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Making the Most of What You Earn
The first things you have to take into account when you receive your payslip are the unavoidable demands made on your salary by the Government, namely income tax and National Insurance contributions. These are generally deducted before you see your money. The amount you see as ‘net pay’ is yours but needs to be managed effectively.
It is essential to draw up a list of income and outgoings. Taking your outgoings away from your net income will give you the figure you have left to meet other needs; it may not be a lot but it gives you a starting point from which to work, and can highlight areas in which you can economise. For example, on a working day, you may wish to buy lunch from the nearest supermarket but this could cost around £5 per day. You could reduce this significantly, actually saving over £1,000 a year, by making the effort to prepare sandwiches at home.
Paying regular utility bills by direct debit saves money because most companies will give you a discount for paying by this method. Equally, paying bills on time will prevent extra charges being made. Certain bills, unfortunately, just cannot be avoided because we all need to live to a decent standard
A great way of ensuring that you waste as little as possible is to keep your shopping trips to the minimum; this reduces the temptation to waste money on non-essential items but also cuts down on fuel and transport costs.
You work hard for your money so make it work hard for you.
Tagged Budgeting, Income, Saving tips
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
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