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Category Archive: Savings
Subcategories: Saving tips
Creative ways to get out of debt
Trying to get to sleep whilst in debt can be a nightmare. Being proactive about debt is a first step on your way to getting debt free. There are many ways to alleviate and get rid of the debt monster but being creative and forward thinking and crucial to success.
There are only two sources to obtain the extra cash to reduce and pay off your debts; spend less money from your current income and find a creative way to bring in some extra much needed cash.
Getting organised is the first thing you should do. Make a spreadsheet on what you get each month and then add all your outgoings and tally it all up, this allows you to see where outgoings can be cut and money saved. See what you have left over after all this then budget for food and other luxuries. Give yourself room in the budget just in case anything unexpected arises and always know how much money you have in your debit account so you don’t go making any silly superfluous purchases.
Avoid eating out, if it’s a special occasion then cook something special at home, even if you use the most expensive ingredients it will still be cheaper than going out. Growing your own vegetables if you have a garden is also a great way of saving some extra money. Always check the local paper for event listings that are free in your area. Free events are worth taking advantage of as they provide a whole day out and means you’re not spending you hard earned cash on going to theme parks or expensive pay events.
Get rid of all your credit cards and store cards apart from one with a low credit limit. Try to only use cash and avoid using credit at all costs, if you can’t pay for it in cash then you can’t afford it. If you do need to borrow money then try asking friends and family instead.
Buy some thermal underwear! This can drastically reduce your heating bills if you wear it around the house and thus turn down your thermostat. Damart sell cheap thermal underwear and have been in the business for over 50 years, spending a little on some Damart thermals will save you a lot in the long run.
Try and get a second income! Be creative it doesn’t have to be an evening job. You could start a blog or sell items on EBay or even do peoples ironing for them. If you own your house or rent a flat that has an extra room then why not consider renting out. Using the money earned from a second income could be used to put solely into a rainy day account or in to savings or used to pay of smaller bills such as credit cards or store card bills.
So come on, get creative and help yourself get out of debt or make that bit of extra cash.
Discount shopping online
If you’re thinking about going into town to buy some new clothes then stop and think again! Why waste money on petrol or public transport, parking and then overpriced shops when you could do all this from the comfort of your own home and save a great amount of money.
Using the internet to shop online for fashion should be you first port of call when wanting to buy new clothes. The Internet allows shops to sell their stock at reduced prices due to the lack of overheads they have to pay for. Even small, boutique, high street shops may sell at slightly reduced prices on their websites and the large high street retailers will offer even further discounts.
There is always a sale online, unlike the high street a sale can always be found on the web for whatever you are looking for. Normally the first thing you see when you go on a sites homepage is a huge red banner advertising a sale. However, if you do not see this sign do not fear, many online retailers will have special offers on their site for example Roman Originals are offering free matching trousers with any jacket purchased.
Why not try shopping through well known affiliate sites like ipoints that give you points for shopping through them and once you’ve built up enough points then they can be redeemed for great gifts.
You may think that delivery will be expensive but most ecommerce sites will have a spend limit to qualify for free delivery and if you don’t spend enough to qualify then a voucher code could be obtained from one of many sites that will give you free delivery when inputted at the checkout.
If you do decide to order clothes online and they arrive but don’t fit or are damaged you can always return them. Most ecommerce sites operate a good returns policy and will pay for the return postage or provide return pre paid postage parcels.
Shopping online has massive benefits for your wallet, not only does using the web help you save more money and make you feel good about what you have purchased but financially, can be a step towards achieving your financial goals whether it’s filling up that pension, getting out of debt or just putting some extra cash towards a nice holiday you deserve, it’ll really help you in the long run.
Going green and saving money
Reducing your carbon footprint is all the rage at the moment and If like me you don’t like to spend lots of money on expensive products that are made from super sustainable resources and don’t like to give up some of those small luxuries then you’ll be please to know that there are a few great ways of going green that can save you bucket loads of cash.
