you can definitely earn a few extra pounds every month by doing them.

Here are five survey websites I use myself and recommend…

Prolific Academic

Prolific Academic is a platform used by academic researchers world-wide to recruit participants for online studies/surveys. These are varied and often surprisingly interesting. One I did involved injecting virtual mice with a virtual chemical, and then using a virtual loupe (magnifying glass) to see which ones ‘expressed a gene’ (or more prosaically changed colour). You then had to answer some questions about what conclusions you could draw from each experiment. I enjoyed that one!

The studies require anything from a minute to an hour to complete, with payments based on how long (on average) they take. I’ve earned over £600 to date from Prolific and highly recommend them.

The Viewers

The Viewers is a market research company always looking for new members for its paid panel. As the name suggests, they research people’s TV viewing habits through surveys and focus groups, mostly online. They pay participants in cash (via PayPal) or Amazon vouchers. They also run some very short studies, where the reward is an entry in a free prize draw.

People for Research

People for Research are constantly recruiting people to take part in paid market research studies. Some of these take place in large cities such as London and Bristol, but many are done remotely over the phone or online. 

The studies cover a huge range of topics and are generally interesting and enjoyable. At the time of writing examples include surveys seeking people who have ever been a witness in court, people who check the weather on an app, and people who have mixed nationalities in their immediate family. 

But the best thing about PfR studies is that they are fairly (and sometimes generously) recompensed – usually in cash, though sometimes in Amazon vouchers.

YouGov

If you follow politics you’ll almost certainly know about YouGov, as they often run opinion polls on people’s political preferences. But they also recruit panellists to take part in a wide range of other surveys, for which recompense is made. 

For each survey you complete on YouGov, you are allotted points. For a typical survey taking 10 to 15 minutes you get 50 points. Of course, the longer the survey, the more points you receive. You will be notified by email of new surveys you are eligible for, though it’s also worth logging on regularly to see the full range of surveys currently available.

Once you have accumulated 5000 points you can redeem them for a £50 fee. To get 5000 points you would need to complete 100 fifty-point surveys, so this is not a get-rich-quick opportunity. Nonetheless, the surveys are generally interesting and not too demanding to complete. And you will also have the satisfaction of knowing that your responses will ultimately influence decision-makers in government and the private sector.

Y Live

Y Live (previously called Populus Live) is another survey website that wants your opinions and will pay cash for them. You can sign up free of charge and will then receive email notifications any time they have a survey you may be eligible for. 

Each Y live survey is worth a set number of points. On average, you will get a point per five minutes the survey is expected to take. Once you’ve accrued 50 points you will be paid £50 (each point is worth £1, in other words). Like YouGov, it can take a while to reach the payment threshold, but £50 is a useful sum when it turns up in your bank account.

So there you are – five survey sites that can boost your income in the months (and years) ahead. There are others as well, but these five are all well established and reputable, and should be more than enough to get you started.

As always, if you have any comments to share about this post, please do leave them below.

Nick Daws writes for Pounds and Sense, a UK personal finance blog aimed especially (though not exclusively) at over-fifties.

Photo by Christin Hume on Unsplash

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Food retailers have got a lot to answer for when it comes to creating food waste.

In their quest for produce that looks perfect, some food is rejected before the consumer ever sees it. This includes produce that is too wonky, too large, too small or where the farmers have grown more than they can sell. 

Throwing away edible food for cosmetic reasons is unsustainable; it uses scarce land, energy and water resources, and food that goes to landfill rots and releases methane into the atmosphere.

But if you can source it, you can usually bag a bargain, with large discounts of imperfect items. So how about making 2023 the year you seek out and buy wonky produce to save money and the planet?

Saving wonky veg

There is a growing movement to save wonky fruit and vegetables and a number of ways you can buy such food. The veg box delivery company Oddbox focuses on tackling food waste on farms. They buy and distribute produce that is either too wonky or too plentiful, so might otherwise be wasted. 

The Oddbox website says: “Around 25% of food waste in the UK happens on farms – more than retail, manufacturing and hospitality put together.”

They rescue fruit and veg from the grower that is in danger of going to waste and swiftly pack it into boxes to be delivered fresh to its customers.

Another option if you like the sound of a wonky delivery service is Wonky Veg Boxes, where you can also purchase non-wonky bakery products and eggs alongside your fresh produce.

Supermarket options

Cheaper still are the wonky veg options that some supermarkets offer. Morrisons sell a good range of wonky produce. They buy a whole crop from farmers, rather than simply picking the most aesthetically pleasing. These items are then sorted and anything a bit quirky goes into the wonky range.

