If you’re looking for ways to save money during these tough economic times, follow these useful tips:
1. Set financial goals. The number one way to save money,is to plan to save. Clearly outline your financial goals and set milestones to help you in managing your progress.
2. Keep a budget. Outlining a budget will help you to manage your funds and spending habits. Even if you only maintain it for a week, you’ll be able to see where all of your money is going and have a much clearer understanding of what you can do differently.
3. Use the envelope system. If you’re not familiar with this system, you should definitely educate yourself now. Purchase a box of envelopes and label each one according to your expenses for the month. Allocate the necessary funds for each envelope, and spend only what you’ve allocated. Doing this will encourage saving and help you to avoid overspending.
4. Reduce your credit card debt. Save hundreds when you transfer a card with a high interest rate to one with a lesser interest rate. In some cases, you can even take advantage of a 0% transfer with a new card and save even more.
5. Pay a little extra on your mortgage. Though a bit of a stretch given the state of our economy, but paying as little as £50 a month on a 30 year mortgage, can help you to pay off your mortgage loan earlier than projected.
6. Clip coupons. Set aside an hour less each week to clip coupons online or from the newspaper. Doing this can help you to save a ton of money.
7. Buy in bulk. When at all possible, buy grocery items in bulk. Often time, the price per item is more reasonable and of course, it lasts longer.
8. Sign up for customer rewards programs. Many retailers offer coupons and free incentives for customers. Signing up for these programs definitely has it perks and more often than not will result in free or reduced products or services.
9. Read the community calendar in your town. Often, your local paper is filled with free, upcoming events. Get out, have a good time and explore what your city has to offer without spending a dime.
10. DIY Taxes. With tax season approaching, consider doing them yourself and avoid the exorbitant fees you typically pay to have them prepared. There are a number of free or reduced tax services online that will walk you through each step.