Drive a bit slower
Easing off the accelerator pedal can drastically reduce your carbon emissions and dramatically improve your mileage. Reducing your speed by just 10mph can improve the mileage of your car by as much as 15%. Avoiding sudden braking and quick starts, you should try and anticipate the lights. Letting the engine idle also wastes that precious fuel so if you expect a long wait then turn the engine off. Doing all your errands on one day will also save you nipping out every day to do one of them, saving you money on fuel and lowering your emissions. Not driving at all would be ideal but we all know how hard a luxury this would be to give up.
Wash clothes effectively
Front loading washing machines use a lot less water and 60% less energy than their top loader counterparts, to save the most money and the environment you should be washing your clothes in cold water as there are many fantastic products out there that will clean your clothes in these low temperatures. You should always make sure the washing machine is full and not just use it to wash one t–shirt at a time. Tumble dryers should be used efficiently as they use a great deal of energy so running full loads and doing two or more loads in a row to make use of the heat that is already in the dryer is a much more efficient process. Using a clothes horse or washing line would be far better but if you’re in a rush then the tumble dryer will have to do.
Video Conferencing
Why do companies waste so much money travelling to the other side of the globe to have a 1 hour meeting in which nothing is ever agreed? The emissions from the planes and taxis and other modes of transport taken are making a significant dent in the atmosphere as well as the money it costs the company is ludicrous, sure talking face to face with someone is far superior for a meeting but for long distance meetings why not just have video conferencing using free software such as Skype.
Programmable thermostats
Just turning down your thermostat can save you a fair bit of money, programming the thermostat to come on at certain times is even better so no unnecessary energy is wasted and even more money is saved. Having the heating come on in the morning and the evening for a few hours makes far more sense than having it on all day and night. You don’t need it on at night while you’re all tucked up in bed and don’t need it on throughout the day if you’re out at work so it’s just more intelligent to have it on for a few hours a day on a timer.
If you follow these basic ideas you may stand to make save some serious cash as well as saving the planet
Tagged Saving tips
Saving Money on your Energy Bills
Are you always being plagued by the ever increasing energy prices? Last year gas, oil and electricity prices rocketed to sky high levels and most people were left feeling very out of pocket and not only are these costs jumping to new unseen levels but the credit crunch is hitting hard and so any chance of that pay rise is likely to be out of the question.
One simple, effective way to save money on those dreaded bills is to get some thermal underwear. Ok so I don’t mean wear them to work but when you’re in the house just lounging around you could put on some thermals and turn the thermostat down a few degrees, not only will you be extra toasty warm, but by lowering the temperature by 4 – 5 degrees can help reduce your energy bill by up to 10%. Thermals only cost around £10-30 for a decent set; just think of the return on investment, they will probably have paid for themselves after just one month.
Thermals have had a bad image for a while but there are many brands out there that do not conform to that stereotype image, Damart for example, have been manufacturing thermals for 55 years and have very stylish and colourful ranges. More expensive thermals are even better at insulating and keeping you snug so if you fancied spending a little more cash you could buy some really good thermals and turn the heating down even further to save even more money.
This January looks set to be a cold month and no doubt we will all want our heating to be on high but for those of you who take my advice and get some thermals you can laugh at the poor fools who didn’t when the next quarterly bill comes.
Tagged Savings
Phone line cheat sheet
Talking to a machine on the phone can drive you insane, especially if the per minute charge is a ridiculously high price All you want to do is talk to a human and all the company your calling wants to do is make you bankrupt but help is at hand from cheapflights.co.uk who have come up with a cheat sheet.
The cheat sheet is a list of lots of airlines and hotels who have automated answering services; the list provides details of what to press and when to get straight through to a real (yes real!!) human being.
I happened across this gem whilst searching for tips to make you richer, and considering many of us call £1+/min call centre’s and have to key in options that aren’t helpful and wait queuing for possibly greater than 20 minutes then it seems fair that this is a brilliant money saving idea.
Check out the cheat sheet here.
