It is nothing new that we, as a nation, don’t have “enough” money.
We say that we are saving for a holiday, but are we still wasting money at the chippie again because it’s easier than cooking? Examining where you go wrong financially makes life that bit easier down the road.
If you are looking down the barrel of a number ending in “zero” or are worrying about the future, read on.
Are you actually saving all you can? Because when it comes to saving, we don’t want to budge on our little pleasures in life. The devil is in the detail when it comes to saving money, a little pinch here, or a dash there, and then it adds up. Here are some things to look at if you are really serious about making a saving.
Shopping Brands
We don’t want to ditch our brands at all, because it reinforces that we eat quality foodstuffs. But what if we don’t care about the taste? A main reason we like our brands is simply because of the psychology in the marketing we are given.
So if we were to go for a brand that is cheaper but doesn’t look appealing, we may not be excited by the product. So give a cheaper brand a go, and save approximately two thirds off your normal branded shop.
If you have a partner or children who are stubborn enough to not switch, give them a blind taste test. Either that, or just swap the labels!
The Benefits Of Age
While the term benefit appears to be universally reserved for those that are jobless, if you have a look online, you can see what you are entitled to in relation to your age. With less people retiring at the right age, signs are pointing to a lack of finances.
In older people, up to £3.5 billion of pension credit and housing benefit goes unclaimed. So, have a look and see what you can claim. The other benefit of age is the concessions you are entitled to, whether it is transport or a discount, investigate to see what is there for you.
Money Saving Websites
Very popular at the moment with consumers, sites like moneysavingexpert.com compile all of the current ways to save on your shopping, and show the best deals out there. Other advice for consumers can be found on websites such as the CFA.
Phone Contract
This is one that can be tricky, especially if you have entered into a new contract. Looking at your contract, are you using your available credit based on what you pay for? Reducing your tariff can save you over a hundred pound a year if you have a fancy smartphone. Contact your supplier and get them to do you a deal, they never want to lose a customer.
Recycle Old Items
Selling your DVD’s, CD’s, mobile phones and clothes online through websites like ebay and mazumamobile.com that will pay for your items is a quick way to recoup finances.
Open An Independent Savings Account (ISA)
Opening an ISA with a good APR is a good way to keep money secure, so you aren’t tempted to dip into it on occasion. Putting it in a cash ISA (as opposed to a share or stocks ISA) is a safe way to save money. And getting a fixed rate account may come with interest penalties if you try to access the money, giving you that incentive to keep it in the vaults!
Building Emergency Savings
This is a slow burner. Building up emergency savings over time in an ISA or a building society is not the quickest way to get saving if you are getting on, but starting early will give you the buffer when you need it the most.
Loans
While this is not a way to save, if you are in a tight spot financially, it is an option available to you. If you have never taken out a loan before, and there are those select few, you need to make sure you credit score is good.
You can check your credit score for free with My Credit Monitor to make sure you are okay to get a loan, because even being declined can affect your score.
Saving money is not the easiest thing to achieve. With additional costs and outgoings, we can feel pressured to save up for the future. Starting as soon as you can will prove to be the blessing you banked on when the time comes to dip into it.
