Be Like a Canny Scot & Save More Money

Written by Karen Bryan

canny ScotI think of myself as a canny Scot. I’m using the definition of canny as someone who is careful, frugal, prudent and thrifty in their spending (that excludes the Royal Bank of Scotland). Of course, Scots have a reputation of not liking to be parted from their cash, so could you save more money by adopting the behaviour of a canny Scot?

In my opinion, it’s all about always looking for ways to save and getting the most from money. While I take on board that you could end up a lot better off by focusing on earning more,  you can still experience money problems on a high income if you spend too freely.

Think Before You Spend

canny ScotBefore making purchases ask yourself: why am I buying this item/service? Is it a need or a desire? Have I budgeted for spending that sum? Will spending that money have a positive impact on my life? As my Grandad used to say, keep your sporran padlocked to avoid impulse buys.

Find the Best Deals

While it’s wise to search for the lowest prices to save money, it’s not always practical, e.g. spending the time and fuel to visit four different supermarkets to find  the cheapest porridge oats and haggis, or spending hours online to save £1 a night on a hotel room for your Hogmany (New Year’s Eve) stay in Edinburgh. I’m a fan of price comparison sites such as MySupermarket and HotelsCombined because they do a lot of the hard work for you. But remember, cheapest isn’t always best if the quality is low.

Enjoy Nature

Enoying the great outdoors doesn’t cost that much and keeps you fit. I love walking in the beautiful countryside (there’s plenty of that in Scotland). The photo above is taken from the Knock hill in Crieff, Perthshire.

Monitor Interest Rates on Your Savings

Often the savings accounts with the highest rates, such as the Santander eSaver, come with 12 month bonuses. You need to find a new home for your savings when the bonus expires. So make sure that you have a note of that expiration date in your diary and start looking for a new account a couple of weeks in advance, so it’s all set up and ready to receive the transfer.

This article was featured in the Totally Money #50 Carnival.