By
K Dalley
FINANCES: CREDIT CARDS AND LOANS
1. Create a budget and be
realistic about all your incomings and outgoings. Make sure you know
exactly what money you have and when you will have it. This will help
you plan for events such as birthdays or holidays when you may need a
little extra cash saved up.
2. Make sure you are getting the best
possible interest rate for your savings, opening an online savings
account could receive a higher interest rate than a regular current
account.
3. Missing your credit card minimum payment dates will
hit you with a big charge, so set up a direct debit payment to make sure
you never miss the date by accident.
4. Lots of credit cards now
offer cashback or points on your purchases or gift vouchers when you
first sign up, so make sure you shop around before choosing your credit
card. However don't just choose a card because of a one off benefit, you
have to look at the overall package.
5. Don't be scared to
transfer to another credit card with an interest free promotional period
as lots of credit cards offer this now. However make sure you transfer
to a different one before the promotional period is over as you could be
charged with a higher interest rate once it has ended.
6. Keep your credit history healthy- this will make it easier to transfer to different credit cards when you need to.
7.
Don't sign up to department store credit cards even if they do offer
you 10% off your first purchase, they charge you a very high interest
rate, high late payment charges and are too tempting to have in your
wallet while you are out shopping!
8. Don't get yourself into a
mess with paying your mortgage. If you are struggling to pay your
monthly payments, speak to your provider about taking a mortgage payment
holiday which is better than simply defaulting on your payments.
9.
If you have a little extra money, pay more on your credit cards or
loans instead of spending it on a treat. If you can pay your debts off
quicker, you will pay less interest.
10. If you have been stung in
the past by large bank charges, try to reclaim them by writing to your
bank. If you think your bank charges are significantly higher than other
banks, think about transferring your account.
11. If you travel a
lot, use a credit card which doesn't charge you for using it abroad.
Some credit cards charge 2.5% for using it in a foreign country, however
there are some that do not charge this fee if you shop around.
12.
If you are worried about your finances, get free help from your local
Citizen's Advice Bureau, they understand what troubles you may be facing
and are trained to help you think of solutions.
13. Make sure you
are claiming any benefits that you are entitled to such as Child Tax
Credit, Working Tax Credit. The forms can take a while to fill out and
it can be confusing about what you are entitled for but you can go to
your local Citizen's Advice Bureau to help with any queries.
SHOPPING
14.
Do you shopping online, this will stop you having to pay for buses or
parking and you are more likely to buy what you need when you are
online.
15. Join Internet Cashback to earn cashback while you shop
online and get access to discount codes which aren't available in the
shops. Earn cashback on a variety of products including your food
shopping, clothes shopping, credit cards, insurances etc. Download the
Cashback Detector and you will never miss out on cashback while shopping
online again!
16. Don't buy everything from the usual high street
shops; use a price comparison website before you buy anything to make
sure you are getting the best prices, which could point you to an online
shop you have never heard of before with the cheapest products.
17.
Try not to impulse shop! Don't buy something as soon as you see it;
give yourself time to think about it so you can see if you really need
it. This will also give you chance to shop around for the best price.
18.
When buying your groceries try the supermarket's economy range. You'll
find most of it tastes the same but is half the price, so don't be put
off by the packaging. Supermarket economy ranges are also good for
toiletries, medicines and cleaning products.
19. Have a spring
clean and sell anything you don't want or use anymore on Ebay- it is
really quick and easy to sell on eBay now.
20. Do your grocery
shopping at night if you can, as supermarkets such as ASDA or Tesco
often reduce the price of food like bread, milk or cakes at the end of
the day to make sure they sell it.
21. Before you go shopping,
make a list of what you need and then stick to it, if you don't know
what you need, you'll be more likely to overspend.
22. Don't buy
your daily cup of coffee from expensive coffee shops because they are
too expensive. A £2 cup of coffee every day will cost you approximately
£60 over the whole month! Take a flask out instead!
23. Take a
packed lunch to work instead of buying it everyday, it will work out
much cheaper especially if you've managed to get your bread reduced for
your sandwiches the night before.
