With the average British credit card holder now £2,200 in debt, you may be one of the many people now looking for new ways to save. Imagine a debt-free life? Stop dreaming, and start using ten of these useful savings ideas to help your bank balance look healthy once more.
What's your top money saving tip?
What's your top money saving tip?
With the average British credit card holder now £2,200 in debt, you may be one of the many people now looking for new ways to save. Imagine a debt-free life?... more
1
Get rid of your biggest debt first
It might seem obvious to clear your most expensive debt first, but then often it can be easier to be sidetracked by the less important things. Take a look at all of your debts - store cards, credit cards, overdrafts and anything else you owe money on.
Focus all your energies on clearing the debt with the highest interest rate first. Shop around for a zero per cent interest credit card, and see if you can do a balance transfer to consolidate all your debts onto one card.
2
Change your shopping strategy
Make a list, and stick to it. How many times do you grab one of those 'bargain deals' just because they're there? Truth is they are designed to encourage you to part with more money than you originally intended to. So dig out the cook books, plan some meals and write a list of everything you're going to need for the week.
You could also try out some own brand products, which are often just as good and a fraction of the price of the big brand names. Not convinced? Do a taste test, you'd be surprised.
3
Have a clear out
If you're a hoarder, it's time to turn that clutter into cold hard cash. Clean out your wardrobe and cupboards, separating what is for the bin and what you could sell online. Time to find those expensive shoes that never quite fitted you properly a new home where they will be loved and, importantly, worn.
4
Learn DIY
We all know how expensive it can be to call out a plumber, so why not take a DIY course and learn how to fix things around the house yourself? Soon you'll have the skills to keep your household ticking over without pricey call out charges.
5
Shop around for insurance and bills
Use a comparison website to make sure you're getting the best deal on electricity, gas and insurance. Remember that the supplier market is competitive, so it's certainly worth having a look around to see what deals you could cash in on.
6
Open a savings account
There's nothing like the satisfaction of watching your savings build up in a savings account. Even if you put away as little as £20 each month, soon you'll have a nice little cushion just in case one of those rainy days come along…
7
Use your talent
While many of us may dream of being a rockstar/artist/novelist, sometimes our talents go by unnoticed. But you could make some money out of your gift - offering guitar lessons, create some beautiful gift cards to sell or write some freelance copy for extra cash.
8
Make holidays affordable
Don't automatically assume you have to go with a package deal each year. Sometimes you can make your holiday more affordable by booking each of the components - accommodation, travel and transfers - separately. Try booking well in advance for a cheaper deal and remember staycations (where you holiday in the UK) are very fashionable right now.
9
Get fit - save money
How much do you spend on transport each month? And do you really need to take the car to the shops and pay for parking? Make it your mission to walk absolutely everywhere next month (within reason) and you'll be amazed at how much you save in petrol or bus fares.
10
Take a trip to the library
In the age of the internet, the library is becoming a forgotten place. But a visit to your library will soon reveal a whole world of books, CDs and DVDs to borrow for absolutely free.
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