Bank of Dave's top saving tips for 2023
Is saving money one of your New Year’s resolutions? Not sure how to get started? Bank of Dave joins us with his tips and tricks on how to save this new year. From the 1p challenge to the cash stuffing method, Dave is in the studio with some very handy tricks that can add hundreds of pounds to your bank account.
1p saving challenge
The 1p saving challenge involves saving a little each day, starting with just 1p. You then increase the amount by just 1p each day. So, you'll save 2p the second day, then 3p, then 4p, then 5p and so on. It's a great way to save, and you'll have £667.95 by the end of the year.
If you take that £668 and invest it in an S&P low cost tracker index and allow it to mature you can save a lot.
Haggling and bargaining
Every penny you save is a penny you don't have to earn
You can haggle on everything from a funeral to a car
You can even haggle on a loan or a mortgage - Dave's rule is: if you're spending money you can haggle.
Buy clothes out of season
Clothes that are out of season are reduced so you're best off to buy them then. + Get to the shop and buy your Speedos in January and buy your winter jackets in summer
If you're looking for a new motor, the best time to buy a car is December or January
Ditch your subscriptions
Have a look at all of your subscriptions and get rid of the ones you don't use or don't really want. You'll be surprised at how much you'll save yourself!
Monday to Wednesday spending rule
The idea is to not be "spending a penny" between Monday and Wednesday to get into a saving habit for the new year
Most people do their big weekly food shop towards the end of the week. Friday, Saturday and Sunday are the best days as you're less likely to need something on Monday to Wednesday and can wait until the next big shop.
The 50:30:20 split
Another popular TikTok trend from 2022 is one to follow through in the new year.
When the monthly wage comes through, allocate 50 per cent of it on bills and essentials, 30 per cent on leisure and 20 per cent on savings.
By regularly keeping your expenses balanced across these main spending areas, you can put your money to work more efficiently.
It can make it easier to reach your financial goals, whether you're saving up for a rainy day or working to pay off debt.
The £5 note challenge
The £5 note challenge. Every time you get a £5 note in change, put it away in a special envelope and don't touch it.
This way you can save without even realising you're saving.
The film 'Bank of Dave' will be released on Netflix on January 16th and is based on the true-life experiences of Dave Fishwick; 'Bank of Dave' tells the story of how a working class Burnley man and self-made millionaire fought to set up a community bank.