24. Don't buy ready made meals;
they're expensive and not very healthy. If you get yourself organised
you can cook a meal from scratch in about 20 minutes. It's healthier and
much cheaper.
25. Only buy what you need to eat, buying too much food means it'll go out of date fast and you lose money on it.
26.
Use the leftovers from your evening meals for your lunch the next day,
as long as you keep in the fridge it will still stay nice and means you
won't need to buy your dinner out.
27. Always look out for special
offers, coupons and discounts. Bulk buy if there is a special offer on
something you regularly use, for example a BOGOF on toothpaste however
don't just buy something because it is reduced!
28. Don't feel you
have to be the first person to get the latest products, for example a
mobile phone could cost £300 when first launched but could drop to only
£50 in the next year.
29. Plan your family and friend's birthday
and Christmas presents in advance by buying them during the sales. If
you have enough storage, you could buy your Christmas presents for the
following year in the January sales.
EVENING ENTERTAINMENT AND LEISURE
30.
Stop eating out at restaurants at evenings and weekends so often. It's
easy to get lazy and head out for dinner but you've got to remember that
your meal will cost a lot more in a restaurant than it will cooking for
yourself.
31. If you do eat out at a restaurant, try to skip the
starter and only have two courses which will save you money without
ruining your evening. Also, try to resist the coffee at the end of the
meal, you can get one at home for much less.
32. Find a restaurant
where you can take your own bottle of wine! These are quite common and
will mean you are not paying restaurant prices for your drinks.
33.
Take it in turns for you and your friends to throw a dinner party. This
is much cheaper than going to a restaurant and is often more fun
especially if you have themed evenings.
34. If you are going out
for the evening, don't go too early and have a few drinks before you
leave. You will spend much less money but will still have fun!
35.
If you have an expensive gym membership and do not use it then cancel
it as it is a complete waste of money. Try walking instead or using your
local leisure centre which will be much cheaper than a gym membership.
36.
If you pay to go to a slimming club, consider starting your own with
your family, friends and neighbours instead. You will still get the same
motivation but will save on the weekly cost.
37. Don't pay full
price for cinema tickets as most cinemas offer cheap weekend or daytime
prices, and if you know someone with an Orange mobile phone you can get
2-for-1 tickets on Wednesday's with their Orange Wednesday promotion.
38.
During summer holidays most council's have free or cheap events for
families and children to take part in, so make sure you hunt around to
make the most of what is offered.
39. Libraries are a great place
to take the children on a rainy day and are great for adults too as many
now stock not only books but CDs , DVDs and magazines.
40. Share
the cost of events with your family and friends, for example if you love
football then buy a season ticket with your friends and take it in
turns to go to the matches. This way you might miss out on some matches
but that's better than missing out on all of them.
41. Try and
find a market research group in your area which will pay you very well
for telling researches what you think of specific products or ideas.
These are enjoyable to do and you are provided with refreshments while
you are there.
FASHION
42. Aim to build your wardrobe up
with classic pieces that match. This way you will be able to interchange
everything, so you won't have to buy as many new pieces.
43. Go
to the factory or clearance shops; they're much cheaper and give you big
brands at low prices and chances are, nobody will know where you bought
them from!
44. Try to save your shopping trips until the sales
are on. Although make sure you don't buy things just because they are
cheap if you don't actually need them and take them back if they don't
fit as many shops do not open their fitting rooms during busy sale
times.
45. Go to your local charity shop for cheap clothes!
Remember, the majority of celebrities shop in charity stores because
that's where all the quirky stuff is so you will be in good company!
46.
Don't splash out on designer clothes for your children. Hand-me-downs
and supermarket clothing ranges are a great way to dress your children
cheaply and they probably won't even notice the difference.
47.
Learn how to sew and fix your clothes, not only will you be able to sew
any holes or rips, you will also be able to customise your own clothes
to make one off pieces.
48. Return clothes for a refund that you
have bought and then realised you don't like, don't just let them sit in
your wardrobe with the tags on.
49. Don't avoid the cheaper shops
such as Primark, they are great to stock up on your simple wardrobe
necessities such as t-shirts and nightwear.
UTILITIES
50.
