Some Great Ways To Save Money Around The House
In our other blog posts we’ve covered some fantastic ways to save money to get yourself out of debt. In this post we’re going to be taking a look at even more ways to make your £’s go further. Let’s get right to it.
1. Use Liquid Dish Soap To Wash Laundry
You wouldn’t think it, but a cheap and effective way of washing your laundry may have escaped you. Simple liquid dish soap works well to wash laundry with, and it costs a fraction of what laundry detergent costs. It does just as good of a job in the washer.and it’s gentler on clothes! Expect to save a lot on your laundry from now on.
2. Plan Home Parties Instead Of Going Out On The Town
House parties can be a cheap way to entertain friends and family without paying full price for alcohol and food..!
Planning home parties can be a fantastic way to celebrate on the weekends. Weekends for the great majority of people in the UK are usually spent either resting up or enjoying their money. You can do yourself a huge favor by planning home parties.
Ideas include lunches and dinner, watching a movie together, enjoying coffee, trying out new beverages, spending time with pets, and more. You could even try planning a work out session on the weekends. Invite a few of your closest friends over and try out the latest workout routine. Helping each other stretch is one of the greatest benefits to having people join you for working out.
Get creative! How about a home organisation party? Nothing could make a home party better than showing your closest friends something new you’ve learned. Sharing your knowledge about something and exchanging what you’ve learned between each other is a great centre point for a party. If you think organisation alone would get boring and quickly over with, then make a list of five or more subjects to make everyone come share what they’ve learned in life.
If that doesn’t tickle your fancy, what about a slow cooker party? Each person brings their own items to cook with and create a wonderful meal that can be enjoyed throughout the week. Instead of spending the time waiting for your food to cook, you can enjoy being close with your best friends! Watch a movie together, do whatever you like, and a wonderful amount of food will be ready by the time the night is out. Your guests can take it home and plan their next weeks meals around it.
3. Consider Where You Do Your Grocery Shopping
Are you being a smart shopper? Are you getting the best bang for your shopping budget? Supermarket stores vary a lot in how much they charge. In an effort to save the most money, plan the following money saving effort.Think aldi over tesco and you could save a fortune.
First, make a list of each supermarket or local store in your area that you think might have a better deal than the one you currently shop at. Then make a second list of 30 of the items you buy most frequently. Now you’re ready to make one shopping trip to each of the new stores. It would be a great idea to have sectioned spaces next to each of the items on your list and fill in the prices each new store offers.
After adding up the total for how much it will cost to shop at each grocery store in total, you’ll be able to decide what store will give you the best deal. Don’t forget to factor in the cost of petrol money and wear/tear on your vehicle. Good luck to you in finding the store with the best overall cost savings!
4. Save Money On Rent With A Lodger
Lodgers are a great way to save money! Not only do lodgers pay their share of the rent, they can also look after the property while you’re away for pleasure or business. These days it’s very dangerous to be trusting of strangers. In order to find the perfect lodger for you, be diligent about screening your lodgers for criminal history, who they’re employed by, any debt they may have, and references. People can come with any number of negative things to bring to your home and it’s your job as the head of the household to avoid these bad people before they have a chance to become a lodger.
If they have a criminal record, just say no! If they have an insurmountable amount of debt to their name, just say no! If they don’t have a job, forget them entirely. These three rules of thumb should keep you safe and on your way to finding a suitable lodger. When times get rough for you financially, at least you’ll be able to rely on the lodger and the new money they bring to fulfill their end of the agreement.
Until next time folks - hopefully this has been helpful to you all!
Some Simple Debt Management Tips for Christmas
Remeber that Christmas is not all about the money or gifts - don't lose site of the real meaning of Christmas!
While it is exciting to watch as someone opens an expensive gift from you, the excitement dies quickly when the bill comes due. Christmas has gotten out of hand. There is no need to spend £100 on each person you buy presents. Instead of going into debt this year, try a few of these
tips.
1. Make your own presents. You do not need to be an artistic genius. Homemade gifts come from the heart and will be cherished much longer than anything you could buy. Set aside a couple of days and make sweets and cookies to give to friends.
2. Set limits on the amount everyone spends. Talk with your family and set a limit for the amount to be spent on each gift. Fifteen pounds is a reasonable amount for a gift.
3. Draw names from a hat. Instead of buying a gift for each and every person in yourfamily, have everyone draw a name from a hat and only buy for that person.
