With the economic climate forecasted to continue to deteriorate for most of us, it is of utmost importance to keep our spending in check. Continue reading for our top five personal money saving tips.
- Meal planning
We are all guilty of going to the supermarket when we are hungry and wandering up and down every aisle (despite having absolutely no need for pet food!) and ending up spending a fortune with only enough food for three family meals. If you sit down at the weekend and plan meals for the following week, it can really impact positively on the amount you spend. Knowing exactly which ingredients you need and not straying from your shopping list will eventually become second nature and could save you hundreds of pounds over the year.
- Make do and mend
On the whole, we seem to have evolved into a throwaway society with broken and damaged garments often being thrown into the bin instead of being mended and re-worn. Not only does this help the environment by preventing the vast quantity of easily fixable clothes being sent to landfill, it will also help your bank balance too. If a hole can’t easily be stitched together without it being obvious, why not upcycle that garment and add a quirky patch? Be a trendsetter with a positive attitude to reusing rather than throwing things away.
- Mortgage renewal
If your mortgage is coming up for renewal, consider changing provider for a better rate. Try to ensure it is for a fixed term though to avoid falling foul to any sudden deterioration in the financial situation. Make sure you read the terms and conditions carefully to ensure you understand exactly what you are agreeing to. It might be worth seeking independent financial help and many firms offer an initial appointment free of charge.
Are you able to avoid taking your car to work or use public transport instead? Money-saving and better for the environment too! If this isn’t possible, could you lift share with someone else from your firm? Perhaps it is possible to consider swapping your car for one, which is more economically viable. Personal car leasing is an option to consider if you are keen to get a brand new car. If you travel by train on a regular basis, booking in advance can save you considerable amounts.
- Cut back on luxuries
Are you an impulse spender? If you saw the perfect new lamp or a waffle maker in a shop, would you buy instantly without giving your bank account a thought? A lot of us are and it’s time to re-evaluate the attitude we have towards our spending. Was the lamp essential? What about the waffle maker? The chances are that the answer to both of those questions is ‘no’ and you would not miss them in your life. Try taking only a small amount of cash out with you on a shopping trip to avoid making spur of the moment decisions.
Whatever reason you have for needing to tighten your belt, these tips ought to help you start to change your attitude towards money.Lastly, I'm starting to tell other women about a health newsletter that I've benefited immensely from and that I highly recommend. I think you might like it, too. If you want, you can sign up here. It's completely free!
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