Tescos’ small range of aesthetically challenged produce is called Imperfectly Perfect and includes frozen berries among the 12 fresh items available. The retailer says they have saved 50 million packs of produce from going to waste during the five years since the scheme started.

Although not officially wonky, Lidl’s Too Good To Waste boxes are a great deal if you can find them. For £1.50, you will get a box full of fresh stuff that needs eating quickly and save it from the bin. I find that you have to be in shortly after opening to get hold of a box, and the contents vary widely.

Wonky coffee 

Don’t stop at fruit and veg, though. Odd Coffeeco gives you the chance to rescue wonky coffee too. The Odd Coffee Company works closely with premium coffee roasters across England, helping to reduce their excess waste. They repackage the rejected and surplus coffee and sell it as roasted beans or pods at a fraction of the price of similar products.

The pods from the Odd Coffee Company are good quality and extremely competitive. You can get a mixed box of 100 pods for a one-off price of £27.99. A Nespresso assortment box of just 50 pods can set you back over £30, so is more than double the price!

Short dated groceries

If you want to save money on food whilst reducing waste, you can also buy clearance groceries with huge reductions. A number of specialist companies have appeared in recent years offering short dated and residual food and drink.

These include canned, bottled and packaged items such as pasta, baked beans, sweets and soda, but some retailers also sell household items such as cleaning products, pet food and toiletries.

The best established clearance retailer in the UK is probably Approved Food, but competitors such as Motatos and Cheap Food UK offer similar ranges. Things move quickly and you never know what you will find, but you will regularly get reductions of 50% or higher.

So, if you want to save money and be an eco-warrior, buy wonky produce and short dated goods as part of your regular grocery shopping.

Photo by Zoe Schaeffer on Unsplash

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We may be through the worst of winter, but it doesn’t look like energy bills are coming down any time soon.

In 2022, the cost of energy in the UK increased by a staggering 65.4% and 128.9% for electric and gas, respectively¹.

These heavily inflated prices have led people to make changes to their daily living habits in their homes. But what changes actually make the biggest impact on energy prices?

Let’s have a look at some of the biggest energy drains in homes across Britain, and what we can be done to help reduce energy consumption².

1. Washing machines, tumble dryers and dishwasher – These appliances take the number one spot on the list, accounting for approximately 14% of household energy bills, according to the energy savings trust. The reality is we can’t get around needing to keep our clothes and dishes clean, but we can do things to reduce energy consumption.

Washing machines can be ran at a lower temperature (e.g. 40 degrees instead of 60 degrees), tumble dryers can be used less and clothes can be hung to dry (particularly if you’ve already got the heating on and can hang your washing near it), and dishwashers can be used on the eco settings.

2. Fridges and freezers – You may or may not have guessed, but the appliances responsible for keeping our foods constantly chilled take the number two spot, accounting for approximately 13% of the average energy bills.

If you’ve got an old fridge or freezer, it may not be as energy-efficient as newer ones are built to be. Unfortunately, there’s not much that can be done about reducing the energy consumption of these appliances as we have no choice but to have them run constantly.

But if you’re fridge and/or freezer has run its course and you are in the market for a new one, make sure to check their energy rating before purchase.

3. Electronics – Think TV’s, computers, game consoles or even the constant charging of electronic devices, these account for approximately 6% of a households energy bills.

There is always the option to reduce screen time and pick up a good old book to save energy, but this may not always be practical particularly for those who use these devices for work.

However, it is helpful to get into the habit of turning devices off when not in use. Similarly to fridges and freezers, do some research before buying new electronics to get the most energy-efficient ones available.

4. Lights – Household lighting also accounts for approximately 6% of the average energy bill. You may have heard it said before, but switching to LED lights truly is a great way to save money on the cost of lighting as they are 80% more energy efficient than the likes of traditional halogen bulbs. Furthermore, they last up to five times longer³.

5. Kitchen appliances – Cookers, ovens, microwaves, kettles, and the likes, account for approximately 4% of household energy bills. Some things to consider for this category is to use an air fryer instead of an oven if you have the option as they are more energy-efficient.

And last but not least, as a good cup of tea is the heart of the nation, good kettle use such as not filling it beyond the water that will be used is a good habit to get yourself into.

Although these suggestions may not make your energy bills significantly cheaper, it does add up over time and every little helps! And just think, an added bonus is that you’re not just helping your pockets, but improving your homes energy-efficiency is also good for the environment too.

