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The ultimate guide to save money: tips to help you save (a lot) of money

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Published: 14/01/2020 | Update: 11/09/2020

The ultimate guide to save money: tips to help you save (a lot) of money

At Dyme we’re always on the lookout for new ways for you to save money. To inform you of these ways we post blogs, develop calculation tools and spend a lot of our day improving our application and website. We’ve gained a lot of expertise in the fields of money and personal finance. And we love to share what we know with you. On this page you’ll find a list of tips and tricks that can save you a lot of money. We’ll make sure to update the list weekly.

Money saving tips

  1. Keep track of your monthly income and expenses
  2. Create a saving plan
  3. Cancel unwanted and unneeded subscriptions
  4. Save money on your energy bill
  5. Change to a different insurer and cancel unneeded insurances
  6. Switch off the option ‘overdraft’
  7. Transfer your savings to a bank with a higher interest rate
  8. a. Leave your bank card at home b. Only take large notes with you when going out
  9. Switch to a Sim Only subscription
  10. Apply for financial compensation
  11. Use product comparison sites before purchasing anything

All the tips you need in one list

Below you’ll find a list of all of the tips we’ve found in recent months. They’re short and sweet, but if you’d like to know more, be sure to check out the following blog posts:

10 ways to save money on your fixed expenses

How much am I paying towards my monthly subscriptions?

1. Keep track of your monthly income and expenses

Before figuring out how you can save money, you need to know how you’re spending it. Create an overview of your income and expenses. Differentiate between fixed expenses (such as rent and subscriptions) and varying expenses (such as shopping and eating out).

  1. List all of your subscriptions in a programme such as Excel (you could also use the Dyme app of course, or this sheet created by the Nibud).
  2. Check your bank statements and list your variable costs.
  3. Look at your income and balance this against your expenses. Ask yourself: How much is left every month?

2. Create a saving plan

Now you know how much you spend every month, you can start checking where you could potentially save money. However, set realistic and achievable goals for yourself. Think about how and on what you’d like to save money. And are you saving for a specific goal?

3. Cancel unwanted and unneeded subscriptions

The average Dutchman spends about €50 a month on unwanted or forgotten subscriptions. Don’t let this happen to you. You’ve created the overview from step one, now start checking which subscriptions you can easily get rid of. And doing so might be a lot easier than you thought it would be!

4. Save money on your energy bill

When rent or mortgage have been paid, the energy bill is usually the largest expense for many of us. But this might be a good thing, as it means a large saving can be made! In broad terms there are two ways to ensure a lower energy bill

  1. Reduce your power consumption
  2. Switch to a different energy supplier (every year)

5. Change to a different insurer and cancel unneeded insurances

You probably know changing your health insurance provider can save you a lot of money every year. But did you know this also applies to almost any other insurance you might have? And apart from changing insurance supplier, you might want to check what you’re insured for. Many of us have double coverage offered by different insurances, or have insurances we no longer need.

Important: Don’t take any unneeded risks. Some insurance types might be essential (in your case). Think twice before cancelling them.

6. Switch off the option ‘overdraft’

It’s not a crime to be overdrawn sometimes, but it’s not something you’d want to make a habit of. You’re obliged to pay an interest rate for the amount your overdrawn. And these rates are not kind. By switching off the option ‘overdraft’ entirely, you’ll avoid these extra costs.

7. Transfer your savings to a bank with a higher interest rate

The wealthiest people increase their wealth daily by simply shuffling their money around. It goes without saying that we dissuade you from any malpractices, but there are many simple and legal ways to use your savings.

Compare the interest rates offered by several banks and transfer your money to the highest bidder. Always read the small print though!

8a. Leave your bank card at home

A couple of studies have shown that it hurts us a lot less to spend money when we use a bank card or credit card. Cash is visible and tangible, digital payments are not. The recent rise of contactless payment methods are even worse. We’ve written an article about the traps of digitalisation.

If you’ve followed up our second suggestion, you’ll know how much you can spend when going out. Bring this amount in cash, and remember once that has run out, it’s time to go home. Try this tactic for a month and see if you’ve spend less than the months before. You might be surprised…

8b. Only take large notes with you when going out

Following our previous tip is this important fact in ‘spending psychology’: we tend to be more careful in spending large banknotes than small change. Handing over a 50 euro bill and only getting back two notes of twenty is a lot more painful than spending 10 euros. This might be a way to curb impulse buys!

9. Switch to a Sim Only subscription

We know it’s cool to own the new iPhone every time it comes out, but do you really need a new phone that often? Is that one megapixel extra on the front camera really worth those 1000 euros? No? You might want to consider a Sim Only subscription then!

Keep your old device or buy a cheaper one and only pay for your minutes and data. New is not always best, so save some money!

10. Apply for financial compensation

You might be entitled to compensations on things like the waste collection charge or your tax bill. Check the Nibud website to find out if your eligible for any sort of compensation.

11. Use product comparison website before buying anything

You’re walking around a household appliances store and spot a deal that seems too good to be true. And even better, the offer is only on today! You’ve got to snag that bargain of course. But stop, and think first. We’re not trying to patronise you, but make sure to check the prices online before buying something on an impulse.

It’s not hard to find a quick overview to see if this really is the best price on offer. Websites like Kieskeurig have the option for you to fill in the productname and all of the prices for this product online will pop up immediately. Still sure you’ve found the best deal?

Have you heard about our app? The Dyme app gives you a complete overview of your finances, so you are always in control of your money. Our smart technology generates overviews of your income and expenses automatically, so you do not have to waste your time doing it manually. We will also help you save money. The average Dyme user currently saves €800 per year on their recurring expenses! Want to know how much you could save?