Tuesday 11 June 2013

7 Everyday Money-Saving Tips

Everyone can make small changes that can significantly brighten everyday finances, such as being wise to supermarket bargains, using vouchers for discounted products, and it’s even possible to save money on car insurance prices and household bills. Here are 7 everyday money-saving tips that are great to use:

7 Everyday Money-Saving Tips

1. Don’t Buy Big Name Brands

Research studies report that roughly two thirds of all food shoppers believe supermarkets’ own brand products are just as good quality as those produced by the massive, international corporations, yet it’s also been found that demand for own brand items is falling dramatically. Why, if the products are equal in nature, are sales plummeting? Of course, it feels good to be seen purchasing an expensive product rather than a cheap alternative, but who cares? There are some great savings to be had by downshifting from big labels to own brands, so give it a go and see how much you can save off your weekly shopping bill.

2. Reduce Transportation Costs

Despite many moves by the Government to get people making use of public transport for commuting purposes, shockingly it’s still often less expensive to travel by car, especially if car sharing or commuting a fair distance. However, cars aren’t cheap to run, so it’s worthwhile looking for ways to reduce motor-related costs. If you’ve got no claims, get quotes from a selection of different companies and see if switching provider could be beneficial. Insurers may increase your premium after a year, assuming drivers will simply auto-renew for convenience. Always shop around for insurance, it’s the best way to save money.

3. Use Vouchers

Couponing is big business in the States, but is far less commonplace over in the UK. However, there are a large number of discount vouchers available if you know where to look. Signing up for product newsletters online is a great way to get some in-store vouchers, and when shopping online, do a quick search for special codes before committing to a purchase. Also consider joining store loyalty programmes which give regular coupons for frequently purchased items, or have a price guarantee scheme that reimburses shoppers for the cost difference of items that could have been purchased for cheaper elsewhere.

4. Every Penny Counts

Have you ever found a penny in the street, or down the side of the sofa, and just ignored it, or even thrown it in the bin? Why? A penny may only be a penny on its own, but it’s still a contribution to a savings account. A good way to save a little extra cash is by keeping a jar filled with change, anything less than 50 pence. When the jar is full, bag it up and take it to the bank. You’ll be surprised how much extra money you can gain by collecting these seemingly worthless coins. You could also consider a vice jar, adding cash instead of buying unnecessary items such as a chocolate bar or celebrity gossip magazine. The money saved from incidentals can really add up.

5. Slash Household Bills

Take a good, hard look at what you do and don’t use in your house. If you’ve got an extended channel package, you may be paying for channels that you don’t watch, such as kids’ channels, movie channels, and sports. Call your provider to cancel anything you don’t need. Also take a look at changing some existing providers, taking advantage of special offers for new customers. Finally, if you live alone, with a partner, or have just a small family, make sure you install a water meter. Without a meter, it’s assumed the water used is for a family of four, so there could be significant savings to be made when metered, just give your provider a call.

6. Don’t be in Unnecessary Debt

If you CAN pay off your monthly credit card statement in full each month, then you SHOULD pay off your monthly credit card statement in full each month, it’s as simple as that. In fact, it’s better to pay off outstanding debts with savings than it is to keep owing money. It may be nice to only have to pay the minimum amount required, leaving cash for little treats, but by paying interest, you’re really just throwing money down the drain. Pay off debts first, then start saving.

7. Buy Now, Pay Later

For some large item purchases, and frequently when making holiday bookings, customers have the option of paying just a deposit, and handing over the rest at a later date. If the arrangement is interest-free, then it makes sense to do it. Even if you have the money available, put it away in a high interest savings account, where it’s earning you money, and not the retailer.


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