4. Impress upon your children that Christmas is not all about the presents, but about spending time with those you love.
5. When buying for your children, Santa only needs to buy one special gift for each child. A few small, inexpensive gifts can be added to the special one. Again, set your limit, and stick to it.
6. Plan ahead for next year. Start a Christmas savings account. Put £10 in the account
every week. By the time next year rolls around you will have the money you want to
spend and will not need to charge anything.
7. When using your credit cards for Christmas, only spend what you know you will
pay off in the next month. Do not get any new cards and charge them to the limit. If you
cannot pay it off in one month, it is too much.
It is hard to change everyone’s expectations, but it is time to start. Take the commercialism out of the holidays. Spend time together playing a few games, what you get out of an evening with family can never be replaced. If you instil this in your children while they are young when they are older they will keep themselves out of debt by knowing the Christmas is about giving vs. receiving. But, at the same time they will also know that they do not have to go broke in the process while trying to please others.
Making your money go further for Christmas
As Christmas is just around the corner i felt it was appropriate to share a couple of quick tips you can think about to get a little bit back into your bank accounts during a particularly expensive month. There are numerous quick debt busting tips to share that can help you reclaim some money back or reduce your outgoings.
Making use of 3-2 offers, store discounts and promotional items
During the festive season, there are numerous companies clambering for your attention and will try this by offering numerous deals and offers in major supermarkets. Take advantage of these deals whilst they are on to extend your shopping budget further.
Use cash back and voucher sites
Use popular cashback sites like Quidco and Topcashback to help earn a small percentage back on your online purchases. Every time you click a link through from Quidco to the merchant site you may earn a percentage back on your shopping.
Cashback percentages range from 0.5-2% for big ticket items like iPads etc to over 10% for groceries and shopping with some of the bigger highstreet retailers like Boots.com and Argos.
Also, lets not forget the voucher sites like MyVoucherCodes.co.uk and Vouchercodes.co.uk etc.
Get money back from mis-sold Payment proection insurance.
Look out for specialist PPI claims companies that can help you reclaim fees from unscrupulous or missold payment protection plans. These commonly include loan and credit card payment protection that is sold in on a policy unnecesarily.
The PPI claims companies often handle the claim on your behalf if you think you have been unfairly sold such insurance on your credit product. They will then take a percentage from your lump sum before paying the rest back to you.
Trade in old items on Gumtree or eBay
If you have lots of unwanted DVDs, games and CDs etc, why not consider using auction and classified sites like eBay and Gumtree to sell them. The advantage of Gumtree is an absence of commission or listing fees for adding products. That can add up considerably if you sell a large number of items, or higher value items.
Whilst you may not necessarily say thousands, these things could certainly help strecth budgets during a very expensive time of the year. Happy Christmas and new years!
Borrowers advised to budget for Christmas
Christmas can be an extremely expensive time of the year, and the credit card bills can spiral
Financial solutions company Think Money has advised anyone covering the cost of
Christmas on credit to make sure they have a carefully considered plan in place to repay
what they owe.
With Christmas being one of the most expensive times of year, it’s likely that many
people will turn to credit cards, personal loans and other lines of credit to cover their
seasonal spending. And with the base rate at an all-time low for over two years, there’s
every chance that borrowing money will be an increasingly attractive option for many.
However, there are concerns that borrowers who don’t plan ahead financially, or have a
well-thought-out budget, could face debt problems as a result.
A spokesperson for Think Money commented: “Financial planning is as important as it’s
ever been - especially when it comes to borrowing money.
“[...] Some people might be making a New Year’s resolution to get their finances in
order. For some, that might involve taking out a debt consolidation loan to simplify their
finances and set out a clear plan for repaying their debts. This can be a good way of
managing debt, but borrowers still need to make sure their repayments fit in with the rest
of their budget.”
How to Deal with Loan Sharks
Loan sharks can be risky business if you end up using them
In these troubled financial times, you may be tempted to borrow money from a loan shark just to make it through to your next payday. Unfortunately, once you are involved with this type of loan, it can be very hard to get out of it. Loan sharks are notorious for adding to your principle for no reason; upping your interest and generally making it so you have no idea how much money you actually have to pay them to be done with them.
So, in the end of it all you will realise that all that you have went through was not worth the little amount of money that you needed. The good news is you do not have to handle the situation alone. There is a national hotline available for anyone who is in trouble with a loan shark. You can call 0300 555 2222 or text ‘loan shark’ and your message to 60003. Your call will be kept confidential. Remember, you are not in trouble with the law for borrowing money, but it is illegal for them to loan the money to you without a license from the Office of Fair Trade.
