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!
Using A Programmable Thermostat To Be Cost Efficient
Programmable thermostats can do you a lot of good in the effort to save money. One of the best parts about a programmable thermostat is that you get used to the settings. It won’t be easy to sacrifice a bit of comfort at first, but as the months go by, you’ll find yourself more at home and in comfort with the temperature change.
Programme your heating effectively to save money throughout the year
Most people don’t need such a warm environment when they sleep, so they set their programmable thermostat down ten degrees (or even more) to save on heating costs. This works wonderfully well to save a ton of money on heating costs per year. You’ll have to make trial runs to see what temperature you can bear comfortably to get the most out of your programmable thermostat.
How much does a programmable thermostat cost in the United Kingdom? Honeywell makes a great unit for £70.95. A great Heatmiser unit is listed at £58.70. This should give you an idea of just how cheap it is to get one of these for your home. In just a years time you will have recouped the savings in energy costs alone. Additions to your home like these also increases the resale value of your home. Not much, but enough to cover its cost, that’s for sure.
The Hold/Permanent/Vacation features should not be used in the day to day function of your programmable thermostat. Avoid using these settings during normal days and nights. Holding, or overriding, the preprogrammed heating function will cause the cost of heating your house to rise. Find a set temperature that you’re comfortable with and set it to the lowest possible temperature you’re comfortable with during sleep hours. While you’re away at work, the house will heat up for your arrival at home. Then, when evening turns to night again, the temperature of the house will go down, leaving you with a substantial savings over the cost of a manual thermostat.
Also dont forget to turn off your heating almost entirely during warmer months - just throw on a jumper if you get a little cold and see the savings roll in !
Ways To Save Money Around The House - Part 2
Welcome to the second installment of the ‘Ways to save money around the house’ series!
Saving money around the house takes some strategy. It isn’t all so simple as people make it out to be. Together with the information in our articles, you’ll be able to make a substantial dent in your debt problem and maybe even lay those problems to rest for good.
1. Energy Saving Light Bulbs
Choosing the right light bulb can help you make small savings throughout the year
You may not have been aware of it, but traditional light bulbs are a huge waste of money. They make you spend more than you normally would to light your house. Let’s look at the cost of a traditional light bulb VS. the more efficient energy saving models. You’ll find that even something as small as light bulbs can be effective means to save money in order to invest or pay off bills.
Traditional Incandescent Light Bulb:
Cost of electricity: 11.5 pence per kWhr
6 bulbs X 100 Watts per bulb X 8 hours per day
This comes to 4.8 kWhr total energy usage per day X 30 days = 144 kWhr of energy usage per month.
11.5 pence per kWhr X 144 kWhr of energy usage per month = £16.56 per month in energy cost from light bulbs alone!
On a yearly basis, this will cost you 1728 kWhr X 11.5 pence per kWhr for a total of £198.72 for a yearly cost.
Traditional incandescent light bulbs are being phased out by governments all over the world. They use too much energy and can possibly be dangerous. The UK is set to do away with using incandescent light bulbs altogether and has already started phasing them out since 2009. Using these bulbs will not help your debt situation at all, but there is hope! Let’s take a look at one of the more common energy saving bulbs and see how the savings stack up.
Common Energy Saving Light Bulb
Cost of electricity: 11.5 pence per kWhr
6 bulbs X 20 Watts per bulb X 8 hours per day
This comes to .96 kWhr total energy usage per day X 30 days = 28.8 kWhr of energy usage per month.
11.5 pence per kWhr X 28.8 kWhr of energy usage per month = £3.31 per month in energy cost using the more efficient bulbs.
On a yearly basis, this will cost you £39.72 in total energy usage!
So lets compare the two! With a traditional light bulb you’ll be spending £198.72 for a yearly cost. With a set of energy saving light bulbs you’ll be able to reduce that cost by an incredible £159! You’ll only have to pay £39.72 as long as your electricity costs 11.5 pence per kWhr. Plug in the correct figure for what you’re paying, the correct amount of light bulbs, and how long you use them per day using the above calculation method to reach your households energy usage for light bulbs per day, month, and year.
