A 28-year-old woman from Sheffield, UK, has revealed how implementing nine straightforward money-saving habits helped her save a remarkable £5,000 (approximately ₹6.5 lakh) in just one year. Lauren Thorpe, a community fundraiser, previously struggled with living paycheck to paycheck but decided two years ago to take control of her financial future.
Thorpe, who now consistently saves 35 percent of her monthly income, shared her journey, admitting, “I had no idea where my money was going, I spent it on rubbish I didn't need. I used to be one of those people to spend loads of money in preparation for the weekend and I was living pay cheque to pay cheque.” Her practical approach offers valuable lessons for anyone looking to improve their personal finance.
Nine Key Money-Saving Habits
Here are the nine strategies Lauren Thorpe used to drastically cut her spending and boost her savings:
1. Regularly Review Subscriptions
Thorpe advises checking all monthly subscriptions and cancelling any unused services, from streaming platforms to old gym memberships. She also emphasizes comparing providers when contracts expire, a practice that has saved her an estimated £1,000 annually. “When your contract is running out, whether that be phone, car insurance, or home insurance, use a comparison site to see what cheaper deals you could get,” she notes.
2. Shop Second-Hand
Before buying anything new, Thorpe explores options like Facebook Marketplace, local Facebook groups, Vinted, eBay, and charity shops. This habit has saved her thousands, particularly on clothing. She explains, “I always check Facebook first, because you never know, someone might be selling exactly what you are looking for.”
3. Prioritize Home Cooking
Reducing reliance on takeaways and dining out is a major saver. Thorpe now cooks most meals from scratch and limits herself to one meal out or takeaway per month. This shift has saved her around £800 each year.
4. Don't Upgrade Tech Unless Essential
Thorpe avoids upgrading phones, TVs, and other gadgets simply for newer models. By keeping her phone until it is beyond repair, she estimates saving £600. “It's alright to have an iPhone 12 or 13, if it stills works, why replace it? It still works the same,” she advises.
5. Use Cashback Rewards
Leveraging cashback and loyalty programs is another key strategy. Thorpe actively uses loyalty cards, banking app cashback features, and cashback websites, which collectively save her about £250 annually. She encourages others to utilize these often-overlooked tools.
6. Do Beauty Maintenance at Home
Instead of frequent salon visits, Thorpe performs her own nails, waxing, and eyebrow threading/tinting. This DIY approach saves her approximately £250 a year in upkeep costs.
7. Try ‘Backwards Food Shopping’
Before grocery shopping, Thorpe inventories her cupboards, fridge, and freezer. She then uses AI tools like ChatGPT to generate meal ideas from existing ingredients, only buying additional items needed. This method saves her around £600 annually by reducing food waste and impulse buys.
8. Prioritize Low-Cost Activities
To cut socialising costs, Thorpe opts for free or inexpensive activities like walks, visiting markets, reading, enjoying coffee shops, libraries, and cooking with friends, rather than expensive meals and drinks. This change alone saves her £1,000 yearly. “I like to go for long walks, they are good for your mind, body and bank,” she says.
9. Pack Lunch for Work
Thorpe stopped buying daily meal deals and now consistently packs leftovers, salads, or sandwiches for work. This simple habit adds up to significant savings. She also suggests trying “no spend days” to avoid small, impulsive purchases like coffee or treats.