With no end in sight to the cost of living crisis, more and more people are looking for money-saving tips.
In this search, people are turning to TikTok for personal finance advice.
Social media influencers seem to have all the answers, when it comes to innovative ways to get more bang for your buck.
But the real question is: how effective are these tricks?
The experts at My Favourite Voucher Codes have found seven money-saving hacks on TikTok and given them a score out of ten – in terms of saving the most cash.
Below is everything to know, at a time when we’re all trying to save the pennies.
Save £1,000 in a year
Easy way to #savemoney fast. You’ll barely feel it! #finance #saving #learnontiktok #moneysavingtip #creativefinance #money #tiktok #fyp #moneytips #3
Content creators at the Budget Bros Podcast have come up with an ingenious way to save more than £1,000 a year with just one simple hack.
Simply look at your bank balance at the end of every evening and commit to transferring the final number that appears on your last transaction into a savings account.
For example, if your final transaction is £4.66, transfer £6 into your savings account.
Even with an average saving of £27 a week, you’re going to accumulate £1,404 by the end of the year.
Save money and the planet
Creator @hollyvlogs has pointed out the difference between buying a cucumber wrapped in plastic and simply buying one loose.
To purchase a pre-wrapped cucumber, you will spend 57p, but buying the same cucumber loose will only cost you 25p.
So make the change and see the difference.
The UK subscription market is thriving – despite the cost of living crisis.
TikTok tipster @Letstackledebt has shone a light on this practice, highlighting that simply performing a personal audit of your bank statements, and removing any unwanted subscriptions, will save the average UK household around £500 a year.
So audit the subscriptions and make some serious savings.
It’s easy to overspend in the supermarket and this is because visual merchandisers are hired to create displays that draw spenders in.
TikTok page @Itsmylondon has a fantastic tip on how you can save up to £14 in a single shop.
Buy from the bottom shelf and from own-brand only and you can gather a huge £520.
Change your supermarket #tricks #tips #saving #food #supermarket
Content creator @thequidsquid claims that switching up his supermarket from Tesco to Aldi and Lidl has saved him on average 15% per shop.
He goes on to specify that he is now saving, on average, around £25 a month – which adds up to £300 in a year.
The brainchild of TikTok personality @getwokenotbroke, this saving challenge advises you to set up a standing order to pay yourself – into a savings account – a pre-determined amount of your wages on the day you are paid.
The fundamental idea here is to take back control of your finances and take autopilot off.
TikTok tipster @samchant explains that the average number of 10g Lurpak butter sachets you get with a standard breakfast is between four and six.
However, you can double this by simply asking a member of the waiting staff for a few extra pots.
Given that Lurpak is currently an eye-watering £9 a kilo, if you can come out with eight containers, you’re looking at a value of £7.20.
Make those savings everywhere you go.
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