Exciting isn’t it? Look at how much money you’ll be saving simply by screwing in a common energy saving light bulb! It’s really incredible to know that anyone can do this in every household. All across the United Kingdom electricity bills we be lower than they’ve ever been before. The phasing out of the incandescent light bulb is one of the new innovations the United Kingdom is using to help people with their debt problems.
Ways To Save Money Around The House - Part 1
We have tons of ways to save money around your flat, house, or residence in general. Check out money saving tips and rejoice! You can use these tips to help remedy your debt problems for good.
Electric blankets can save your heating bills!
1. Electric Blankets - You should have one of these for every household member you have. Electric blankets can save you lots on the cost of your heating bill. To help you figure the cost of using the blanket, they use roughly 60-100 watts every hour. Multiply the amount of hours you’re going to be using the blanket per day by 60-100 watts. The wattage will vary depending on the heat setting you use. 75 watts per hour is a safe estimate. Divide the total number of wattage you use per day by 1,000 to realize how many kilowatt hours of energy you’ll be using each day you use the blanket. Then you’ll be able to calculate the seasonal costs of using the blanket through experience.
Tip: Wrap the electric blanket in an additional blanket to retain the warmth. Regular blanket on top, electric blanket underneath.
The savings accumulate because most people use their electric blankets during sleep hours. For the UK citizen, that’s a full 8 hours of savings over the cost of heating the house full blast at night. Many people turn their thermostat completely off during the night time because they are warm with their electric blanket. They don’t even notice the difference. Most people would agree that getting up to go to the restroom in a cold house is worth being a little chilly if you save hundreds of pounds per year on your heating bill. Even if you aren’t willing to turn your thermostat completely off, even reducing the thermostat by 10 degrees at night can yield a substantial savings. The best thing you can do is figure how many kilowatt hours of electricity you use with the electric blanket per night, month, and year.
Write that kilowatt hour figure down.
The cost savings of not using central heating at night so much because you’re using the electric blanket is substantial.
Calculate the actual cost the furnace usage is running you at the reduced usage amount and compare that to running the furnace the way you would normally.
Based on your monthly calculation, you’ll be able to see how much using the electric blanket is saving you.
2. Ginger Instead of Medication For Inflammation And Sore Muscles
NB: I am not a doctor, so do seek medical advice before doing anything that may impact on your health. These tips are for reference only.
Ginger has been used for centuries for its medicinal properties.
Ginger is a wonder root for inflammation. Whenever your muscles feel tired and run down, you may run to the medicine chest for your favorite pharmacy cure. Don’t do it! Ginger is MUCH cheaper and more effective. So how do you use it properly? Ground ginger works wonderfully well when rubbed into sore muscles. Make the ground ginger into a thick paste with some water and rub it into a sore neck. Then wrap your neck in a wet wash cloth to keep the ginger “activated”. Otherwise it will dry up quickly and not work well. We don’t recommend it for the groin area. That’s just too sensitive of an area to use ginger on. You’ve been warned on that.
A second way to use ginger is also easy. First buy some powdered ginger from a good supplier online. Turn a long sleeve shirt inside out, wet it with hot water, wring it out, then sprinkle enough ginger to moderately dust the whole inside of the long sleeve shirt, front and back, and dust the front and back of the arms as well. Turn the long sleeve shirt from inside out to normal and put it on. You should have a jacket you don’t care much about that retains warmth well to wear over the top of the wet shirt. This will allow the ginger to work with the water in the shirt as it’s pressed to your skin to reduce inflammation. The jacket will keep the otherwise wet and cool shirt warm and to your body. You’ll be amazed at how cheap this is and how much money you’ll save over the cost of anti-inflammatory medications. It’s truly a wonder cure of natural medicine.
More money saving tips around the home to follow tomorrow.
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.
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.
