More than ever this New Year people seem to be anxious about their jobs and financial situation. I know that we have seen many downturns in the past but I suppose it is just because of that why the current global economic situation is so frightening. Most of us have read about, or experienced, job cuts, economic recession, loss of homes, the collapse of the banking system and more. With this in mind many people are starting the New Year off by trying to economise and get a little money put aside,so what are the best ways to save cash.
Work out your basic budget. Many of us only have a rough idea of our outgoings and this can lead to problems. Set a budget that takes account of all the essentials, such as taxes and energy bills and also includes the extras such as, clothing, toiletries, travel costs and dental bills, which may only be an occasional expense but may be very necessary.
Make sure that you know exactly what your grocery shopping costs you each week and that you are getting the best deals around. Often we stick to the tried and tested shops without realising that their prices have increased and they no longer offer good value. You may even find that you need to use a few different shops for different goods in order to bag the best bargains.
Many own brand supermarket goods are just the same and as good as brands that are much pricier. Often the only negative difference is the labelling. Do not be a sucker for well known brands but be a smart shopper and try other brands. Just buy one item until you know that you and your family like the product or else you could end up with a cupboard full of unwanted items.
Not too much.
Do not try to keep a full store cupboard unless you know that you will use everything in time. If goods end up out of date and inedible it is just as waste of money. Only buy special offers such as BOGOFF, buy one get one free, if you know they have a long expiry date and will not waste, and that it is a product that you would buy anyway.
Make do and mend.
Check out secondhand shops for nearly new goods or materials that you can utilise. Do not be quite so ready to throw something away instead see if it can be repaired or restored.
If you have loads items such as of books that will not be read again sell them on. There are many sites on-line where you sell such items or try locally.
How about leaving the car at home occasionally and walking more often? This will benefit your health and weight as well as your bank balance
Compare and swap?
Are you paying over the odds for products such as health and life insurance, home-owner’s insurance, energy bills, broadband services and credit card providers. Check out the best deals and swap if appropriate. It is possible to not only save money when you swap but receive a special offer deal to entice you to do so.
Make sure that you also use comparison sites in order to get the best offer for purchases such as televisions and washing machines.
Cash back sites.
If you shop on-line remember to use a reputable cash back site. Many of these will give you cash back which is up to 10% of the value of your goods. This can be left to accumulate and then put into a bank account or used towards something such as Christmas.
Look at ways that you can economise and save money such as:-
Stopping smoking or at least cutting down.
Do not buy sweets, chocolates, cakes and biscuits. Well maybe buy occasionally.
Turn the central heating thermostat down a notch.
Turn of unnecessary lights, such as in unoccupied rooms.
Install energy saving light bulbs around your home.
Use the economy programme on your dishwasher and automatic washing machine. Also set the temperature a little lower.
Dry washing outdoors whenever possible and avoid using your tumble drier.
Take a shower instead of a bath.
If you have any savings, or are starting to save, shop around for the most competitive bank rates around. After all you work hard for your money, and hard at ways to save some cash, it makes sense for your money to work hard for you. If you are lucky enough to have a large amount of cash to invest spread it around a few different banks so that if the worse should happen, and a bank collapses, you will not lose everything. In England I think it is up to 35,000 in each bank that is safeguarded.
Once you start thinking about saving money you will be surprised at just how much you can save once you have a grip on your finances. Make sure that the whole household is on board though as it is no good you scrimping and saving, only for someone else to blow a huge amount of cash on a nonsense item.