How to save more than £10k in a year while living payday to payday

SOMETIMES it feels like making payday stretch until the end of the month is an almost impossible task, let alone putting anything aside to save.

But there are ways of making it work without having to take out a second job.

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We've come up with a few ways that will help you save £10,250.87 to be precise.

You can do this by earning up to £520 on the side for your hobbies and tucking it away.

And if you start making your own lunches you can save a whopping £1,009.47 a year, not to mention the £607.20 you spend on a morning coffee...

We talk you through how to open the right account for you and how to start saving:

Open a savings account

The first steps to saving is actually opening an account that will give you the most benefits.

And even though savings rates have been dismal over the last 10 years, there are some signs on the horizon that suggest things might, finally, start getting better.

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There are different kinds of saving accounts that suit a range of needs, so this may sound a little complicated at first but bear with us.

You don't have to open an account with your existing bank, or even one on the high street. Your best bet might be with a bank you've never heard of.

While some accounts require you to put down a large deposit, some only need you to invest £1.

According to Moneyfacts, here are the best savings rates today:

• Easy access - RCI Bank , 1.30 per cent AER, minimum deposit of £100
• Easy access plus a bonus - Bank of Cyprus UK, 1.32 per cent AER plus a 0.47 per cent bonus for the first year, minimum deposit £1
• Fixed rate bonds - Vanquis Bank, five-year fixed-rate, 2.70 per cent AER, minimum deposit £1,000

But money expert Andrew Hagger says you shouldn't worry too much about the rates and instead just focus on tucking some away.

He told The Sun: "Work out how much you can realistically save each month, don't try and do too much too soon or you'll probably come unstuck and have to dip into it pretty quickly.

"Set up a standing order so that the money goes out of your bank to your savings account the day after you get paid - that way after a while you'll get used to it not being in your bank account to fritter away on those coffees and stuff.

"And keep track on how your balance is growing month by month - when you see it gradually growing hopefully it'll give you the confidence to keep going and maybe increase how much you save each month."

Earn extra cash

Earning extra cash doesn't mean you have to get a second job.

Here's how you can earn up to £518.76 from the comfort of your own home.

Remember, you'll need to pay tax on any extra earnings (which might eat into your profits!).

Get paid to watch TV - Yep, you heard us correctly - paid to slob on the sofa.

 puts together research panels to give feedback to broadcasters and programmers. You can do this one from home or attend face-to-face research groups.

If you decide to get out the house, you can earn between £40 to £70 for a 90 minute group feedback session, or else it's £5 per half hour to watch TV clips and fill out a questionnaire.

Earn by filling out surveys - Or you can earn up to £6 for filling out a survey through sites like  ; , 

You can do them from a PC or on the go via your tablet or smartphone, and you can do as many as you like in a day.

Sell your hair - If you've got long luscious locks and you're thinking of getting the chop, you can make up to £250 by selling your hair.

London based  buys hair by the ponytail to make bespoke wigs made from real hair that's ethically sourced - but you'll need to meet the criteria to get the best price

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Rent out your driveway - Got a drive way? Homeowners could make an average of £2,300 a year by renting out their driveway when they're not using it.

, found that those living in London could make as much as £192.76 on average every month.

Sell your gift cards - Another way to make quick cash is by selling your unwanted giftcards on Zeek. You might not always get the full value - someone might pay you £18 for one worth £20 - but it's cash you can spend where you actually need to.

Rent out things you don't use - You can also make easy money by renting out anything like toys to camera equipment on sites like  where you can set your own prices.

Examine your bills

Now, this may sound boring, but you can save up to £7,892 a year on your bills if you bother to switch.

Energy suppliers - When it comes to energy bills, millions of households are stuck on expensive Standard Variable Tariffs (SVTs) and default deals that are more than £300 more pricey than the cheapest deals on the market.

But Brits are still reluctant to switch - more than nine million households didn't change provider once between 2012 and 2017, costing them more than £1,500 over the five years.

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You can save £300 a year to add to your piggy bank if you switched to a fixed-rate deal.

Switch mortgages - Switching your mortgage to the cheapest fixed rate deal could save you a whopping £2,657.

The average standard variable rate is currently 4.77 per cent according to comparison website , which adds up to monthly payments of £857 on a £150,000 home loan.

But switch to the cheapest deal on the market with a rate of just 1.41 per cent and your payments will drop to £594 a month.

Even after fees, this means you would see your annual mortgage costs fall from £10,284 to £7,627

Car insurance - Brits can save £145 a year on car insurance if they install a black box.

Black boxes used to only be for young drivers who can see savings of £372 a year.

But insurers are now offering discounts to everyone with careful drivers able to save up to 21 per cent by using a black box.

Go sim only - And don't think you can't save on your phone bill too, because HandsetExpert.com reckon that us Brits waste £92 a year on mobile contracts.

It claims that 88 per cent of customers would be better off switching to a SIM only tariff.

Cutting back

There's no doubt about it, you deserve to treat yourself but we hate to sound like your parents but, do you need to spend so much?

Between your coffee in the morning, your lunchtime meal deal and your Netflix subscription, you could be forking out £1,840.11 more than you need to.

Give up your coffee - Yes, starting your day with a caffeine hit can wake you up, but at around £2.40 a cup from Costa you're literally drinking your cash.

If there are 253 working days in a year and you buy one every day, you're looking at coughing up a whopping £607.20.

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Cancel your subscriptions - Signing up to things like the gym or Apple Music is easy, but giving up and forgetting about them is even easier.

Before you know it, you could end up wasting £223.44 a year on subscriptions you don't use and can't be bothered to cancel, according to Bean app.

Look closely at what's going out of your bank account and ask yourself, do you really use it? If not, cancel it.

Make your own lunch - Even if you're being the savviest of savers, buying your lunch will hit your wallet hard.

You might be saving a few quid by heading down to Boots for a £3.99 meal deal in London - or £3.39 outside the capital - but over a working year that's a HUGE £1,009.47, or £857.67.

Just think about all the things you could do with that kind of money.

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