Let’s face it, in today’s economy we need all the help we can get – money-wise, that is. If you are in full-time work it seems that your money doesn’t stretch very far and with taxes rising over the next few years, it can feel like we are facing a bleak future. However it’s time to dig deep and start looking at the finer details that we can start changing. The classic saying ‘pennies make pounds’ is back with a vengeance.
For starters, buying your house will probably be the most expensive purchase you ever make, so ensure you are clued up and fully understand what you have signed for. Make sure you read all the small print of your mortgage contract and make sure you are aware of any charges that may be hidden. Even if this doesn’t save you thousands, it can prevent any worries.
Crunch your credit cards
Clearing your credit card at the end of the month can be tricky, so realistically do you need them? Yes, they are convenient, but the interest on the card can be high. By avoiding credit cards you can make huge savings every month which will rack up over the course of the year. All in all, avoiding using credit cards could save you hundreds of pounds each year and could also prevent you from developing the dreaded ‘shopaholic’ disease.
This could be with water, gas, electricity or your phone. Using a pay-as-you-go tariff instead of a fixed tariff or fixed bills could save you money each year as you get a better idea of what you are spending. This allows you to control the budget in the household, keeping you in control of what you spend on a weekly or monthly basis. On the other hand, pay as you go rates can be more expensive, so you whatever you are buying will generally be cheaper per unit if you pay some other way.
Make do and mend
Clothes are an essential in life. However, it is cheaper to make do and mend than to buy items brand new every time they tear. By repairing items of clothing yourself, you will save plenty of money each. This can also apply to furniture. By mending items yourself or buying DIY items, you can save even more money than were you to buy completely new items of furniture or pay to have them fixed.
So there are a few tips on saving money. Hopefully your penny jar will be filling up soon.
Mark Wallace is writing on behalf of www.pro-finance.co.uk.