Money Saving Ideas
If you've been reading our information on personal financial planning, then you may well have identified that you are simply spending too much money. Assuming that you're unable to easily increase your income, it makes sense to try and look at methods to reduce your spending.
Here are some simple money saving tips and ideas that could prove useful. Choose the ideas that could help you to make the savings that you require.
Reduce credit card bills
As we discuss elsewhere, credit card interest rates are often very high. As a result, borrowing money using credit cards is an expensive way of living. We offer various tips on how to reduce your credit card bills, including looking for balance transfer deals that could immediately reduce the amount of interest that you're paying.
Eating out can be great fun, but it can also be comparatively expensive. The same can be said for takeaway meals. The costs soon start to mount. Home cooking is much more cost-effective. If you don't think that you have the necessary skills, then now could be a great time to learn.
Walking is a great, cheap activity. Country walks are a good idea for those looking for a source of entertainment, but you can also make everyday savings by walking. For short distances, ditch the car and avoid the bus. You don't need to be paying bus fares, petrol prices and car parking fees - simply walk instead.
Daytime food and drink habits
us spend a surprising amount of money each day on food and drink. If we're at work then we may use vending machines to buy drinks during the day. Maybe we'll stop at a coffee shop on the way to work. We may then buy lunch from a sandwich shop, or similar outlet.
You may never have stopped to think about the costs, but they soon add up. There are so many opportunities to save money here!
Consider some alternative approaches. You might, for instance, think about making your own lunch and bringing it to work with you. It doesn't take long to prepare and you'll easily make big savings by doing this. If you don't believe us, simply calculate how much money you spend on lunch every working day of the year.
It's the same with coffee. Do you need an expensive cup of coffee? Could you make your own coffee at work, or even bring in a flask in the morning?
Many of us find it hard to avoid snacks. If you're unable to cut them out completely then you might consider buying them from a supermarket, where they're likely to be cheaper. Just make sure that this doesn't turn into a false economy - you don't want to end up eating more snacks simply because each one seems cheaper.
Sometimes you can't avoid using your car. It may be the case that you live quite some distance from work. In such situations, could you car share with another person, or group of people? Doing so could halve your travel costs.
The impact on personal finances
You may be reading the above money saving ideas and thinking that each one may save you a fairly limited amount of money each day. You'd be right to think that! But you need to consider how much you'd save each month, or over the course of a year. The savings soon start to add up.
The best thing is that each of these tips involves only a small sacrifice. These aren't massive lifestyle changes. But they will help you to save money. If you're able to implement a number of them then you'll be on the right road to reducing your personal (or family) expenditure and getting your finances in order.