Only buy home appliances that have been certified as energy efficient,
they may cost more to start with but you'll save more over time on
running costs.
51. Replace your old light bulbs with energy efficient light bulbs as they last longer and save you money.
52.
Lower your heating thermostat. If there are rooms that you don't use in
your home then turn off the radiator and close the door. If you live in
a 2 storey house, you can turn the thermostat down even further
upstairs because heat rises. By turning your heating thermostat down
10-20 you will be surprised at how much energy you will save per year.
53.
Install more insulation in your attic, replace old curtain liners with
new insulating curtain liners and seal any draughts. If you have a big
enough budget, install double or even triple glazed windows, these are
very efficient means of insulating your home, saving you money on
heating costs. They also boost the value of a property significantly.
54.
Turn off the lights if you aren't in the room and make sure everyone in
your house does the same. There's no point in being charged for light
that you don't use. Simple as that!
55. Don't leave electrical
appliances on standby as they still consume electricity. Turn them off
at the wall and you could save up to 10% off your electricity bills.
According to reports, the UK government is bringing in legislation that
will make it compulsory for all new appliances to not have a standby
mode because of the huge waste this brings.
56. You can save a lot
of money on your water bills very easily, always shower rather than
bathing and spend as little time in the shower as possible.
57. If you have a big home with few occupants you could halve your annual water bill by installing a water meter.
58.
Turn your washing machine down to 40. Unless your clothes are heavily
soiled a wash on 30-40 will still bring them out sparkling clean!
59.
Don't be lazy by sticking with your current utility company, shop
around and make sure you are getting the best deal; you can use utility
comparison sites to help you see which company will be best for you and
use Internet Cashback to earn up to 37.50 pounds for switching utility
companies.
TRAVEL
60. Book flights early and save money.
While many of the budget airlines will fly to a regional airport, it may
actually cost less to fly into an airport closer to a city center (if
you are going on a city break) as you won't have to pay for a taxi to
your accommodation.
61. Budget airlines such as Ryanair are now
charging per bag checked into the hold in an effort to speed up their
turn around times. If you can, pack what you need (minus scissors,
liquids etc) into your hold baggage. This also means you don't have to
wait round to pick up your baggage at arrivals.
62. Book hotels online rather than walking in unannounced and being hit with the typically higher walk-in rate.
63.
Buy your car rental online rather than arranging for it when you
arrive. Car rental is a competitive market and there are plenty of
money-saving offers available.
64. If you are planning a journey
by train or bus then book early, look for offers and do not travel in
peak times. If you buy your ticket on the day of travelling it will be
significantly more money than if you book in advance.
65. If you
are on a long train or plane journey, buy your refreshments before you
board as drinks and snacks are always over priced once you are
travelling.
66. There are lots of websites which will send you
free samples or money off coupons so find the best one and keep checking
it for the samples you want to receive. Shampoo and body lotion samples
are great to take on weekends away!
COMMUNICATIONS
67. If
you don't use your landline phone often then change to a pay as you go
mobile phone, it is silly paying for line rental if you don't use it.
68.
If you don't use your internet broadband often then cancel it and make
use of free wireless internet in most restaurants, cafes and bars. You
simply take your laptop and connect to their wireless for free (although
it might cost you a cup of coffee!). You can go to your library and use
their computers for free and even have access to their printers and
photocopiers for a small cost.
69. If you are on a monthly mobile
phone contract, think about going pay as you go instead. You will have
much more control over what you spend, and you'll be surprised at how
many people will call you instead of you calling them!
70. Send an
email instead of phoning or texting people. Most customer services
departments will answer emails now if you have a problem with a service
such as your utility bill which means you won't have to ring their
premium rate customer services phone number. You can also send your
family and friends emails instead of calling them and even send birthday
cards by email to save on postage.
71. There are lots of websites
which let you send text messages to mobile phones for free so you won't
use up your credit texting while you can get online and use a messenger
service such as MSN Live to talk to your family and friends over the
internet for free.
72. Get a Freeview digital box and cancel your
SKY or cable TV package. Freeview has lots of free channels and you can
now watch the majority of TV programmes on the internet, so you won't be
missing out on your favourite shows.
