Are you kerbing your spending this year?
Researchers from The Gym Group have taken a deep dive into the ways in which money-savvy Brits are cutting back on their spending this year, with cutting out the weekend pizza, Chinese or curry, topping a list of 35 ways Brits are saving the pennies.
One in four (22 per cent) have started batch cooking, while a fifth (19 per cent) have unsubscribed from apps that they don’t use.
18 per cent have cancelled streaming services, while 12 per cent are opting for DIY haircuts, growing their own veg (10 per cent) and DIY beauty treatments (nine per cent), while seven per cent have reverted to taking books out of the library and making bread from scratch (six per cent).
One in twenty said switching to a less expensive gym membership was on their list of cost-saving swaps. The average monthly amount currently spent by gym-goers surveyed comes to a whopping £65.30.
Cycling to work (five per cent) and car sharing (four per cent) were also on the list of Brit’s savvy cost-saving exercises.
Ann-marie Murphy, Chief Operating Officer at The Gym Group, said: “It is clear that finding ways to budget that allows us to maintain our lifestyle is so important. This research shows the spending decisions many are facing during the increased cost of living, including choosing lower-cost subscriptions and memberships. In fact, 16 per cent of new members joined us because their previous gym fees were too expensive.”
Eight in ten (80 per cent) Brits say they have reviewed their finances this year, saving an average of £118 in the process.
Increased pressures on their finances (49 per cent), increasing bills (47 per cent), being prepared for whatever may happen in the future (37 per cent) and wanting to start putting money away (31 per cent) are the main reasons for analysing costs.
A third (29 per cent) think they could be better at managing their money, while one in four (26 per cent) want to future-proof their current standard of living.
Despite wanting to save money, a third (27 per cent) admit that they will miss the items that they are swapping or ditching, with three-quarters (74 per cent) saying it is important for them to maintain the same lifestyle.
Good for my mental health (49 per cent), not wanting to change their day-to-day lifestyle (45 per cent), ruining their social life (36 per cent) and wanting to have new things (15 per cent) are the main reasons for maintaining their standard of living.
Four in ten (40 per cent) said that the detox made them feel more in control of their finances, while 39 per cent felt better at managing their money and pleased with themselves (38 per cent).
A third (35 per cent) felt more motivated to get more value out of their spending, with one in three (34 per cent) admitting they were more conscious of what comes out of their bank account.
Price (79 per cent) is the top priority when considering signing up with a new provider, followed by quality of service (47 per cent), convenience (34 per cent) and availability (25 per cent).
Two-thirds (63 per cent) don’t do a financial detox every year because they’ve not needed one before (44 per cent). A sixth (21 per cent) want to build better financial habits, while one in ten (12 per cent) want to save for a large purchase like a holiday, car or a house deposit.
One in four (25 per cent) will continue to do one every six months, while a third (30 per cent) will undertake a review once a year.
TOP 35 WAYS BRITS ARE SAVING CASH
Ditching takeaways 43%
Shopping around for discounts 38%
Reducing meals out/pub trips 37%
Turning the thermostat down 37%
Turning off appliances at the plug 34%
Sticking to a meal plan and shopping list 29%
Swapping premium brands for supermarkets own 28%
Ditching shop-bought coffees 25%
Cutting down alcohol 22%
Batch cooking 22%
Using loyalty cards 22%
Buying food in bulk 19%
Eating less meat 19%
Unsubscribing from apps 19%
Thrift shopping 18%
Cancelling streaming subscriptions 18%
Avoiding top-up shops 18%
Buying from second-hand websites 17%
Ditching ready meals 17%
Swapping lunch out for a packed lunch 16%
Negotiating prices with providers 15%
DIY haircuts 12%
Installing a smart meter 11%
Growing my own veg 10%
DIY beauty treatments 9%
DIY home projects 9%
Swapping car journeys for public transport 8%
Travelling at off-peak times 7%
Taking books out of the library 7%
Making bread 6%
Walking the children to school 6%
Cycling to work 5%
Switching to a lower-cost gym membership 5%
Going into the office to save hearing at home 5%
Car sharing 4%
*Research of 2,000 UK-based adults commissioned by The Gym Group and conducted by Perspectus Global in February 2023.
**Survey of new members joining The Gym Group between December 2022 and February 2023, conducted by The Gym Group.