We have all felt anxious about money. It is half way through the month and your salary has gone towards bills and you are not sure how you will get through to the end of the month. You are not alone, everyone is in the same boat. Trying to budget can seem difficult and daunting, but there are ways it can be done and you will save money in the long run. One of the ways to do this is to ask yourself “Is what I’m about to buy really necessary?”. There is a technique called ‘The Thirty Day Wait’ where you wait 30 days and the urge to buy that item may go. This is a handy tip when it comes to anything expensive. There are other ways where you can save money. We have compiled a list that might help;
1. Clear Credit Card
Decide on a minimum (More than the suggested payment from the bank) payment and stick to it. Store it away and consider a low cost loan as alternative for emergencies. You cannot pay off a credit card fully if you need to keep using it.
2. Cut the Cost of Fuel Bills
Consider switching to a cheaper energy supplier. Doing so may save you around £300 a year. Installing a programmable thermostat can be scheduled to turn off your heating and electricity when you are not at home, saving you around 20% of your energy bills.
3. Consider a Pay as You Go Mobile
As contract phones take an estimated £50 from you every month, switching to Pay as You Go means that you are in control of how much you spend. Top up when you need to and you will still have the luxury of a mobile phone.
4. Buy Own Brand Goods
There is a myth that own brand goods are not as high quality as big brands. That is incorrect. They are very similar, only with slightly different packaging and they are cheaper and sometimes better. You’ll find that buying the store brand will make your shopping bill a lot cheaper.
Save some money and instead of hiring someone to do repairs around the house, do it yourself. The internet can provide you with all the information you need and you’ll teach yourself a new skill. For around £100, you can be taught at your local college. You’ll save yourself money on the call out charges.
6. Learn to Say No
This is important, especially when it comes to children. Saying no to frivolous and expensive items will definitely save you money. Learning to say ‘No’ to yourself and deciding if what you is really important can prevent you from purchasing overly expensive items.
7. Make Own Gifts
Christmas can be an incredibly expensive period. Like DIY, teach yourself a new skill and make gifts for your loved ones. You will be surprised how much money you can save by knitting a nice jumper for your family.
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By Harry Price
Harry Prices is a keen musician as well as writer. He plays 4 different instuments and is in local rock band.