Written by Hannah Gazzard

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2023 is set to be another tough year, as we are forced to pay closer attention to our personal finances, with the ever-growing concerns around the cost-of-living crisis, increasing energy bills and rising inflation.

It is no wonder a third of under 30’s recently cited that this is their greatest concern, even overtaking climate change and over half (54%) revealing that they live pay-day to pay-day, according to a recent Deloitte survey.

Being a young professional working in London myself and feeling the crunch of the cost-of-living crisis more than ever, I have become attuned to looking into and finding out the best ways to cut costs in the hope to try and become more cash-savvy where possible. Hopefully, some of my top 12 tips can help others lighten their financial burden and relieve any stress!


1. Walk / run to work – Rather than racking up travel costs, which we all know can quickly add up, why not walk or cycle to work? I have been running home from work, where possible, which is not only saving the pennies but also doing wonders for my mental and physical health!


2. Seek shelter and split costs with friends or family – as rents and energy bills increase, many young adults are struggling to save for their first house. I currently flat share and we have been buying general household goods in bulk, to cut corners on costs where possible – as Tesco puts it, every little helps!


3. Shower at the gym – Another fantastic way to save on energy bills is to take advantage of shower facilities at your local gym. For me, I find it motivational to get myself moving and down to the gym after a busy day and then shower whilst there – two birds with one stone by saving and getting fit!


4. Insert a smart meter at home – This isn’t something we necessarily do as a house, however, inserting a smart meter in your home is a great way to monitor energy usage in near-real time, especially given the rising energy bills!


5. Batch cook meals – to make the most of the oven being on, I have been cooking meals in batches to save spending extra pennies on lunches and dinner out. You will be surprised how much you can save over the course of a month or a year!


6. Cut subscriptions – According to research conducted by Barclaycard, the UK is a nation of ‘Super Subscribers’ with those signed up spending £620 a year on subscriptions, which is a huge amount. At the start of this year, I went through my unused ones / those which were an added luxury and cut out half of them, which has saved me at least £30 a month.


7. More nights in – According to a recent PWC report, over half (69%) of 18–34-year-olds have reduced or even stopped eating out. Personally, I have cut back on this and instead have been hosting dinner parties at our house, with everyone each bringing a dish.


8. Download money saving apps – Downloading a financial app can help you feel more in control of your money and there are tonnes out there! As I am trying to save a bit more this year, I have downloaded Moneybox and am finding it a great way to do so!


9. Use cashback apps / websites – I have become a bit of a pro in finding cashback apps and website, which reward you with cash once you make a purchase. Apps such as cheddar and Top Cashback are great as they partner with well-known brands, so you quickly rack up your rewards!


10. Sell unused belongings – This is something I personally need to get better at; however, my housemate has already made over £200 by selling her second-hand clothing on websites such as . One man’s trash is another man’s treasure after all!


11. Buy from charity – On the receiving end of selling unwanted clothes, why not visit local charity shops to buy clothes, as opposed to buying brand new. This is a great way to save on costs and do a good deed for charity at the same time. I recently saw an article on the first ever charity department store opening, which I personally think is a fantastic idea!


12. Turn your head to DIY – Rather than buying something new if it breaks, why not turn your head to a bit of DIY and try to fix it yourself / find a cheap repair shop. I recently noticed a hole in the sole of one of my trainers, and instead of buying a new pair, I took them to a local cobbler and only paid a quarter of the price that I would for a new pair, and they look good as new!

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