There may be an economic crisis the world over right now, but that doesn’t tell the story of how it affects you individually. It is a fact that times might be tough for everyone but for some it is worse than others. Jobs can be harder to come by and those that still exist may have found their pay reduced substantially. On top of that, with fuel prices on the rise as well, there is less and less money going around. For those of you struggling to survive each month nowadays, your levels of debt may have got out of hand. No matter how much debt management you undertake, there never seems to be enough cash to go around. Well, whether you know it or not, there are some tips and tricks out there that can save you substantial sums of money in the short and long term. From things you need, such as your home to those you think you need like your car, there are pounds to be saved. Then, when you’ve consolidated your outgoings, taking control of your debt will become considerably easier. So how do you save and what tips are there for getting on top?
- Austerity Autos
For some, the car is often the last thing they want to get rid of when struggling with the bills. Despite the massive outgoings on it every month – tax, insurance and fuel: the big three – it still sits there in your garage or on your street being used for those trips to the supermarket or to take the kids to school. Well, there are some ways you can make that car less of a burden on your finances.
Of course, the first option is simply selling it. However, selling it will just result in the expenses coming from elsewhere, such as public transport. While a large cash sum might allow you to manage your debt levels, it’s only going to provide you with a short term fix. Instead, if the car is relatively new and in good condition, why not downsize? Selling the car and buying a cheaper one can put a thousand notes, or even more, into your pockets. Just be careful not to buy a car that costs more to run than the old one.
Instead of saving, though, how about making the car pay for itself? By putting adverts on the car, you can gain a nice sum every month to pay for the cars upkeep and all you have to put up with is a product emblazoned on the side of your vehicle. On top of this, just by being efficient in your usage and having the car serviced regularly, you can save a fortune in your fuel bill. Try cycling to work too and you could find it makes a huge difference to your debt management.
- A Healthy Home is a Healthy Wallet
You’d be surprised at how much money you spend unnecessarily around the home. From your utility bills being wasted on escaping heat to food rotting in the cupboards, there are 101 things you can do around the house to try and cut down on your monthly expenses and help reduce that debt level.
The first thing to consider is the electricity. Just spend 30 minutes one weekend going around your house and unplugging all the plugs for all your electric products (except the fridge, etc.). Then, when you need them, plug them in again. You’d be amazed to find out how many things are plugged in that you don’t need. When you’re worried about your debt management, you probably didn’t think about the DVD player which you hardly ever use eating a few pennies every day and this small amount multiplied across the house can make a big difference.
Next you need to examine your food shopping tactics. Don’t stock up on things you’re not going to eat. No matter how good that BOGOF offer was, if you don’t need it, don’t buy it! Another great way to cut costs is to cook in bulk and then freeze the unused amount. By cooking up a huge pot of chilli and then freezing most of it, you can make 3 or 4 meals for the cost of one. It also saves a small amount in gas as well as your time.
- Debt Management and Bills
One of the most important things you can do is go through all your bills and try to get better deals. While Sky may cost you £25 per month, switching to another supplier could save you a small amount while not removing any of your most watched channels. You may be able to get better deals on your electricity and gas bills just by talking to the company too.
If you’re paying a large monthly sum on your mortgage too, perhaps you can try to reduce that. Debt management has come a long way and you can reduce your monthly outgoings by managing each source of debt and simply by keeping track of everything.
There are many more ways to save money each week but most of them are pretty simple. Just shaving a few pennies off of your weekly bill can make a difference to your debt management, so think about it and put some time into getting it right.
Bob Emerald loves nothing more than to sip a beer bought with the money he’s saved that week. There are many ways to save even small amounts of cash but traditional debt management is just as important.