Photo by Mohammad Esmaili on Unsplash

References

1. https://www.ons.gov.uk/economy/inflationandpriceindices/articles/costoflivinginsights/energy#:~:text=Electricity%20prices%20in%20the%20UK,of%20the%20annual%20inflation%20rate.
2. https://energysavingtrust.org.uk/top-five-energy-consuming-home-appliances/
3. https://energysavingtrust.org.uk/a-quick-guide-to-leds-ahead-of-the-halogen-bulb-ban/

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New year, new you, right? But if your budget won’t allow you to join a gym or sign up to regular fitness classes, all is not lost. It is possible to get fit on a budget, and here are some ideas.

The new year is the perfect time for fitness resolutions. Most of us will have overindulged on food and drink over Christmas and, because it’s cold and dark, we may have been less active than we are during the summer months.

However, our bank balances may also be suffering from a post Christmas hangover. Spending a lot of money on new fitness equipment, subscriptions and health club memberships may be unaffordable. So, rather than feeling fit and brimming with energy, we suffer anxiety over our finances. 

But there are ways to improve your health and fitness without spending much money. If, like me, you are determined to get healthier in 2023, I hope some of the following will inspire you.

Look in the larder

At this time of year, many supermarkets and chain stores have a range of very reasonably priced weights and dumbbells. However, before you rush off to buy any, see what you already have around your home that may be of use.

There are many household items that can be used instead of dumbbells. Depending on how heavy you need them to be, cans of beans or soup make good substitutes.

Water bottles can be refilled with water or with sand, as can milk cartons of various sizes. In fact, these are great as they have handles you can grip as you work out.

YouTube is awash with baked bean can workouts, such as this one.

Use your stairs

If you have stairs, either inside or out, they can be used to up your exercise game. You can simply walk up and down them at various speeds, or use them as support for press ups, buttock lifts or to tone up your triceps, as explained in this post from RealSimple.

Find free online classes

There are many great exercise instructors on YouTube. You can do almost any type of home workout, including pilates, yoga, dance classes, and stretching. My personal favourite is Yoga with Adriene.

An interesting fitness app for those of us who want to get fit on a budget is FitOn, which offers unlimited free classes, as well as a premium PRO programme. You input factors such as your age, weight, fitness levels and the types of exercise you enjoy so that the app can offer suitable workouts. 

Classes on offer include kickboxing, dance, toning classes, cardio, yoga, pilates and even meditation, all for free.

Exercise outdoors

There are many fun sports and activities you can do outside for nothing, including some family friendly ways to get fit on a budget.

Take a ball and play football, cricket or rounders in the local recreation ground. Go for a run or a power walk.

Check your council website to see if they have an outdoor gym in any of your local parks. We recently discovered one near us and it is a lot of fun to use (as well as being free).

Spending time outdoors can improve your mood as well as your fitness, so get a vitamin D boost and exercise outside.

Couch to 5K

If you fancy running but don’t know how to begin, the NHS’s Couch to 5K app offers a structured plan to get you going in as little as nine weeks.

Celebrity voices such as Jo Wiley and Sarah Millican talk you through, and you can gradually build your stamina at your own pace until you can run for 30 minutes or more. 

If you prefer to increase your activity levels by walking, you can track your steps with the free NHS Active 10 app. Add the Active 10 widget to your phone’s home screen so that you can see how many steps you have done at a glance.

Cheaper fitness clothing

You don’t need lots of expensive fitness clothing to exercise. Shorts and T-shirts were the norm before Lycra was a thing!

However, if you do enjoy the look, stretch and breathability of bespoke activewear, you can often pick it up second hand at a reasonable price. Try Vinted, eBay and charity shops. 

Don’t let a lack of cash stop you from achieving your new year’s fitness goals. Explore these free ways to enjoy exercising and get fit on a budget.

Photo by Ev on Unsplash

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Mouthy Money Your Questions Answered panelist Laura Suter answers a reader’s question about where to keep money for a house deposit and the value of Premium Bonds. 

Question: I’ve got £50,000 in Premium Bonds which my Granny gave to me. I’m planning on using the money to buy my first home in the next few years. Should I move them somewhere else or is it safest to leave them where they are?

Answer: A big thanks to your granny, that’s an amazing gift to be given and will go such a long way towards a first home. 

Let’s tackle Premium Bonds first. They are a fun option to gift someone, as you have the chance of making them a millionaire, but they aren’t the best for getting a decent return on your money.