While you are not legally bound to repay any money you borrowed from a loan shark, you may find they are threatening you with physical harm. If you are being threatened or harassed in any way, it is important for you to not only report them to the Illegal Money Lending department and contact the police.
Any time you borrow money, be sure to get all the details in writing. If you are not sure, contact the consumer Credit Public Register to make sure they are licensed to loan money. If they are not, report them immediately. If they are licensed, you may still want to shop around. Be sure you are getting the best deal you can before borrowing money.
There are licensed agencies that will lend you money even if you have a poor credit rating or a low income. You will have to pay a higher interest rate than someone with good credit does, but you will be building your credit if you make your payments on time. In the long run, you will benefit from going through the steps instead of dealing with a loan shark. However, ultimately the decision remains up to you but these are just some words of wisdom.
Top Money Management Tools to Help Manage your Debt
Debt can be confusing. You borrow a certain amount of money, but then have to pay back much more. Interest may be calculated annually or monthly. In most loans, you are paying off any interest first, and then anything left comes off the principle. If you want to figure what the best way to pay off a debt is, or how long it will take you to pay of a credit card if you only pay the minimum payment, there are tools to help you. Below, you can find some of the different tools that are available which have proven to be rather useful to other individuals like yourself.
1. Credit Card Pay-Off Calculator - This tool will give you an amortization schedule. You can figure how long it will take you to pay off your card if you keep the same payment monthly. You can use this to see how much interest you can save if you pay just a bit more each month, taking it right from the balance due.
2. Citizens Advice Bureau - The CAB has people who will sit and help you with a number of problems. The can help you to sort out your debt and determine which needs to be paid urgently. You will learn how to talk to your creditors to have them lower your payments or interest.
3. Credit Consolidation Companies – These companies talk to your creditors for you, making arrangements for a lower pay –off by eliminating late fees and high interest charges. They will lump your debt into one loan and have you pay it off that way.
4. Personal Finance Software – If you can see exactly where your money is going, you can take charge of it. Often the problem lies with the little things we forget about. You may not realize how much you are spending on fast food because you only ever spend £1 at a time. Over the course of a month, it all adds up. Using software that tracks your every expense may be your first step towards financial stability.
5. Budgeting software - Once you understand how you spend your money, take charge and budget your spending. Be sure to stick to the budget by using a variety of limits and tracking to keep your spending in check.
Taking charge of your finances may hurt at the start, but in the end, you will be much better prepared for the little emergencies that crop up.
Reducing the costs associated with Payday loans
I would first like to caveat this article by saying that payday loans are a very expensive long term way to borrow money, but when used correctly can help get individuals out of difficult situations. We must realise that getting any form of credit or loan to pay off existing debt can in many cases increase the overall amount of debt that you have to your name. With this in mind, we need to be aware that sensible money management and planning is a better long term solution to financial hardship.
If you are in the unfortunate situation (like many of us here) of being short of money towards the end, then it is possible that you may need quick cash fix to tide you over until payday. The payday loans market has rapidly expanded over the last few years in response to the UK’s weak job market and overall impact of global financial crash, so there are a number of ways we can reduce the associated costs of using these kinds of services.
Payday loans commonly have a bad repuation, but are a common source of money for many people in the UK
But what exactly are Payday loans?
Short term or ‘payday loans’ are commonly seen as short term loan that helps an individual keep above board until their next payday. Typcially these loans are granted on a repayment schedule or a few days to a few weeks. The interest rates (APR) are typically in the hundreds or commonly, thousands of percentage points which can be overseen by the short repayment periods.
Many payday loan companies do not require proof of income or similar such documentation which enables a large percentage of the UK population to get access to money, when they may be refused from typical lenders (such as high street banks and credit card companies). The payday loan industry is also considered a common source of lending for individuals with bad credit ratings (people that have had IVAs etc).
How can we reduce the costs associated with taking out such a loan?
The first tip would be to borrow no more than is required at any one time - if you need £50 to cover you until payday, dont borrow £75. This will reduce your overall repayments dramatically and will lower your dependence on this type of lending.
Also shop around for the best interest rate for the type of loan you want. The APR% does change dramatically from lender to lender, so do your research when looking to compare payday loans. You can look them up online at many of the bigger comparison sites and deal aggregator sites.
Also, do ensure you put all of your efforts into paying back the loan as soon as your salary comes in. This will ensure you arent faced with any repayment charges or additional interest.
