A new supermarket hack has been unveiled, potentially saving shoppers £260 annually without requiring any additional spending, according to a financial expert. Fiona Peake, from Ocean Finance, shared tips on reducing grocery bills amidst the ongoing cost of living crisis. Research by Ocean Finance showed that a quarter of UK homeowners are already feeling the impact of the recent Ofgem price cap rise.
Peake suggested that one of the simplest ways to save money is by joining supermarket loyalty schemes like Tesco Clubcard and Sainsbury’s Nectar Card. By earning points on purchases that can be redeemed for discounts or rewards, shoppers could save around £5 per week, totalling up to £260 per year. She also recommended using a cashback credit card to maximize savings on everyday expenses – for example, spending £300 monthly on groceries with 1% cashback could mean an extra £36 saved annually.
Additionally, Peake encouraged individuals to check their eligibility for various benefit schemes, such as the Warm Home Discount Scheme and Cold Weather Payments, which could offer up to £600 in savings annually. These programs provide financial assistance during the winter months, helping households manage energy costs more effectively.
For those concerned about rising energy bills following a 10% price cap increase, Peake advised utilizing energy monitoring apps like EnergyHub and provider-switching services like Bulb. By making simple adjustments to energy consumption habits, such as turning off appliances when not in use or running dishwashers during off-peak hours, consumers could save approximately £100 per year.
As families navigate financial challenges, these practical tips and resources offer valuable strategies for reducing expenses and increasing savings in everyday life. By taking advantage of loyalty programmes, benefit schemes, and energy-saving tools, individuals can better manage their budgets and alleviate financial pressures during uncertain times.