AROUND THE HOUSE
73.
If you have a spare room, advertise for a lodger. There are lots of
people who just want a room during the week while they are at work, so
you would still get your privacy at weekends. If you live on your own a
lodger can provide you with great company and will help pay towards your
bills.
74. Don't be wasteful with products such as toothpaste,
body lotion or foundation. When you can't get anymore out of the tube,
cut it open and you will be able to use the bits you couldn't get to.
75. Re-use old ice-cream tubs or take away packaging, you can use them for freezing food or taking your packed lunch into work.
76.
If you have a pet, don't go out buying expensive bedding from the pet
shop, recycle the waste paper from your office or buy your own shredding
machine at home and shred up your old newspapers.
77. Only fill
the kettle with the amount of water you need, filling it up full wastes
energy and takes longer to boil so you'll have to wait longer for your
drink!
78. When you use your washing machine, make sure it's full
every time, if you just have a few items to wash then hand wash them in
the sink.
79. Instead of drying your clothes in the tumble dryer,
hang them outside or in rainy weather hang them over a clotheshorse.
This will also keep your clothes nicer for longer as tumble dryers tend
to shrink your clothes!
80. Learn how to make your own cleaning
products which are as effective as the products you buy in the shop and
you can often use the ingredients you already have in your kitchen
cupboards.
81. Grow your own fruit and vegetables in your garden
or rent an allotment, especially if you give the vegetables to your
pets. Seeds cost virtually nothing compared to the actual products
themselves.
MOTORING
82. Downsizing your car could save you
100s of pounds each year in both fuel and road tax so if you are just
making journeys to and from work you should seriously consider getting a
smaller, more efficient car.
83. Don't renew your car insurance
without shopping around first. Use a price comparison site and you could
save £100s every year by changing to a cheaper provider.
For a price comparison service go to CompareTheMarket.com.
84.
If you travel to work on your own, try and start a car pool with
colleagues who live in your area, not only will this save in petrol
costs, it will also keep your car miles low.
85. Don't jump in your car for all journeys, if you can, walk or cycle and you will save money and get fitter.
86.
Start a school run with other parents in your area if you drive your
children to school or consider walking them there instead if it is in a
walking distance.
87. Don't drive too fast, the RAC claim most car
engines run far more efficiently at 60-70 miles an hour, compared to 80
mph or over.
88. Check your tyre pressure regularly; if your tyres are under inflated by 20% then you'll use 10% more fuel.
89. Don't pay to get your car cleaned as it is a waste of money, set aside 30 minutes each week to wash it yourself.
MISC
90.
Instead of buying a daily paper, read the news online. Most newspapers
have regularly updated websites which have all the news stories for free
which could save you approximately 15 pounds per month.
91. If
you smoke, try to stop or cut down. The NHS has lots of free services to
help you do this and it will save you £100s each year.
92.
Monitor how much alcohol you drink. If you are having a few glasses
everyday, try to cut back and only have it for special occasions.
93.
Don't spend money you don't have on gambling sites, especially ones
online. It is easy to lose track on how much money you are spending and
more often than not, you will lose this money. Try premium bonds instead
if you want to try your luck as this way you will not lose your money.
94.
It may be cheaper for you to pay for your prescriptions in advance with
a pre-payment certificate if you pay for more than five prescription
items in four months or 14 items in 12 months.
95. Buy generic
medicines when you can, a 16 pack of Anadin costs approximately 2.99
pounds however a Sainsbury branded pack will only cost approximately
33p.
96. Cut and colour your own hair, or get your friends to help
you. There are lots of great DIY colour kits out there to give you a
new look for under 5 pounds and a pair of clippers won't set you back
much. Be careful though!
97. Pretend it's your birthday on a night out and you might get a free birthday cake or glass of Champaign.
98.
Don't lose all of your loose pennies, save them up in a jar and at the
end of the year you will be surprised at how much money you have
collected.
99. Make saving money fun! Saving money doesn't have to
make you miserable! You can still see your friends, buy yourself treats
and go on holiday; you just have the added advantage of feeling proud
of your finances instead of hiding away from them!
