29.1.20

New Year, New Ways To Save


When the New Year hits, and you finally see how much money you have left in your bank after the Christmas period has taken it's toll, we always say that we'll try to save better, to spend better, and look after our money. But not many of us actually do. 

We all know that January seems to last for around 4 years, and can be so hard to get to the end of without losing your cool. Sometimes, those extra bills can creep up on us, or we may just want to treat the family, and sometimes the budget just isn't there to be able to do these things. But there are a few things you can do to help you lessen the load.

Save Those Pennies
I think people assume that you need to be putting notes away every time you save money to really make a difference, but you don't. Think of those loose coins that are in your purse at the end of the day. Put them into a tin, and try not to dip into it. Whatever you put away will eventually add up to a bigger amount as long as you keep saving.

Budgeting
A spreadsheet of your monthly in-goings and out-goings is an excellent way to start. Not only will this show you how much you actually have coming in each month, but it will be much easier to see where those hidden expenses are that are taking money from your pot each month. It's a case of looking at what you actually use, and where you can afford to cut back. 

At the same time, remember that cutting down your expenses and budgeting doesn't have to just mean getting rid of things. It can also involve changing your payments wherever you can too, switching gas and electric suppliers to someone cheaper, that could help you save a lot of cash, as it did for us.

Get Help
Sometimes borrowing money from family or friends isn't feasible, then it may be time to look at borrowing money. This may be in the form of a loan or credit agreement, but make sure you look into the terms first to find out if it's best for you. Look for a reputable company such as Polar Credit who instead offer a credit line that aims to bridge the gap to mainstream finance so responsible borrowers can progress to lower-cost credit and not pay the higher fees associated with products such as payday loans. This is also a great way to rebuilding a credit rating in the long term. Unlike a loan, interest is paid only on the amount of money drawn out of the credit line, not on the total credit limit agreed, and repayments can be tailored based on an individual's current financial circumstances with only a minimum repayment being a required each month. It can be so helpful for short term money shortfalls.

Out With The Old
There's no better time of year than New Year to have a clear out. Find the time to go through your cupboards and wardrobe and get rid of all the items you no longer use or need. Why not trade in any of your old games, consoles, mobile phones, clothes etc. Try selling items on your local Facebook selling pages or even on your own profile as your friends of family might be interested in buying them. If you preferred you could use a site like eBay, Gumtree, Music Magpie instead as it means someone further afield might want them. 

7 comments:

  1. January is not a good month for many people, me included. I spent less at Christmas than I usually do but I am still focussing on every opportunity to spend even less and save even more this year. I particularly like your Out With the Old suggestion so will be having a look at what I have to sell.

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  2. Great tips thanks! January is a long long month!

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  3. Some great tips and glad my payday was 18th

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  4. Great helpful tips x

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  5. I really need to set up a spreadsheet of my incomings and outgoings as I'm already a little behind this month x

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  6. Always pays to be savvy - great tips

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  7. Good ideas to help us all to save!

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