Based on the average amount of luck you would get a 2.2% return, but lots of people win nothing. If you want to risk it you could keep your money there and hope for a decent pay out, but if you want a guaranteed return on your money you’ll need to look elsewhere.

People like Premium Bonds because they are safe and Government-backed, but as your savings are below the FSCS compensation limit of £85,000 you’ll be covered by a very similar guarantee. You just need to check that any other provider you move it to is covered by the scheme.

Your next option is a cash savings account. If you go down that route you’ll want to hunt out the top-paying account. According to Moneyfacts this is currently 2.85% for an easy-access savings account from Earl Shilton Building Society. That means in the next year your money will earn £1,425 in interest.

An alternative is locking your money up in a fixed-rate account, as you say that you don’t plan to use it in the next few years.

A two-year fixed rate account will pay 4.75% at the moment, boosting your annual return to £2,375. Or a one-year account will pay slightly less at 4.35%.

The downside of locking your money up is that you won’t benefit from any future interest rate rises from the Bank of England. You could split the money between easy-access and fixed-rate accounts to hedge your bets.

The third option is investing it. It depends when you think you’ll buy a property as to whether this is a viable option.

Generally, we say that investing should be for a minimum of five years, so if you want to buy before then it might not be for you. If you do decide to go down this route you could boost your returns, but just make sure you research the options and feel comfortable with the risk you’re taking. 

It’s a boring topic, but we need to talk about tax. Even with the interest you’ll earn on the easy-access account above, you’ll end up paying tax on your savings.

Basic-rate taxpayers can earn £1,000 from their savings tax free and higher-rate payers can earn £500. After that you pay your usual rate of income tax on your savings.

So, if you took the two-year fixed rate account above you’d lose £275 a year to tax if you’re a basic-rate taxpayer or £750 if you’re a higher-rate taxpayer. You will have avoided this issue until now as prizes from Premium Bonds are tax free.

The way to protect your money from tax is to put it into an ISA, either a cash one or an investment ISA, as money in these accounts is free of tax. Everyone has a £20,000 a year ISA allowance, so it will take you three years to move the money into an ISA, but it’s a good idea to start now if you haven’t used up this year’s allowance.

A great option if you plan to use this money for a house deposit is to put the money in a Lifetime ISA. This is a savings account intended for first-time buyers that gives a government bonus to any money you pay in.

You can put in up to £4,000 a year and the government will top it up by 25%. So if you pay in £4,000 you’ll get £1,000 – it’s an unbeatable return. There are cash and investment Lifetime ISAs, so you can pick whichever works for you.

Just be aware that there are some restrictions on the account. The big ones are that you must be 18 to 40 years old to open the account, you can only buy a property worth up to £450,000 and you must have it open for a year before you use it for a deposit.

You also shouldn’t withdraw the money for any other reason, aside from using it as a deposit or as retirement savings, as you’ll face an exit fee for doing so.

I think a good option is to do a mixture of all of these. Some in a Lifetime ISA, some in a standard cash ISA, some in a fixed-rate account and the remainder in an easy-access cash account (unless you go down the investing route).

If you end up with multiple accounts just make a note of when the interest rates on them are due to fall so you can hunt around for the next best deal to ensure your money is still working as hard as possible for you.

Laura Suter is head of personal finance at AJ Bell.

Laura Suter is head of personal finance at AJ Bell. She is a multi-award winning former financial journalist, having specialised in investments. Laura joined AJ Bell from the Daily Telegraph, where she was investment editor.

Mouthy Money Your Question Answered compiled by Rebecca Goodman

Have you got a money question? Find out how to get your query answered

Photo by Dillon Kydd on Unsplash

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Are you worried about how to keep the cost of your Christmas dinner affordable this year? There are ways you can save and here are some ideas to produce Christmas dinner on a budget.

Include your energy costs in the budget

With the soaring price of energy, if you opt for a large turkey as your Christmas centrepiece, cooking it in your oven will cost you more than previously.

The Mirror reported in August that the cost of cooking your Sunday roast had already increased to over £5, but could rise to £10 by Christmas (based on a 5kg turkey).

So what can you do to save energy if you are making Christmas dinner on a budget? Here I look both at sourcing cheaper ingredients and cooking them the most efficient way.

Shop at the discount stores

There is no doubt in my experience that, despite the adverts from the larger supermarkets telling us about all their price matches, Aldi and Lidl remain the cheapest places to purchase your groceries overall.

Both regularly come out top in the monthly comparisons of supermarket prices by Which?