Watch out for the pot holes!
We can often forget that your health can be an expensive thing to keep in check as i learned quite recently. Usually, we talk mainly about financial matters, tips and the like - but today we will be looking at compensation. Many people are unaware that if you suffer from an accident out in the public domain, for example in the highstreet then you can claim against the council or private party responsible for the accident if it can be proved that they were at fault.
I recently had a run in with a large pot hole, which cause serious damage to my bike. I usually bike to keep costs down, and it is also great for keeping my heart in check - i would recommend it to anyone…! However when i hit the pot hole i bent my wheel badly and came off my bike, hurting my arm when i landed on the road.
Accidents can be a pricey affair - especially if you dont consider a no win no fee personal injury company. There are lots of expenses, such as having to take time of work - medical care and medication for example. If you do have an accident, make sure you follow up any potential opportunities for compensation as there are a many laws that are out there to protect you. You can often employ solicitors that work for you for free, and will pay back any compensation should you win your case in court. Always worth considering if you want to be paid for any accidents that were caused by the wrong doings of others.
Councils are held responsible for poorly maintained public roads, which is why you can often put in a claim if you suffer injury as a result of potholes and the like..
Ill keep you posted on how my claim goes, but i hope i can be compensated ! Im not looking for a large lump sum, just enough to get my bike back on the road and some money to cover the inconvenience of a sprained wrist!
Financial Freedom through Compound Interest
Becoming financially independent so that you only have to work if you want to is not such an impossible dream as you may think. Most people, though, think that they need much more money than they actually do to reach that stage of complete financial freedom and they feel overwhelmed so they do nothing about it.
So, what does financial freedom mean to you? If your housing costs, food and other essentials, cars and a little entertainment were covered for you each and every month for the rest of your life, would you not be financially independent? Most people don’t need millions of pounds to cover these costs therefore it isn’t such an unattainable goal.
The secret is spending less than you earn and investing those savings. Most people spend much more than they earn and this is how they end up in the never ending cycle of working to pay off things they have already bought which they may rarely use. The easiest way for most people to save money each month to put in an investment is to set a certain percentage of their income which is allotted to savings and then have it automatically deducted from their wages.
Once your savings are invested you will benefit from compound interest which is basically the equivalent of a snowball that rolls down a hill, picking up more snow as it goes. Essentially, if you invest £10 in February, in the first month you will earn interest on your tenner, but the following month you will be earning interest on your tenner plus the interest you earned the previous month. So, if you invest a small amount every month then you would be surprised how much you can earn over time.
For example, if you invest £50 every month for 20 years at an annual rate of 9%, which is extremely conservative, at the end of those 20 years your investment would be worth over £33,000. Essentially you have almost tripled your money because your total investment works out to £12,000. What if you could invest £100 every month? Or even more.
If you think it’s impossible to set aside even £50 a month you really need to draw up a budget and see where your money is going. You will often find that if you cut out a couple of pints each week you will save even more than £50. Isn’t your financial freedom worth it?
3 Small Changes for Big Savings
People associate saving money with sacrifice and this is probably the main reason you haven’t done anything to this end. But there are so many options to save money which will not affect your lifestyle, in fact you probably won’t even notice the difference.
Save ££££’s a year by making your own food and bringing it to work. This allows you to plan your weekly expenses more effectively.
1. Cut down on grocery shopping. Most of us buy too much food that we end up throwing away because it begins to morph into a new life form. There was a brilliant sale on for chickens and you bought 20, but you are only shopping for yourself so what are you going to do with 20 chickens. You can only keep them in the freezer for so long before they get freezer burn so you will end up throwing most of them away. Buy in smaller quantities and you may find your food bill will drop by as much as 50%.
2. Dining out. We all need a break every now and again but that doesn’t mean you should eat out for lunch and dinner every day. Instead of buying your sandwiches for lunch or dropping by your favorite eatery every day, try making your own sandwiches at home. You don’t have to be a 5 star chef to make a sandwich. You can probably save anywhere up to £20 every week just from sandwiches.
3. Expensive TV contracts. Do you really watch £150 television channels all the time or do you find yourself going back to the same three or four channels all the time? So if you don’t watch them why are you paying for them? Change your cable plan to something more in line with your TV habits and you could save as much as £35 every month.
With these changes you can save at least £150 every month without even noticing which you can put into an investment and with compound interest in 20 years you will have £110,000. It’s amazing what you can do just by making your own sandwiches, so imagine what you can do if you make even more small changes.
