Money saving tips from Octopus Energy

If you're looking for ways to save money, switching your energy is just one thing that could help and Octopus Energy has a 4 step guide to help you highlight other areas where you could save without completely stripping back some of the joys in life.

Most money-saving ideas say the same boring thing: look at your income and outgoings then shave off little bits here and there. Quit this, throw out that, blah blah.

Well, scratch all of that.

Switch it up!

Instead, try starting from zero and building yourself a 'can't live without' list: rent/mortgage, bills, transport, food etc.

Switching it this way up puts you in a different mindset. When you take things away from your current purchasing list there's a feeling of loss, you're losing something you currently have. This essentially means you're less likely to do it - based on a behavioural bias called loss aversion

If you start from scratch and build a new list of outgoings everything is an addition to the list, you're gaining something and therefore the feeling of loss is removed and the building of something new is more gratifying.

Everything not on the essentials list can be thrown to one side, just for now.

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Drill down on your 'can't live without' list

Look at your essential list and ask if you can save on any of these. Can you cycle to work? Is getting public transport cheaper than the car? Can you freeze leftover food for another meal rather than throw it out? Are you on the best deal for your internet, phone network and gas and electricity bills? Whenever's good for you, spend a little time finding out. Give yourself some flexibility too, meaning don't commit to long contracts - better still find a provider who doesn't force you into a contract. If you get stuck the worst thing is being locked in and not being able to switch.

You can get a quote and check if Octopus would save you money right here. I digress!

Everyone's 'can't live without' list is different - don't compare your list to someone else's.

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Treats!

Once you're sure you're getting the best deals now's the time to look at what money's coming in vs what's going out of your new essential list. With the money you've saved up to this point - the non-essentials not in the picture and being on the best deals for essential purchases - you can look and see if there's extra to add to a savings account each month, pay off a little more debt each month or have a little more for a weekly treat.

Talking of treats, don't go cold turkey from the cheaper little things that keep you sane. Sure, don't be excessive but cutting little joys out of your life is only going to make this savings effort that much harder. We've gotta stay positive here.

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Goals!

Goals, goals are cool! What are you saving for? What will you do when you clear that debt? For most, it's simply adding a little more quality to everyday life. For others, the money they've managed to shift might mean there's room for that holiday or a new pet Octopus (or dog, whatever).

Channel your inner Yoda and keep mindful of the reason you're saving and also why you've spent time planning how to save some money.

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Switch up, Drill down, Treats and Goals

I hope this helps! If you do take some advice from this page, get in touch and let us know how it goes.

When you get around to the drill down section do get a quote from Octopus by entering your postcode below to see if we can save you money.

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See what you could save with Octopus Energy

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