Times are incredibly hard for the hard-working people of the UK these days. It seems that a constant barrage of bad economic news is forcing many to fore-go the luxuries of life in order to make ends meet. Rising unemployment, stagnant wages and steeply rising costs of living are squeezing incomes, and drastic action is often necessary to keep the wolf from the door. These 5 simple, practical tips could leave you with more money in your pocket at the end of every month, and you may be able to book that summer holiday after all!
1. Reduce Your Weekly Grocery Bill
Sounds simple, doesn’t it? Yet far too many of us are creatures of habit. We make purchases based on what we’re used to, rather than what makes sense. We are too tempted by impulse purchases – exactly the way supermarkets like us to be! Plan your weekly menu in advance, and buy your groceries accordingly. Don’t deviate from your shopping list, and make sure you eat before you go shopping – just in case you’re tempted to buy that deluxe box of biscuits that has pride of place at the supermarket entrance. Allow a little austerity into your life, and you’ll be surprised just how much you can save.
2. Reduce Your Monthly Rent or Mortgage Payments
If you rent your property, could you manage with one less bedroom? Do you really need your second bathroom? Downsizing may be a culture shock, but the savings you could make will ease your distress. If you have a mortgage, make sure you are constantly shopping around for the best deal. Most mortgages impose penalties for early repayment, but that figure goes down after time. Saving only 0.5% on your rate could mean thousands over the course of a year.
There has been a great deal of controversy in the press recently about how much electricity and gas are costing us. However, shopping around continually for the best tariff could save you hundreds of pounds every year. There are government grants available for energy-saving initiatives such as energy-efficient boilers and roof insulation. Book a visit to your local Citizen’s Advice Bureau, and they will point you in the direction of energy-saving opportunities.
4. Embrace Price Comparison Websites
It seems that there is a price comparison website for just about everything these days. Essential purchases such as insurance, groceries and energy can take up a significant amount of your monthly income, but saving a few pounds here and there can soon add up.
5. Reduce Your Debts with Help from Experts
The economic difficulties being experienced in the UK have led to a significant rise in the number of people facing major debt problems. The prevalence of payday loan providers and other short-term credit options has left people paying more in interest charges than on their home. However, seeking advice and guidance from a debt help agency will often leave you with lower monthly repayments and frozen interest charges.
Life is short, and it is there to be enjoyed. However, that is extremely hard to do if you’re constantly worried about paying your essential bills. Making these 5 changes may result in small savings, but combining them all into an austere programme of money management could transform your life.
1st Point Debt Solutions offers debt management solutions to help you resolve your debt problems. If you require help on your payday loan debt, please visit – http://www.1stpointdebtsolutions.co.uk