The cost of living is on the rise, and we are finding that we are spending too much money – and we are not really sure where this money is going or how we are racking up so many outgoings. Here, we will give you our top tips on how to save money and still ensure that you do not have to skimp out on the fun! That is right, we are here to help you with how to budget and stop overspending.
Here’s the thing, no one is in a position where they can just give their money away – but sometimes that is what feels like is happening! This is because we are unorganized when it comes to our finances, and by becoming organized you will find that you can actually increase the amount of money which you have left over to just spend on the fun things in life.
1. Transferring Your Credit Card Debt
So, if you are someone who is making larger interest payments on credit card debt then you will find that you can move this on to a 0% balance transfer credit card deal. These credit cards are great because they will not charge you any interest on transferred debts for a set period of time. This will give you the opportunity to just repay any kind of money that is owed.
It is important to mention that the interest will tend to jump right at the end of the promotional period so it is important that you keep organised. What we mean by this is that you pay off the balance in full before you reach this stage.
2. Reducing Your Tax Bill
You will also find that you can keep a much larger amount of your earnings by investigating the tax reliefs which you are entitled to.
You might be unsure as to what these reliefs are, but these reliefs can include marriage allowances and this is something which will ultimately save you a fair amount of money. However, there are not many people out there who are aware of these reliefs – so you really need to go away and do your research.
3. Keep Hold Of Those Loyalty Cards!
If you do not know about loyalty cards then now is your time to get to know all about loyalty cards. There are a lot of retailers and restaurants and also supermarkets which provide loyalty cards.
How do loyalty cards work? Well, they allow you to collect points each time that you make a purchase, and you will find that these points can be converted into discounts or other rewards.
4. Do Not Forget To Cancel Any Unnecessary Direct Debits
We are all guilty of forgetting to keep up to date with our finances, but it is important to remind yourself to regularly check up on your finances. You need to read your bank statement carefully because it can be really easy to just forget about those outgoing direct debits which you may have forgotten to alter or cancel. You will find that a speedy browse of your monthly statement will really help you to prevent those unnecessary payments which last for months or even for years.
You really need to push yourself to get into the habit of logging into your online bank account at least once a month just so that you can really keep on top of your finances. You will be able to push yourself to build up this habit and this will be something that you do not have to think about doing. It just becomes natural.
5. Search For A Better Cell Phone Deal
You will know that there are a whole host of cell phone providers and networks, so it can feel really overwhelming to have to navigate this and work out what the best deal for you is. Also, as humans we are creatures of habit. If we have been with a cell phone network for years then we are usually reluctant to search for other deals. We do not want to fix what is not broken.
However, there could be more deals waiting out there that provide the same or similar services for a cheaper rate. It will merely take you some minutes to just check your bills and you can make sure that your plan is suitable for you. What we mean by this is that you should check that you use your minutes, and your messages and also your data. If you find that these are much lower or much higher than what you need then you should go and alter your plan.
Ingrid Maldine is a business writer, editor and management consultant with extensive experience writing and consulting for both start-ups and long established companies. She has ten years management and leadership experience gained at BSkyB in London and Viva Travel Guides in Quito, Ecuador, giving her a depth of insight into innovation in international business. With an MBA from the University of Hull and many years of experience running her own business consultancy, Ingrid’s background allows her to connect with a diverse range of clients, including cutting edge technology and web-based start-ups but also multinationals in need of assistance. Ingrid has played a defining role in shaping organizational strategy for a wide range of different organizations, including for-profit, NGOs and charities. Ingrid has also served on the Board of Directors for the South American Explorers Club in Quito, Ecuador.
