Love it or hate it, the weekly shop is a recurring tradition for families the world over. It also presents a key opportunity to get smart with our money, particularly if we’re looking to keep a tight rein on budget.
The good news is that there are plenty of quick tweaks that could easily save you hundreds of pounds over the course of a single year – and none of them involve missing out on your favourite bits and pieces.
Here are five easy ways to save money on your weekly food shop…
1. Choose value over convenience
When faced with the choice between supermarkets, a lot of people tend to automatically opt for the one that is closest to their house. But while this convenience is certainly a plus, it’s not always the most cost-effective.
Scout out a few different supermarkets before deciding which one offers the best value for your average weekly spend.
2. Write a list (and stick to it!)
By taking a few minutes to jot down a list of all the things you need for that week, you are far less likely to go out spending on a whim, and it will definitely cut down the time you spend rambling around the aisles.
Remember, idle browsing is the enemy of the conscientious budgeter.
3. Cash in on vouchers and coupons
Whether it’s Nectar points at Sainsbury’s or a Clubcard at Tesco, regular shoppers can benefit greatly by building up their balance of bonuses.
The trick here is to get into the habit of using your card every time you nip into the supermarket. It might take a few months of restraint before your bank of points starts building, but just remember you’re putting yourself in a good position to save further down the line.
4. Fill the pantry
How often does the idea of ‘not having anything in the cupboards’ result in getting a takeaway? Quite often, we’d say.
Make sure you’re well stocked on long-lasting items such as rice, pasta, olive oil, tinned tomatoes and the like. These should be considered essentials that enable you to whip up a quick meal whenever necessary.
5. Go big on non-branded items
The question as to whether one can actually tell a discernible difference between branded and non-branded items is a really interesting one – and likely to be rooted in our own psychology.
If you’re still adamant about a difference in quality, why not set yourself a taste test on things like ketchup or cornflakes and see whether you’d be happy putting more non-branded items in your trolley.
It’s not difficult to see why contactless cards have become so popular. Who wouldn’t prefer to pay for small purchases like coffees and train tickets with a single tap? But while £25.3bn was spent using the contactless cards last year, new figures from Financial Fraud Action UK suggest that we should be cautious when using the technology.
Contactless fraud recently grew by almost 150% in 2016 – increasing from £2.8m to £6.9m in the space of a year. This might only represent 1.1% of total card fraud, but with contactless adoption still on the rise, it’s worth knowing the risks.
In 2015 the consumer comparison website Which? discovered a flaw in contactless cards using a card-reading technology which is easy to obtain online. They were able to remotely steal details from a number of sample cards, using them to make purchases including a £3000 TV.
While a £30 limit exists on payments made in store on contactless cards, this exploit makes the limit irrelevant, as it only requires the card details which you would typically use in an online purchase.
A more immediate risk comes from the fact that many businesses process contactless payments offline, with card machines storing up a number of payments which will be processed long after the transaction. This allows fraudsters to use cards which have been cancelled, often without the victim’s knowledge, as some banks don’t inform their customers when a cancelled card has been used.
This places the onus on customers to discover and challenge fraudulent payments on their cards, which can be difficult considering the huge range of minor transactions which they are now used for.
How to avoid contactless card fraud
There are a few key steps you can take to avoid contactless fraud. While it might sound like the equivalent of wearing a tin foil hat, using a specially lined wallet could help to prevent your card from being ‘skimmed’ (having its details stolen) by scammers.
You should also be careful to never hand over your card to servers in bars, cafes and shops who may use the opportunity to run it through a skimming device while out of sight. Asking for receipts is also important, as they frequently aren’t offered to contactless users. Frequently checking your transactions will help to ensure that you are aware of any unusual transactions and that you aren’t being overcharged.
For a typical loan of £30,000.00 over 120 months with a variable interest rate of 19.56% per annum, your monthly repayments would be £598.34.
Including a Product Fee of £2,400.00 (8% of the loan amount) and a Lending Fee of £807.00, the total amount repayable is £71,800.20.
Annual Interest Rates ranging from 11.88% to 29.38% (variable). Maximum 50.00% APRC. The loan must be paid back by your 70th birthday. Read more.
Think carefully before securing debts against your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