Tagged Cheat, debt, Phone, Saving tips
Saving money the easy way
Saving money shouldn’t be a chore, it should be a challenge and you should look forward to what you will get at the end of it. Whether it’s saving to put a deposit on a house or just to afford the extras on that big family holiday there are some easy ways to cut back find you have more cash than you think.
1. Take a pack lunch to work – Taking a homemade lunch can save you loads of cash as you don’t need to splash out on that sandwich from prêt, cutting back on the daily Starbucks will also make your wallet heavier as spending just £2.50 a day on a coffee can really mount up.
2. Set up a direct debit – If your main bank account is always empty at the end of the month due to you just having to spend everything in it then set up a savings account and transfer a small amount of money to it monthly or weekly. This is a method of forced saving but makes sure you live within your means.
3. Use cash instead – Using your cards less and switching to cash will make you spend less, you will find you have a much more emotional attachment to parting with you hard earned cash rather than just putting it on a card.
4. Clear the most expensive debt – You should always clear the most expensive debt first and this is normally your credit cards, credit cards have huge interest repayments and if you cannot afford to repay the full amount each month then it might be worth considering a small low cost loan as the interest on them is normally half that of the credit cards.
5. Make a shopping list – Making a shopping list is essential, if you don’t you will come out of the supermarket with more items than you wanted and nothing that you needed. Try and plan the meals in advance of going to the shops, try own brand products to cut down on cost and never ever go shopping on an empty stomach as everything in the supermarket will look delicious.
6. Track your spending – Keeping a diary of everything you spend is a great way to keep all you’re spending in check, it will make you far more conscious of all your outgoings and any areas where money is being wasted or could be saved. You could use a spreadsheet on the computer or just a simple notebook, as long as you feel comfortable with it and will make sure you keep it up to date.
7. Shop around for the best deals – Looking around and comparing deals on essentials like gas, electricity, water, telecoms and insurance can save you vast sums of money. For just for a small amount of your time looking on a price comparison website, they will compare hundreds of companies’ quotes in seconds and help you save that extra money.
8. Doing D.I.Y. – Okay so when I say DIY I don’t mean building an extension or fixing a massive hole in the roof but if you do invest £100 or so in a night school class at a local adult college in a maintenance course such as plumbing or electrical engineering then it can avoid incredibly costly callout fees and save hundreds of pound in the long run.
If you just follow some of these simple ideas you will be well on the way to saving up for that dream house or the holiday of a lifetime, If you are in debt you can use these tips to help alleviate the load and help pay the burden off quicker.
If you have any other great money saving ideas then please do add them in the comments section for all to see and use!
Tagged Saving, Saving tips, Savings
Saving Money Online
There are many ways to save money by using the Internet and I think that nearly everyone knows this but where are the best offers and sites. Here I will give you a rundown of my favourite:
1. Affiliate scheme site
These sites make you shop through them to pick up points which can be redeemed for gifts. They make their money by redirecting you to the shops site and then making a percentage on what you spend. They are great as if you were going to the shops site anyway why not get something back from it. My favourite affiliate site is ipoints which has almost every major retailer, gives a good number of points and has a great range of gifts when you redeem your points.
2. Voucher codes
When shopping online try searching for voucher codes in Google first for your favourite shop. The site myvouchercodes.co.uk has loads of codes for many shops and they’re often for 10-20% off and free delivery which is great when you only spend £5 and don’t want to have to pay another £5 for delivery.
3. Savings websites
Moneysavingsexpert.com is one of the biggest names in saving and provides all the best deals and offers that are on at the moment such as 2 for 1 offers at well known restaurants, voucher codes, comparisons between credit cards, utilities, mortgages and consumer rights advice. Other sites such as thismoney.co.uk provide great advice on personal finance and global financial news.
4. Shop around
Price comparison websites are genius, they allow you to save time and effort by checking the price of the product you desire at lots of different shops in split seconds. Kelkoo.co.uk is a good comparison site for electrical products / gift. For insurance, gas and electricity comparison then check out moneysupermarket.com.
