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Sometimes we spend outrageous amounts of money simply because we are used to using a service or product and haven’t taken a small amount of time to stop, think and regroup our actions.
Sort out those hefty APR cards If you’re sitting on a large credit card balance it’s time you switched to a 0% interest card for a fixed period. Many cards will give an interest-free period for up to 2 years. But do shop around as some cards have bigger transfer fees than others, charges are typically around 2 – 3% but can be much more so do your homework.
Cut out the overdraft fees If your accounts in the red, try a current account that charges fair fees, some will give an interest-free overdraft for a period of time, as long as its kept under a certain amount i.e. 200, maybe this will give enough time to get back into the black.
Also note there is a difference between being paid bi-weekly or twice a month. When you are paid bi-weekly, you get a check every other week, on a Friday for example. Two months out of the year you will get an ‘extra’ check which means in those two months you are going to get three checks. If you plan it right, you can use that extra money towards savings or paying off debt. If you are paid twice a month, on the first and fifteenth for example, you will usually not be paid on the same day every month and you will always get two paychecks per month.
Save on your weekly shop Check out your weekly shopping needs, try looking for the special offers, 2 for 1, or buy one get one free, it sometimes feels like you are spending more money but you will save in the long run. You could also try supermarket own ranges rather than the brands, sometimes at much as 50% can be saved off one item. And don’t forget the money-saving voucher codes for reducing your bills online.
So, taking the same flexible attitudes let’s look at something we can do to stay current with the best deals and best prices.
Compare the utility companies It’s easy to compare your gas, electricity, phone, broadband, and TV on typical sites such as USwitch, or MoneySupermarket.com. Just paying by direct debit can reduce your bill, a typical saving on dual fuel for an average user can be 200 per year. Going for a combined phone, broadband and TV package could save you up to 50% or more.
Having a good handle on these three elements will help you when creating your budget. Successful budgets that work for people work best when the person is honest. Don’t set yourself up for failure by neglecting to add expenses. It will just cause you stress and problems later on.