Ways To Save On Just About Everything
Budgeting was a boring word until the stock market plunged. My investments plummeted and my retirement fund lost so much money I was scared to look at the statements. I have now started to budget and save where ever I can and I would like to pass on some tips on how I made savings in all aspects of my life.
Firstly let's identify the word savings. Savings can be money that you put aside for a rainy day to pay for luxury purchase. The term saving is interpreted differently to the word savings. Savings are related to an increase in a person's net worth as in an increase in investments or bank deposits.
Saving is the term used when you have not spent the money on consumer related goods or services. So by not spending you are saving.
So now we know the difference we can begin to save and make savings a way of life.
The first saving I made was to look at outstanding debts and the interest that accumulated monthly. I then bundled all those debts into a single personal loan. This then allowed me to pay once a month at a lower overall interest rate and a lower repayment rate. This was a major saving.
Secondly I kept my credit cards under control. After consolidating my debts I kept one credit card for those unforeseen expenses. I chose a credit card that had the lowest interest rate and fees. I reduced the credit limit to what I knew I could afford. This turned out to be a chore as the banks are happy to give you credit but do not like to reduce credit.
I also cancelled a couple of store charge cards which I found to charge a huge interest rate. I now lay-by any purchases if I cannot afford to buy them at the time. You then do not pay any interest and the purchases are more exciting when you finally get them home.
This kind of purchasing also makes you think before you buy. As I am a bit of a compulsive shopper with the store cards and the cards made buying things I really didn't want too easy. So that was a good saving.
Next I looked at my utilities costs. Electricity, gas, telephone, Pay TV and water. Some companies offer discounts for combining your accounts So I spent a day or two on the phone haggling to get the best deal. There is a lot of competition out there and there are deals to be made.
So check with other companies enquire as to the best packages but ask for the information to be sent to you and cooling off periods on decisions. Don't be pressured into a contract. Remember at all times you are the consumer. Know your rights and report any unsavoury company practices.
Lastly I came to household needs. I checked the price of groceries and compared items on sale. Read the labels at the supermarkets and bought the cheapest when ever possible. I took my shopping list with me and stuck to it. I found by going to my local smaller supermarket I actually saved more than buying at the major shops.
As I could walk there I saved on petrol and got exercise at the same time. Expensive items or everyday items like shampoo, soap, toilet paper and washing powder I bought in bulk when they were on special. These type of items have a long shelf life so you can stock up on them. I also support my local shops as I found most carry local produce and I feel I am doing my bit for the local economy.
Once again I save on petrol and car maintenance costs by walking.
So you can increase your savings and you can make a saving. At the same time improving your health, which is a saving, and boosting the local economy. Your saving can benefit not only yourself and family but everyone benefits little by little.
Firstly let's identify the word savings. Savings can be money that you put aside for a rainy day to pay for luxury purchase. The term saving is interpreted differently to the word savings. Savings are related to an increase in a person's net worth as in an increase in investments or bank deposits.
Saving is the term used when you have not spent the money on consumer related goods or services. So by not spending you are saving.
So now we know the difference we can begin to save and make savings a way of life.
The first saving I made was to look at outstanding debts and the interest that accumulated monthly. I then bundled all those debts into a single personal loan. This then allowed me to pay once a month at a lower overall interest rate and a lower repayment rate. This was a major saving.
Secondly I kept my credit cards under control. After consolidating my debts I kept one credit card for those unforeseen expenses. I chose a credit card that had the lowest interest rate and fees. I reduced the credit limit to what I knew I could afford. This turned out to be a chore as the banks are happy to give you credit but do not like to reduce credit.
I also cancelled a couple of store charge cards which I found to charge a huge interest rate. I now lay-by any purchases if I cannot afford to buy them at the time. You then do not pay any interest and the purchases are more exciting when you finally get them home.
This kind of purchasing also makes you think before you buy. As I am a bit of a compulsive shopper with the store cards and the cards made buying things I really didn't want too easy. So that was a good saving.
Next I looked at my utilities costs. Electricity, gas, telephone, Pay TV and water. Some companies offer discounts for combining your accounts So I spent a day or two on the phone haggling to get the best deal. There is a lot of competition out there and there are deals to be made.
So check with other companies enquire as to the best packages but ask for the information to be sent to you and cooling off periods on decisions. Don't be pressured into a contract. Remember at all times you are the consumer. Know your rights and report any unsavoury company practices.
Lastly I came to household needs. I checked the price of groceries and compared items on sale. Read the labels at the supermarkets and bought the cheapest when ever possible. I took my shopping list with me and stuck to it. I found by going to my local smaller supermarket I actually saved more than buying at the major shops.
As I could walk there I saved on petrol and got exercise at the same time. Expensive items or everyday items like shampoo, soap, toilet paper and washing powder I bought in bulk when they were on special. These type of items have a long shelf life so you can stock up on them. I also support my local shops as I found most carry local produce and I feel I am doing my bit for the local economy.
Once again I save on petrol and car maintenance costs by walking.
So you can increase your savings and you can make a saving. At the same time improving your health, which is a saving, and boosting the local economy. Your saving can benefit not only yourself and family but everyone benefits little by little.