Change your travel arrangements to help ease Debt
When the purse strings are a little tighter, we can often continue with our normal travel routine and expect things to help themselves. However, this is somewhat unrealistic and can often push you further into debt.
Travel costs are on the rise, so consider your options before going to work or even taking a trip down to the shops. A few things you should ask yourself when considering your transport options are:
Trains are a great way to save money on long journies if booked in advance.
1. Are you always taking the cheapest alternative? Many times walking or taking a bus may be more cost effective than a car, and will be suited to those struggling with shrinking bank balance. Perhaps invest in a bicycle for local trips or your journey to work.
2. Can you make your journies more efficient? - If you are able to share car journies with others you can save a good deal on your petrol costs. Why not consider a car share system for work ? Pick up your colleagues who need a ride into work and allow them to contribute towards the petrol bill to help cover the costs of running the car.
3. Could you work nearer to home? - We would all love to spend more time at home whenever possible, so consider your housing or work location in more detail next time you are thinking of a change. A workplace which is a few miles closer to home could save tens or even hundreds of pounds on petrol costs over a year, so factor this into your work or living area.
4. Are you getting the most out of your transport? - Some types of public transport, such as bus, train or tram routes offer discounts for advance booking or season ticket passes. These offers will save you anywhere up to 50% off a journey (especially for advance bookings), so consider these options when looking to travel. Companies reward individuals who book a long time in adavance by offering saving - so take advantage of these where you can!
Although we often need to travel on a regular basis to get to work, there are still numerous way we can save money while doing so. Planning ahead is key to saving money on your travel costs, so have a look for alternatives to your current travel methods- you might be surprised how much you could save.
7 Quick Debt Busting Ideas
7 quick tips to help save you a few pennies
If your finding yourself up against a mountain of debt, there are numerous ways in which to change your spending habits and get back on the right path to financial security. Outlined below are 7 quick debt busting ideas that you can implement today to help tackle your debt:
1. Shop around online for good deals on any potential purchases you make - Although excessive spending is not great for reducing for your, there are some situations when large pruchases must be made. An hour or two crawling the net for the cheapest deals can save you tens or even hundreds of pounds. This is especially true for electronical and hardware purchases - so don’t buy in high street stores unless you cannot avoid it.
2. Consider going on a cash only allowance - Allow yourself a set budget of say £35 a week to spend and leave your credit cards at home. This prevents you going for the impulse purchase that you don’t neccesarily need. You will also be taught to think alot more carefully about where you spend your money.
3. Make your own lunches for work - Saving money by making your own lunches can add up to a great deal over the course of a year. If you imagine £3 per day that equates to:
£3 x 5 days = £15 a week
£15 x 52 weeks in a year = £780 a year!
If you make your own lunches, you could save upwards of around £390 a year - nothing to be sniffed at.
4. Ask your boss for more hours at work - If you work in a job that is paid hourly, why not add a few hours to your working week. An added 5 hours a week work could add over £1,000 an year to your income, which could help pay off some of your debt repayments.
5. Rent out a spare room - If you have a spare room or even a loft, which could be converted, you should consider renting it out to earn a little extra money on the side. In the UK, this is easier than ever, with the government’s ‘Rent a Room’ scheme, you can collect up to £4,250 tax free from becoming your own landlord.
6. Ask your credit card companies for a better interest rate - Often credit card companies are so eager to keep your business that, when pushed, will sometimes lower your APR. You can achieve this by ringing and saying that you are considering cancelling your credit card and would stay if you were offered a lesser rate.
7. Start earning cash back on your old items - Think about renting out some of your electrical equipment or machinery on Zilok, the peer to peer sharing site. Alternatively, why not list some of your items on Gumtree or eBay to earn a few extra pounds (Gumtree is still free to use for most categories).
It’s true that every little helps, which is why following a few of these ideas can be used to bust that debt!