This applies to their Christmas ranges as well. They offer pretty much all you will need for a good Christmas dinner on a budget.

Should you buy a pre-cooked turkey crown?

I have seen suggestions to purchase a pre-cooked turkey crown to save on energy. However, these seem more expensive on the whole than buying and cooking one from scratch, even taking account the cost of energy hikes. 

For example, Sainsburys has a pre-cooked crown to serve four to pre-order at  £29.95. It would be cheaper to purchase a small frozen turkey (serving four to six) from Aldi for £13.99 and cook it yourself.

If you fill the oven with your Christmas accompaniments, such as roast potatoes, parsnips and Yorkshire puddings, you will be using it more efficiently anyway.

However, if you can source a pre-cooked turkey at a better price, it is worth considering.

Buy a different joint of meat

Of course, you could forego the turkey altogether and buy a joint that cooks more quickly.

My daughters much prefer pork with crispy crackling anyway, which is cheaper to buy than a turkey and cooks more speedily, so the savings are significant.

Cook your meat in your slow cooker

If you own a slow cooker and it’s big enough, you could cook your meat joint in it. It’s non-traditional, but the meat retains its juices, so you won’t be faced with over cooked and dried out turkey! 

For example, this slow cooker roast beef recipe from Slow Cooker Club makes delicious red wine gravy at the same time as cooking the meat. It uses topside beef, which tends to be one of the cheaper cuts.

Slow cookers are extremely economical to run, using about the same amount of energy as a light bulb.

Make use of your air fryer

If you have an air fryer, you can make crispy roast potatoes in 20 minutes. This is a good shout if you are buying pre-cooked meat, using your slow cooker or if you don’t have space in your oven alongside your turkey and other accompaniments.

Use a stackable vegetable steamer

Using stackable steaming pans on your hob (or even an electric steamer) will minimise the amount of energy you use for your vegetables.

I find this cooking method also keeps your veg crisp, so no more soggy sprouts!

Buy your Christmas desserts

Although I tend to advise that scratch cooking is cheapest, I haven’t found this to be the case with Christmas cakes and puddings.

This is especially so if some of the family don’t like these old favourites, which is the situation in our house. 

Only me and my partner like traditional Christmas pudding and cake, so it’s really not worth the expense and the time making them. The ingredients aren’t cheap and the process is quite long and involved.

We find that a small, ready-made Christmas pudding from Aldi does the job for us, whilst the others tend to opt for an ice cream dessert. If we have cake, it is either shop bought or a homemade chocolate cake.

Don’t over cater

I am the worst for over catering. The thought of my dinner guests going home hungry fills me with dread, so I tend to buy and cook more than we need. However, we always use up the leftovers as quickly as possible.

This tendency is even worse at Christmas. How many times have you been left with far too much salad, for example? And cheese?

We buy these items for Christmas tea, but in reality everyone is always far too full to eat much on Christmas evening.

I find that meal planning is as helpful for making Christmas dinner on a budget as it is throughout the rest of the year.

Planning all of your meals, especially your main meals, means that you only buy what you need, you save money and you don’t waste food. Apply this skill at Christmas too, and don’t forget to plan to eat any potential leftovers.

Of course, buy extra treats, but only as many as you can realistically eat, and don’t forget that your guests are likely to arrive with even more. We have all faced mountains of chocolate, cakes, alcohol and crisps as we approach the new year.

Our new year resolutions inevitably include eating more healthily so food gets thrown away. Or we eat more than we need and feel guilty about it!

There are ways to create a delicious Christmas dinner on a budget, so try not to stress about it. Don’t forget it is only a few days so buy just what you need and enjoy it.

Photo by Libby Penner on Unsplash

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It won’t have escaped your notice that we’re in the middle of a cost-of-living crisis right now. Therefore, here’s our guide on how to save money on petrol.

One early sign of this was petrol (and diesel) prices shooting up. Thankfully in the last few weeks they have come down a bit, but the situation remains volatile. And with no end in sight to the war in Ukraine, further increases remain very possible.

So today I thought I’d look at some ways you may be able to save money on petrol. I’ll start with an old favourite.

Shop around

I must admit in the past I’ve been guilty of paying insufficient attention to this. 

I would just go to the nearest supermarket, put in £20 or £30 worth of fuel, and not look too closely at the cost per litre. But that’s a luxury few of us can afford now.

Obviously driving around all the local filling stations looking for the cheapest wouldn’t be sensible, but there are a few websites which will do this job for you. The best known – and the one I’m recommending here – is Petrolprices.com.

