I saved £15,000 in one year – I did it by being savvy with these bills | Personal Finance | Finance

Brits have saved more than £4,000 on average over the last year, according to research from Tesco Bank. Millennials are leading the charge with £4,816 squirrelled away, Gen X saved slightly less with an average of £4,297, but the median across all age groups was even lower at £4,114.

However, one saver, Louise Shacklady, managed to save nearly £15,000 in the past year from her and her husband’s joint earnings, which amounted to around £75,000 a year. The 47-year-old fitness instructor picked up extra classes to supplement her income, but her secret to saving so much was being savvy about shopping and household bills.

One key tactic was never settling for auto-renewal prices, having saved up to £100 a year just by renegotiating her Sky contract alone.

“I’ll never just accept at the end of a contract that the prices are going up, I’ll always ring up and try and negotiate with them. Some years, it can be over £100 a year easily.”

“We have broadband, Sky Sports, Multiroom, the telephone as well, so I think the more products you have, the more wiggle room you’ve got to negotiate because obviously they see you as a valuable customer if you’re spending so much money with them.”

If renegotiation doesn’t work, she shops around for everything from insurance to toiletries, using comparison sites to assist. She stocks up when her favourite products are on offer, never buying them full price, and plans her meals rigorously, so she only buys what she needs from around five or six different supermarkets.

Louise is also conscious at home, using the dishwasher and washing machine only when they are full, never overfilling the kettle, rarely taking baths, and being mindful of how much water she uses when washing up.

“You’re probably thinking, oh god, is it worth it? But it soon does all add up.”

Her basic rule is to live within her means and never spend more than she earns. Her only debt is her mortgage, which she has nearly paid off.

“I never buy things if I haven’t got the money, I won’t get into credit card debt. I make sure my income exceeds my outgoings.”

Louise also boosts her income by doing online surveys – amounting to around £1,000 a year – and working just one extra hour per week to make an extra £1,125 per year.

She also takes advantage of points schemes, using apps like Shoppix to collect points on her receipts which can be redeemed for vouchers, as well as classic loyalty cards at Boots, M&S and Shell garage.

Another key tactic is moving bank accounts to make the most of interest rates and welcome bonuses, and opting for Cash ISAs or high-interest short-term fixed-rate monthly savings accounts.

“I’ve taken advantage of the switching service where they offer £100 or £200. I’ve probably done that at least four times. That is a bit of a hassle, but it’s an easy way to make money.”

Louise has also never given her three children pocket money. One of them is now working full-time, one is doing A-levels, and one’s at university, but even when they were younger, they would have to wait for birthdays and Christmas for the newest trainers or save up.

“I’m sure in comparison to some of their mates, they probably think they’re a little bit hard done to. I would say, if you’re brought up spoilt and given everything on a plate, where’s your work ethic? Where’s your drive to do well in life?

“I have to say, all three of them are incredibly sensible with money. They’re all real savers, they’re not frivolous with money, so I think I’ve actually helped them.”

With all the cutbacks, she has been able to go on holiday twice in the past year to Curacao and Mauritius, which tied into her husband’s work, so she could save on hotel expenses.

Louise also uses loyalty memberships to make her money go further, with schemes at Hilton, Emirates, BA and KLM. Plus, she still goes out once a month to eat, and has social plans with friends – just not every weekend.

While the holidays are the short-term goal, Louise is saving to become mortgage-free and have more financial freedom.

However, Tesco research among 2,000 adults revealed that around one in seven (15%) have not saved anything over the past year, likely due to the continued high cost of living.

Duncan Fortune, head of commercial at Tesco Bank, said that for any money you can save, it is “just as important to make sure your savings are working for you”.

He encouraged savers to shop around for the best rates.

“Finding an attractive rate is a great start, but keeping a competitive rate over time takes a proactive approach. Fixed-term accounts or cash ISAs can be worthwhile, though it’s important to set a reminder to review your options when they mature, as better deals may become available.

“Many people remain on low or even zero-interest accounts without realising, so taking the time to review your options can make a real difference. This way, you can benefit from higher interest on your savings and help your savings pot grow more quickly.”