Maybe you have decided to start saving some money for your retirement. Perhaps you have been dreaming of that once in a lifetime trip around the world but do not quite have the funds to make it happen yet. Maybe you were hit hard by the credit crunch and need to keep a closer eye on your expenses or maybe you just want a few pennies tucked away for a rainy day. Whatever your reasons for wanting to tighten the reins on your wallet; here are some tips to help save some serious cash.
Cut Back on Unnecessary Purchases
If you are already paying for an internet connection, information of all sorts is right at your fingertips. Do you really need to buy that glossy gossip magazine when at the click of a button; the same information can be accessed in mere seconds online?
Is that cup of coffee and expensive premade sandwich for lunch really necessary when you could take a flask and a homemade snack for a fraction of the price?
Do you really need to buy that movie on DVD whenit is already showing regularly on the movie channels of the TV package you already pay good money for?
Have you been thinking for a while that you would like to kick the twenty-a-day habit? If health concerns were not enough, perhaps adding up just how much of your monthly budget is drained by the purchase of cigarettes will be enough of an incentive to quit.
When you are serious about watching your spending; being aware of the things you are buying because you need them and the things you are buying because you simply want them is an important distinction to be able to make. Luxuries are great but they are named so for a reason.
Keep an Eye on Transportion Costs
New cars decrease in value at the fastest rate within their first couple of years. Opting to buy second hand often means that not only is the purchase price a great deal lower but additional costs like insurance will also be reduced.
For those who prefer public or other methods of transport when getting to and from work etc, Do you need to get a taxi when there is a direct bus link from the stop across the road? Do you need the bus when that bike is sitting in the shed gathering dust? Did you even need to buy a bike when where you are going is within an achievable walking distance?
Being aware of the options available and being realistic about what is the cheapest and best route can add up to a lot of extra money lying around in your account to be put to better use later.
Be Honest with your Food Shopping
Do you really need to buy that takeaway curry when buying the raw ingredients and cooking it yourself is not only healthier but far cheaper?
Deciding in advance what meals you are going to have and going to the store with a list of exactly what you need should stop you straying for those supposedly ‘great offers’.
Get back what is Rightfully Yours
Putting cash away for your future does not necessarily have to mean putting new money away. Why not claim back money that you are owed? Almost everyone has heard about the Payment Protection Insurance (PPI) scandal by now; various banks and lenders miss-sold insurance to millions of consumers using dodgy policies or – in the worst of the cases – without even telling them they were paying for it. If you think you were paying extra cash for injury and illness cover on your loan, mortgage or credit card, help is out there to get you your money back. PPI is one of many hidden charges that banks and other businesses try and lumber us with but thankfully in this case, they are in the wrong and you can claim it back.
Being savvy with your money is a lot easier than is often thought and best of all; it is the smallest of changes that can usually add up to the biggest of savings.