You do have to register on this site before you can use it, but don’t be put off – it’s free and only takes a moment. Once you’ve signed up you’ll be able to see a map showing petrol stations in your local area and what they are charging. 

This can be quite an eye-opener. In my area, when I tried this today, prices ranged from a cheapest of £157.9p a litre to a most expensive £166.9p a litre. That’s a difference of 9p a litre. Obviously, if you’re filling up your tank this could make a big difference to how much you pay.

Petrolprices.com will also (if you opt in) send you a weekly email with price updates and other useful info. 

Drive for fuel economy

Another great way to cut your petrol costs is driving for fuel economy. Here are some tips for doing this.

• Avoid braking and accelerating sharply. That means reading the road, anticipating changes in gradients and traffic conditions, and making any necessary adjustments in good time. A good satnav can help with this.

• Keep your speed moderate. According to government stats, driving at a steady 50 mph rather than 70 can improve fuel economy by 25%. For most cars the ideal is between 50 and 60 mph. Once you get much over this, fuel economy starts to drop rapidly.

• Avoid revving the engine when starting. This is something that till recently I was guilty of myself, having grown up when you had to do this to prevent a cold engine stalling. But with modern cars, many of which have computer-controlled ignition systems, it’s no longer necessary. If you still do this habitually, train yourself to keep your foot well away from the accelerator pedal when starting the engine. This will save petrol and help with fuel economy.

• Keep your tyres inflated to the correct pressure. According to the RAC, tyres under inflated by 15 psi – a difference you might not notice visually – can use 6% more fuel. Under-inflated tyres also wear faster and can be a safety hazard.

• Travel light. The more weight you carry in the car, the worse the fuel economy is likely to be. So empty your boot as much as possible and remove the roof rack if you’re not using it. The latter will also aid fuel economy by reducing air resistance.

• Similarly, try to avoid driving around with a full tank. Petrol is heavy, and the added weight will reduce your car’s fuel economy. Ideally don’t fill your tank more than half-way, though of course this may not always be practical.

• Finally, having lots of electrical devices running – from heating to aircon – can reduce fuel economy as well, especially at lower speeds. So try to keep this to a minimum, but without of course compromising your comfort or safety.

Go electric?

This is really a subject for another article. But if you’re thinking of getting another car, switching to an EV (electric vehicle) could certainly save you money in the longer term.

Admittedly, electricity prices are going up too. However, a growing number of energy companies are offering special deals for EV drivers. 

Octopus Energy, for example, recently launched their OctopusGo tariff. This allows people who own (or lease) electric cars to charge them at a much cheaper rate between 00:30 and 04:30 every night. Note that you will need to have a modern smart meter (as discussed in my article last month) to take advantage of this.

Electric cars are obviously expensive but prices are beginning to fall and there is a growing second-hand market too. 

There isn’t much doubt EVs are the future, but whether to switch now or later is a decision every driver needs to make for him- or herself.

As always, if you have any comments or questions about this article, please do leave them below.

Nick Daws writes for Pounds and Sense, a UK personal finance blog aimed especially (though not exclusively) at over-fifties.

Photo by Sophie Jonas on Unsplash

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With the cost of food rising, the last thing you want is to have to clear your fridge of unused items. Here are 12 money saving tips to help you stop wasting fresh food.

We’ve all been there. A bag of wilted spinach that was never opened, or a sad bowl of mushy fruit – food is easy to forget or mismatch and let go to waste. But this waste can be avoided with mindful preparation and planning.

In 2018 (the most recent available official data), food wastage cost the UK £19 billion, with households alone responsible for £13.8 billion. Each UK household could be saving hundreds a year by lessening food wastage.

Making fewer trips to the supermarket and cutting down on wasted groceries is one of the easiest ways to save on unnecessary snack splurges and make sure you’re using up everything you bought.

But the good food practices don’t end there, and with the cost-of-living crisis biting, what are some of the best ways to make the most of every shop?

Cutting your own food waste can save you some much-needed cash at a time when money might be tight.

Top tips to make your food last longer

From the best ways to store greens, to what foods to separate, these tips have got you and your groceries covered.

1. Store cut or peeled raw veg in water to keep it fresh and crisp. One of the best ways to slow your freshly cut veggies drying out between meals is to cover them with water in a jar or Tupperware and store them in the fridge. If you chop them up first, they’ll be ready for you to use whenever you need and you’ll be less likely to forget about them

2. If you’re only using half an avocado at a time, eat the side without the pip first. Leaving the pip in slows the avocado browning, giving you more time between uses. This can also be fully submerged in water for best results, as it’s the oxygen exposure that causes the flesh to brown!

