How to save money during a recession
Jul 24th, 2008 | By admin | Category: financeThe credit crunch’s iron grip seems to be tightening so what better time to learn how to save money during a recession.
How to cut energy bills?
It pays to shop around the market is very competitive at the moment with energy bills going up. You can use Moneysupermarket.com a free, impartial online comparison site where you can compare gas and electricity suppliers. They can help you make massive savings on your energy bills (up to £325!!). They look at location, usage levels, price, service levels and payment method. It’s very easy to switch and you often get further reductions for setting up direct debit payments.
It’s amazing how much stuff you accumulate over the years. And you know what they say one mans rubbish is another mans treasure. So take a look in your cupboard and see what you can find then stick it on eBay and see if you can make some money.
Most of us spend a lot of money on food each week and we often buy stuff we don’t really need. By Making a shopping list you will cut out the temptation of buying useless stuff and will hopefully cut your spend.
Usually people are creatures of habit we normally do our weekly shop in the same place every week just because that’s what we are used to. However, you can use mySupermarket.co.uk to compare the prices of the most popular supermarkets and find out if you are buying for the cheapest prices.
It’s extremely important to know how much money you have and what you are spending it on. Try to go through your bank statement frequently and make mental notes of what you spend or better yet use the Personal Budget Spreadsheet attached to this article, download it and use it for evaluation purposes. Once you get a hold on your personal finances you should be able to control what you spend much more easily.
If you don’t go at least three times week to the gym cancel your membership. You can save a bucket load and use the proceeds to buy a treadmill or bike.
When you go and buy an electrical appliance, the sales assistant will often try to sell you an expensive extended warranty, but how many times in you experience have you used one and after all nowadays electrical appliances are much more reliable now than ever before. You can save a lot of money buy declining extended warranties.
If you can afford to make over payments on your mortgage by simply making an overpayment of a hundred pound per month you can save yourself thousands of pounds and take years of your term.
Clear all of the debts on your credit cards – by doing this you avoid hefty late payment fees and high interest rates. This saves you money and makes you debt free.
If you are going out for drinks after work this can put a hefty dent in your pocket by the end of the month cut it out and you can save yourself a bundle.
Yes, I know everyone tells you to do it and you keep meaning to. But by quitting smoking you can really save a lot of money.
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