Nowadays, the idea of being in debt is introduced at a young age, with the vast majority on teenagers having store cards and taking out loans to afford to go to university. With debt at an all-time high and savings interest rates at an all-time low it is no wonder that for many, living in debt has become a normality.
With so many people living in debt one way or the other, unexpected bills or big events like birthdays, holidays and Christmas can put added stress and worry when it comes to money and where that money will come from, but with careful planning and some small changes you too can see the light at the end of the money tunnel.
Money saving experts My Voucher Codes have put together a handy money saving video that is guaranteed to save you £££s and help you to become less reliant on credit.
Take a look at your bills and outgoings
One of the first places to start saving money is to look at all of your outgoings to see where you can make savings. It may be a case of consolidating your debts onto one credit card or switching to a lower interest rate.
Many people stay with the same provider for home and car insurance, electricity and gas, and internet but shopping around can really save you a lot of money each month. New customers usually get great deals and using sites such as www.moneysupermarket.com, www.gocompare.com or www.comparethemarket.com can help you find the best quotes when switching.
Mobile phone and TV contracts can also be a big expenditure each month, with many people ending up paying a premium for packages, data and calls that they never use.Thisis why it is important to look at whether you are actually using everything you’re paying for and if not looking at lowering your contract to better suit your needs.
Saving money when food shopping
Supermarkets are clever at tempting people to spend money on products they don’t need such as buy one get one free offers and weekly deals, but don’t be taken in by the clever advertising and stick to only what you need:
- Plan your meals in advance, including lunches and any special dietary requirements
- Use your meal plan to write a shopping list and stick to it
- Swapping from premiums brands to a less expensive brand can save you lots of money
- Try not to go shopping when hungry, this can lead to you buying more or buying items that you do not really need
In the Home
A simple way of saving money in the home is to make sure that your home is insulated properly; this will help to save money on your heating bills. You may also be interested in fitting a smart meter in your home, these are being fitted for free by the majority of energy suppliers and can help you see how much energy you are using and how to save on your bills.
The Energy Saving Trust also offers advice on how to save energy in your home, tips on renewable energy and how to make your home more efficient. It may seem silly, but making sure you don’t leave electronic devices, plugs and lights on when you are not using will help to save money on your energy bills, as does turning down the thermostat a couple of degrees.
Making extra money
Colleting any loose or spare change in a jar will soon add up, which can be cashed in whenever needed. Selling any unused or unwanted items can make you some much needed cash, this can either be done online, at a car boot sale or by placing an advert in the local press.
Hobbies and skills can also make you extra cash; by charging a small fee for DIY help, fixing clothes for friends or for helping cleaning a house or car you actually get paid for your time. Also look at websites that help you advertise your skills to people looking for help.
Cut down on luxury items
Cutting back on takeaways, going out on a night out and buying lunches will save you a lot of money, also when you do decide to buy them they will become more of a treat.
Look at items such as gym memberships or subscription boxes and ask yourself if you really need them and whether you can get these items for cheaper elsewhere.
Gift vouchers are a great present
Need to find a gift for a loved one but are running out of time, then why not choose a gift voucher. Gift vouchers make a great gift and because most retailers now offer them, so you can choose the perfect one to suit anyone; they also come in a range of denominations so you only need to spend as much as you are comfortable with.
Gift vouchers are available online or in store and can be personalised with a card; they can even be sent straight to the recipient for ease. These vouchers allow the recipient to buy whatever they want from a wide range of retailers, so it takes the guess work out of what they would like, what size they are and if they already have a similar piece or not.