Unfortunately, since the financial crash (what credit crunch?!) back in 2008, British people have been feeling the effects. Unfortunately this has resulted in a growing number descending into credit card and payday loan debt as a result of not making the most of the money they do have.
On the face of it – it seems pretty difficult to make the most of your money during this time of “economic uncertainty”. Oddly enough there are things you can do to make your money work harder for you… but what?!
Check Out The Budget Supermarkets
Personally I’ve started doing some of my grocery shopping at the local Lidl or Aldi. Did you know that you can make significant savings by shopping at the budget supermarkets like this? What’s useful about these two stores in particular is the ability to bulk-buy – similar to a wholesaler but for consumers – not businesses. So if you need to do a big shop then you could make significant savings by shopping at a budget supermarket. Don’t get me wrong – I still pop into Tesco or Morrisons for quick buys but if you’re looking to do a big shop then try out Lidl or Aldi and compare what you spend to some of the other retailers out there. You might be surprised.
Invest Your Money Sensibly
There are bank accounts out there that can help you make the most out of your money – through high interest savings accounts and current accounts that will actually give you cashback every month that a set amount is paid in (usually over £1,000 a month).
In addition to this you could consider looking at opening an Interest Savings Account (ISA) to help boost your investments.
Earn More Money
Easier said than done isn’t it?! Ok – to help keep your financial health in top form it’s worth considering an additional job or, if possible, look at taking overtime in an existing job. Boosting your income could make all the difference to your financial situation and help you to meet monthly bills and charges. It could also help to prevent you turning to the likes of payday loans and credit cards to help meet payments and descend into debt.
Sell Sell Sell!
If possible look at selling some of those unwanted items you have lying around the house. These could be unwanted Christmas gifts, an old TV or out-of-date computer. Remember – your trash might be other people’s treasure so it’s worth popping along to your local car-boot sale or auctioning these items on EBay. Worth bearing in mind though that you may find a face-to-face sale at your local car-boot sale to be far more effective – never underestimate face-to-face. Online shopping isn’t always the be-all and end-all!
Tighten Your Purse Strings
Try to spend less – by setting a monthly spending budget for the year (that you stick to!) could help you to control your cash-flow and could mean that you have a little more left over at the end of the month or even the end of the year. Certainly worth considering.