I hope you find these sites useful, I don’t know how I’ve ever lived without them as they have saved me so much money over the past few years. If you know any really useful sites that warrant a mention then post a comment and share the wealth.
VAT Cut – What it means for you!
On December 1st the government decided to help consumer spending by cutting the rate of standard VAT from 17.5% to 15%, this is the lowest allowed rate of VAT permitted by the European Union and will remain at this low until the midnight 31st December 2009.
What is VAT
VAT (Value Added Tax) is a tax you pay when you buy goods and services within the EU; normally included in the price of the item/service unlike the United States where it is added on at the checkout. There are 3 different VAT rates.
Zero rate (0%), goods you don’t pay VAT on such as food, books, public transport, children’s clothes and shoes, and special exempt items i.e. Equipment for the disabled.
Reduced rate (5%), goods include domestic fuel and energy, children’s car seats, services such as installing energy saving devices and domestic conversions.
Standard rate (now 15%); is the default rate of goods and services that are not mentioned above.
So what does the rate cut mean for you and can you take advantage of the situation?
The first question to ask is whether the shops will pass on the rate cut to me, and it seems that many high street stores have. The prices on their items may be the same but when you go to the till you will find you’re getting a 2.5% discount off the marked price. Couple this with huge Christmas discounts available during the holiday season and it can add up to a nice saving.
If you have been planning to buy a new TV, some high end electrical equipment or a car now would be a great time to buy as you make a saving of £25 on every £1000 from the VAT reduction alone and throw in the Christmas discounts can help you save lots of money. Outside of the Christmas period or a sale season the reduction won’t be as noticeable and stores may slyly decide to not pass on the saving on anymore in a bid to increase their dismal credit crunch profits.
Don’t go crazy
Just because prices have dropped by 2.5% does not mean that you should go crazy and have a massive spending spree, flashing plastic willy nilly in December can give you one hell of a debt hangover in January so spend wisely and only splash out if you can honestly afford it.
How to manage your salary
With everyone getting in a panic about the credit crunch, the rising cost of living, and imminent global economic disaster, it seems ever more important to make your salary stretch as far as possible. When nearly everyone will one day be earning a regular wage, it seems truly astonishing that schools do not teach such a useful skill as budgeting, and that many parents fail to instil a sense of frugality in their children. But worry not, it’s never too late to learn a new skill, and here are some tips on how to manage your salary wisely.
The first step – and yes, this may be boring, but it’s necessary – is to sit down and work out your income and outgoings. If the latter is greater than the former, you’re in trouble, and it’s time to take control before things get any worse. If you don’t spend more than you earn, it’s still worth taking a look at how you can make better use of your money, as there are always ways of making cutbacks. Even if you have plenty of disposable income, why throw it away? It’s far better to save as much as you can, and use it for something worthwhile, or leave it earning you lots of lovely interest (okay, maybe not that much interest, but it’s better than nothing, or worse, spending everything).
Most people know how much their take home pay will be every month, which makes it easier to budget. Having worked out how much your outgoings are, you can then look at where they can be reduced. Grit your teeth, and spend an evening looking at ways of reducing your expenses. Some things can’t be cut out altogether, unless you want to live by candlelight and cook on a butane store, but they can be reduced. Look at how you can reduce your energy consumption, by keeping the thermostat down and switching off lights, for example, and research cheaper energy providers. Try car-sharing, or cycling to work, if possible.
Now look at non-essentials. This is the easiest way to make savings, even if the prospect of a more frugal lifestyle fills you with dread. Try going out less, cooking budget meals for friends instead of eating in restaurants, waiting for a film to come out on DVD rather than going to the cinema, and buying clothes in the sale. Set realistic budgets for everything, that means not denying yourself any fun, while acknowledging that you don’t have unlimited funds. Buy clothes in the sales and plan your wardrobe. Avoid impulse purchases, and think about whether you really need something. Change your mobile phone plan, and use your landline wherever possible. Keep your credit cards for emergencies. Follow this advice, and more of your income will stay in your bank account!