3. Keep your milk at the back of the fridge! The best place in the fridge for milk actually isn’t the door. While it may be more accessible, the door is one of the warmest places in the fridge, so keep it further back to lengthen its lifespan.

4. Store a paper towel with your leafy greens in an airtight container to absorb any excess moisture, and keep them crisp. Wash and dry them first (easiest with a salad spinner).

5. Potatoes are the most wasted single food in the UK according to The Eco Experts – Store your potatoes with apples, it will slow the sprouting process! The gas that apples produce help to keep your potatoes sprout-free and firmer for longer.

6. Save crystalised honey with heat. Place your jar of hardened honey into a pot of hot water for 30 minutes, or microwave it (not in a plastic container) or a minute, and it will melt back to its original state.

7. No more slimy mushrooms! Storing mushrooms in paper bags, rather than plastic packaging, allows them to stay dry for longer.

8. If you forgot the paper towel trick, gently dunk your wilted greens in ice cold water for half an hour to crunch them up again! Use them as soon as possible after, as this trick rarely works more than once.

9. Freeze your bread! Especially if you live alone, bread is one of the most commonly wasted foods – store it in the freezer and defrost/toast when needed to never be greeted with a mouldy slice ever again.

10. Keep bananas away from your fruit bowl to stop the other fruits from going brown quickly. Ripening bananas release a gas that speeds up decay for others around it!

11. Ginger lasts longest in the freezer. It also makes it much easier to peel.

12. Let cheese breathe by double wrapping it in baking paper, rather than plastic, inside an airtight container at the top of the fridge. This will keep it fresh for weeks, while retaining its flavour.

Photo by Markus Spiske on Unsplash

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Mouthy Money’s latest post from Finance Dee offers you insight into how she saved for her own house deposit in 18 months without giving up her morning latte.

All of the articles I read about how long it takes to save for a house deposit makes it seem like a completely unachievable aim for most people.

Depending on whose research you read, it can take anything from 3-4 years to more than 15 years to come up with the money required to buy your first home.

However, I am living proof that you can save for a house deposit much quicker than that – in 18 months in fact – by following a few simple hints and tricks.

First and foremost, I want to say that the ‘classic’ advice to drop the morning latte if you want to save for a house deposit is nonsense. I bought myself many coffees during the house saving process, and whether I did or didn’t wouldn’t have really had an impact on the process.

That aside, there were a few different things I did which helped me to save up fairly quickly. I hope this will give you some ideas or encouragement on your journey.

Make use of a Lifetime ISA (LISA)

I find that Lifetime ISAs often don’t get enough air time, but they are wonderful products to help first-time buyers get on the property ladder.

It is a savings product that allows savers to deposit up to £4,000 a year. The government will then top it up with a 25% bonus up to a maximum of £1,000 per tax year.

For me personally, this scheme topped up my house deposit by £3,000 as both my husband and I made use of LISAs.

The good thing with these products is that if you aren’t a first-time buyer you can still get the government bonus but the funds (your money and the Government bonus) can only be accessed once reaching the age of 60.

If you decide to take your money out before 60, you will lose the government bonus but can still get the money you put in back in your pocket.

Speak to a mortgage broker

Initially, we planned to save for a 10% deposit, which is generally standard for a house deposit.

However, after speaking to a mortgage adviser we were made aware of 95% loan-to-value mortgages which only require a 5% deposit.

That said, there are some downsides to these mortgages. For example, they often come with higher interest rates and you’re at greater risk of falling into negative equity, which is when your home is worth less than the mortgage attached to it.

However, it did mean we could get on the property ladder sooner rather than later, and so the pros outweighed the cons for us.

Speaking with a mortgage broker highlighted to me that the process of saving for a house deposit and buying a home isn’t linear.

It’s different for all people, and speaking to a good mortgage broker can be helpful to weigh up all your options.

House share & family living

Now not everyone will have the ability to live with family, but this is a fantastic way to save for a house deposit quicker.

Rent is one of the largest expenses for most people, so if you’re able to cut that cost down it can really help expedite the saving process.

Another great option is to live in a house share and rent a room . This again may not be the most ideal of situations, but when looking at the bigger picture you may find it is worth sacrificing your own space for a couple of years in order to boost your savings.

I kind of did both – house share and living with family. Truthfully, I did really want a space of my own to put my personal stamp on, and I didn’t really enjoy the feeling of living in someone else’s space. But this undoubtedly moved the process along a lot quicker than if I rented a place of my own.

