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Money Saving Ideas

It is that time of year again. An expensive month awaits for most, and many are struggling to get by as it is. With that in mind, we looked at some money saving ideas.

Do Not Automatically Renew Subscriptions

Don’t just accept the price you’re quoted when it’s time to renew your insurance. Using a comparison website to see if you can get a better financial offer is simple and quick. I am aware that loyalty to some businesses is also influenced by their customer service, but consider how frequently you actually interact with them and whether the extra expense is justified.

Money Saving Ideas – Budgeting

So many people are unaware of their true income, let alone how much is spent on food, bills, and other errands each month.

Make a note of everything you are paid each month, including your pay and any benefits, and take out your bank statements to do so. Compile a list of everything you pay for each month, including your rent or mortgage, electricity costs, water bills, council taxes, cable or satellite TV, broadband, and more.

To determine how much you have left over or, more concerningly, how much you are overspending, add up each list and deduct the outgoings from the incomings. You can determine when to cut back and make adjustments once you have everything in writing.

Money Saving Ideas – Saving!

You can start saving for an emergency by making even small contributions here and there. How much should you save, though? Everyone’s situation is different and would depend on the amount you’d need to pay out if your car broke down, your washing machine packed up, or even if it was something smaller like an unplanned school trip or a job loss.

Bad Habits

Even though not all habits are necessarily negative, if you give them up (or even simply cut back a little), your financial situation will improve.

The most evident is smoking. Your health will improve, and you’ll have more money in your pocket as well.

If you’re simply going to make a few cuts, think about skipping one movie or bar visit every month, skipping a few midday lattes, or walking to the corner store instead of taking the car.

Keep track of your monthly savings, and you’ll be amazed at how quickly the money accumulates.

Hunt For Deals

Perhaps you have some significant purchases lined up for this year? Maybe your home needs considerable work, or one of the kitchen appliances is beyond repair. Perhaps you intended to upgrade your TV, plan a family vacation, or get a new game system for your child.

No matter what you are purchasing, whether it be anything large or tiny, resist the urge to buy it at first sight.

Check it out to make sure it’s what you really want and need, and then get a few quotes or look online for other prices. You might not find a lower price, but if you do, you might end up saving a tonne of money!

Cashback

There is no excuse not to use a cashback website when you shop online. You get a portion of the money you spend back on each purchase you make.

Quidco and TopCashback are the leading competitors in the cashback business. You can either make purchases using their websites or their mobile applications, which both let you keep track of mobile purchases.

Don’t limit your consideration of this to high-street shopping. So make sure to get every penny back on every purchase you make this year. Keep in mind that you can also earn cashback at the grocery store using apps like CheckoutSmart.

Buy 2nd Hand

While having new stuff is great, the cost might be high. Change your buying habits this year by purchasing things used rather than going to the high street.

You may purchase everything you need to outfit you and your family and furnish your home for a fraction of the cost of new by shopping on eBay, at car boot sales, or in charity shops. This has economical (and environmental) advantages.

So many items that are sold used aren’t all that old. Give it a new lease on life and benefit the environment at the same time rather than letting it go to waste.

 
 
 

 

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