Top Ten Money Saving Ideas
With the decline in the British economy, high inflation and growing unemployment, it is proving more and more important for many of us to look at ways to save money.
Let’s face it – the price of fuel, food and pretty much all other consumables are severely impacting our bank accounts and credit cards. Nobody, even the richest amongst us, don’t want to be in this situation!
Unfortunately there aren’t many quick cures to improve your financial situation, however, Creditwindow has attempted to compile a few sensible tips to help you save a bit of cash.
1. Buy what you need, not what you want
This could be anything – from branded food in supermarkets to that latest iPhone or high-tech laptop. Whilst we appreciate that this is going to be tough – especially for those of us who like to enjoy the best, it is a very good way of saving money. For example, simply buying a supermarket’s own brand of cornflakes over a big-name brand (such as Kellogs) could mean the difference of a few quid!
2. Get rid of that credit card debt
When putting together a financial plan it’s always important to focus on clearing expensive debts as soon as possible. Usually you will find that your credit card carries the largest amount of debt – especially since this is the most convenient way to pay for goods and services. Unfortunately, if you don’t clear the card’s balance every month, the debt could mount up. So always consider how much you’re spending on your card and whether or not you will be able to pay off your debt at the end of the month.
3. Change your mobile phone plan
In this day and age a mobile phone is an essential piece of equipment for many of us – whether for business calls or simply to stay in touch with loved ones. Could a pay-as-you go mobile phone help in reducing your outgoings? It’s certainly worth using, especially if you make short calls infrequently. As an example, could your phone survive on £10 credit a month? It’s possible, especially if you could your calls short and rely more on incoming calls.
4. Cut down on those vices
Now could be the perfect time to give up smoking, cut down on drinking alcohol and junk food. Why not consider taking up a regular exercise routine instead? This doesn’t mean you have to pay out a small fortune to go to the gym! You could consider spending the time going for a run or brisk walk rather than going out for a smoke or having a beer.
5. Trade in your expensive car
Does your big expensive motor cost you an arm and a leg every time you want to re-fuel or need repairs? Why not consider trading it in for something smaller and more economical?
6. Get those benefits
Do you have kids to support and you’re on a low income? Why not consider getting child tax credits, working tax credits and child benefits. Forget the stigma attached to these and swallow your pride – what is the point in a system that aims to help people if you’re not going to claim on it?
7. Shop online
Shopping online could cost you a lot less than taking those long, boring shopping trips. Not only will you save fuel but you could make extensive savings on goods and services by using price comparison websites and simply browsing the web to find what you need.
8. Consider changing utility providers
Shop around to see if you can find the best electricity and gas providers at the lowest cost. There are now so many utility providers around the UK the market has become much more competitive and many of them are looking at new ways to rope in new customers – usually by trying to undercut their competition!
9. Keep track of your finances – incoming and outgoings
Why not put together a spreadsheet of your monthly income and your monthly spending? You could even consider breaking this down further to show outgoings per week and even per day to get an exact idea of what you’re spending out on. This is a great way of stripping out any unnecessary costs as you can see what you’re spending out on every day.
10. Look at energy saving measures
You could consider buying energy saving light-bulbs to bring down the cost of electricity, turning off appliances that you’re not currently using, turning off lights when you don’t need them on, etc.
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