Money Saving Tips
We all like to save money, so money saving tips to keep your money in your pocket are always welcome. We love to get a bargain and feel like we've achieved something, through making some small changes on a regular basis, a noticeable difference can be made.
The beauty of doing something regularly is that it will become second nature and the bonus of that, is that the cash will begin to stack up and your hard work pay off.
General living tips
Tips when out and about
Tips for in the home
Financial money-saving tips
- Pay off your credit cards at the end of every month and you'll save a fortune in interest payments. Remember, when you don't pay off the full amount, the items with the lowest interest are paid off first, leaving the higher interest purchases gaining interest month after month and costing you a fortune.
- Reduce your authorised overdraft limit down to the 'free' overdraft limit, typically £100, and start living within your means. You'll start saving a fortune on interest payments, which you probably hadn't noticed before
- Change your mortgage. If you're on the standard variable rate of your mortgage, chances are you can save yourself a pretty penny. There are 1000's of deals available, so start looking around now and save.
- Shop around for the cheapest household insurance, don't just simply renew. It's always worth checking to see if you can save.
- Change your car to a more economical model and you'll save a fortune on tax, petrol and insurance.
- Claim your Child Benefit and Child Tax Credit, you're entitled to it!
- Don't bother with extended warranties for electrical purchases, you're not likely to need it. Anyway, when was the last time your washing machine broke down?
- Don't fall for pushy bank clerks and their payment protection cover for loans. If you feel you need it, then shop around for a better price.
General money saving tips
- Give up smoking. If you smoke 20 cigarettes a day, that's almost £2,000 a year.
- Say 'no' more often. Sometimes it's easier just to give in to the kids but if you said 'no' every now and again, the pennies will soon mount up.
- If you're tempted to buy something on impulse, one of my money saving tips is to stop and ask yourself if you really need it. Wait a couple of days and if you still feel you need it, then go ahead. It's more likely you'll forget about it saving you that cash.
Money saving tips when shopping
- Supermarkets usually have own brands and value brands. You will find that these are often actually made for the supermarkets by the big brands and the contents of the packets are exactly the same, not always.
- Start cooking from scratch. It's much cheaper and the food will go further. It'll take time and preparation, but the savings will soon stack up. Save the take-aways for a treat and check out how to make your food go further.
- Larger and more expensive brands can afford premium space at the supermarket; this is basically eye level shelving. Looking up and down gives you options for lower product prices in the store.
- Use thre coupons you find in magazines! Sometimes you can redeem them against other products, check this with the shop staff first.
- Make your own cleaning products using everyday household items. It's much cheaper than store bought products and better for the environment too.
- Use a market to get your groceries, especially fruit and vegetables. You'll find that they're much cheaper than the supermarkets, even when the supermarkets have offers on.
- Shop online. You'll often find the same items cheaper online than on the high street. Always price compare and you will save.
- Use online coupon codes when shopping online at the many of the major high street stores. Find out more about online coupons and start saving.
Money saving tips when out and about
- Use your local library if you need any books and save a fortune. If the book you want isn't in, it's likely they'll be able to get it for you, as long as you don't mind the waiting for it.
- Get perspective on your drinking. How often does a 'quick' drink after work turn into a big session? Cut it back and you'll be able to save a fortune.
- Reconsider your gym membership. Is it really value for money if you're only going once or twice a week? Consider walking or running in the park instead and save yourself a packet.
- Your local library is great for kids entertainment too. Story sessions for older kids and sing-a-longs for the young ones are a great way to entertain the kids for a morning and it's free too!
- Choose free days out with the kids such as nature trails, visiting a museum, go to the beach or have a picnic.
Money saving tips in the home
- Check that you're paying the lowest energy rates for your postcode with Uswitch.com. It's easy to swap providers these days, so don't hang about.
- Stop trying to keep up with those around you. If they've got all the gadgets, a new car and fancy clothes, then it's likely they're paying through the nose for them on their credit cards. Feel secure in the knowledge that you're paying off your debt and increasing it!
- Buy a stack of presents in the sales, ready to give to people on their birthdays or at Christmas. You'll be free from those last minute purchases and can enjoy stress free shopping at Christmas.
- Consider making gifts and greeting cards instead of spending ludicrous amounts on them. Crafts are all the rage these days and make such a personal, unique and economical gift for your friends and family.
- Skip satellite and cable, and switch to free digital television instead. Many of your favourite programmes are available free and you can save yourself £100s each year.