Be clear on your spending priorities

If you have been following me for a while, you will know I love a budget. And what I did over those 18 months was to prioritise what I wanted to spend my money on.

I barely bought any clothes or shoes, as I felt I had enough. That wasn’t a priority for me, so I didn’t budget for it.

However, travelling was and is a priority. But I did so on a budget. So I either went to places where I didn’t have to pay for accommodation, like Florida, where my family and friends live, or on cheap European holidays.

In short, you don’t have to deprive yourself of the things you want to do, but just give a little thought to how you can save money while you do those things.

If you want to know a bit more about the other things I did, check out my YouTube video here.

Photo by James Feaver on Unsplash

The post How I saved for a house deposit in 18 months appeared first on Mouthy Money.

Mouthy Money Your Questions Answered panelist, Laura Suter, answers a reader’s question about how to save and invest money on a starting salary.

Question: I’m a young, recent graduate from university and just started my first job where I earn £20,000. I’d like to put away some of my salary each month into investing, but I don’t know where to start or how it works to invest nowadays. Do you have any tips?

Answer: Regular investing – so putting aside money each month – is an ideal route for first time investors like yourself, because it means you can invest a small amount each month into the market and get used to investing.

You can easily set up a direct debit that will automatically transfer the money into your investment account each month (maybe on payday) and then set up regular investing on your platform, which will automatically buy the funds or shares you’ve chosen.

Many investment platforms will allow you to start from as little as £25 or £50 a month, which you can then build up as you get more confidence and more spare cash.

And even if you’re putting away small sums your savings can quickly add up. If you put away £50 a month over 10 years, assuming investment returns of 5% a year after fees, you’d build up a pot of £6,910, while over 20 years you’d end up with £19,175.

A big advantage is that that you don’t have to remember to save and invest your cash each month. Another benefit is that you don’t try to time the market and pick the best point in the month to invest, which is notoriously tricky to do accurately and is an easy trap for first-time investors to fall into.

Drip-feeding your investments each month also provides an in-built protection mechanism during periods of volatility. This is something called ‘pound cost averaging’ and means you should suffer fewer extreme lows in your portfolios if markets fall.

However, charges are one area you need to watch out for. If you’re only investing £25 a month you need to make sure you’re not investing in lots of different funds, as it will cost you a dealing fee each time. You will save money in fees with lots of investment platforms if you opt for regular investing, as many offer a discount to usual dealing fees for signing up to the service.

On AJ Bell Youinvest, for example, you would usually pay £9.95 when you buy or sell shares, but this is reduced to £1.50 if you’re doing so through regular investing.

In order to set up regular investing you’ll need to think about what you want to invest in. It can feel daunting for first-time investors to know what to put their money into or how to navigate markets, but loads of tools, information and guidance have been developed in recent years to make it easier to get going. From curated lists of ‘favourite’ funds to one-stop-shop funds that invest in lots of different assets, there’s lots of options for newcomers.

If you don’t feel confident picking which countries or sectors to invest in you can defer asset allocation decisions to a professional. You can buy so-called ‘all in one’ funds that spread your money between different country’s stock markets and across various asset classes, with an option of having more or less in stock markets versus bonds, gold and cash, depending on your risk appetite.

The Vanguard LifeStrategy funds are one option and investment platforms often offer their own versions too.

Alternatively, first-timers could buy a cheap ‘tracker’ fund, which mimics the performance of a broad global index, such as the MSCI World. Fidelity World Index is one option for this, which has a low annual cost of 0.12%.

If you decide to go down the route of picking your own investments, you need to make sure you understand what you’re buying, and why you think it will make money – whether it’s a fund or a share.

All too often investors are lured in by the promise of high returns or invest because a friend has recommended it, but you need to make sure you understand how the investment works and all the risks before you commit your money.

Once you have set up your investments you want to make sure you’re not checking your account every day, as doing so can mean you end up trading too much. You should be buying investments for the next five or 10 years, not five or 10 days, so you don’t want to be chopping and changing too much.

Apart from anything else the cost of trading will eat into your returns. But becoming too obsessed with the ups and downs in your investments can also mean you panic if they fall one day, meaning you sell and lock in losses.

Laura Suter, head of personal finance at AJ Bell

The opinions expressed in this article should not be construed as financial advice. All investments carry risk, and you can get back less than you invested.

Have you got a burning money question? Ask your question here

Photo by Austin Distel on Unsplash

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