Goal Setting: The Key to a Successful Budget
The first thing you are told by most people is that to get your finances under control you need to draw up a budget that you will stick to. A budget is a critical tool to getting your finances under control but it is only a tool. If you don’t have a goal that drives you no matter how many budgets you draw up you will never stick to them.
If you are only drawing up a budget because you have a vague notion that you want to spend less than you earn, you may have fun creating it but as soon as you are finished it will slip to the back of your mind. However, if you have a driving need to pay off all your debts because you want to be free or you want to buy a home or to achieve any other goal that is extremely important to you then sticking to your budget will be incredibly easy.
Visualising your goals can help you to focus on succesful budgeting
So, the first step to getting your finances under control is finding that goal that drives you, that makes you want to push yourself further than you thought possible. And don’t just keep it in your head, write it down and put it in a place where you can see it every day. If it’s something you want to buy, such as a car or a home, then print a picture out and put it in a visible place as it will serve as a reminder and you won’t fall back into your previous habits of spending without thinking. Alternatively, buy 24 hour car insurance and take your dream motor out for a spin - it might help you appreciate the feeling you will get when you finally save up enough for your desired car.
Many people spend money to fill some emotional need, whether out of boredom, the need for variety in their lives or to even loneliness. The best way to overcome these issues is to have a goal, a higher purpose in life than just going down to the shops to buy something you don’t need. If you have a goal to buy a car then every time you walk into a shop you will question yourself ten times before buying something as you will be focusing on buying the car and every pound you save can get you closer to that goal.
To Charge or Not to Charge - The pitfalls of a Credit card
People always seek instant gratification in all things we do, from trying to lose weight to buying the latest gadget. It’s almost as if the child within us takes control and flips the logic switch to off the instant we see that latest gadget or clothing that we absolutely must have or the world will come to an end. You can actually visualize the kid in you stomping his foot screaming at the top of his lungs that he wants it now!
Coffee - Can be a daily expense - Do you really need it ?
So, you whip out the credit card, hesitate for a moment as your logic tries to take over, but it’s only for a moment as the kid gets louder and louder. Then a month later when your credit card bill arrives you blanch as you realize there is absolutely no way you can cover your shopping so you will have to just pay the minimum. Or even if you can pay the full amount why should you, right? After all you can use that money to buy something else.
Yes, there is a very good reason that the financial industry makes such huge profits and pays marketers and psychologists so much. The credit card is designed purely to take advantage of the human need for instant gratification and banks know that most people will not pay off all their monthly purchases because they can’t so the interest kicks in, which is usually obscenely large.
The other thing banks rely on is people’s love of denial. In other words, no one sits down to actually work out how much that new telly is going to cost them if they pay interest on it for five years. Let’s see, if that brand new, sparkling TV that is screaming your name costs £500, after 5 years at a rate of 17% you end up paying £750 in total. You end up paying 50% more for it at the very least, as this doesn’t cover other fees that pop up which you don’t notice.
Why not try a novel approach and cut out that Starbucks coffee you get twice a day and bring your coffee from home? That would average a minimum of £60 saved per month and there are plenty of other places where you can save a little extra cash so you can have the money to buy that TV in a few months without having to pay the bank for the “privilege” of getting it the day you see it. Who knows, you may even decide it’s not worth buying it after all because it was only an impulse at the time.
Making Savings a little easier - Savings Calculator Widget
The web is full of handy gadgets and widgets to use on your website, so its only time i shared this one with you. This savings calculator (from car insurance comparison site Confused.com) is a quick way to track how much you can save over a set period.
Simply put in the amount you wish to save, the period you wish to save over and your current interest rate and click calculate! I’ll be looking to add more widgets like this to the site over time to help with your debt management. Stay posted folks.
Savings Calculator Widget created by Confused.com
Anyone out there with good widget ideas for this site, feel free to post a comment below! Lets start 2011 with good intentions in mind..
Can more credit be a positive thing?
Bank loans can be a great way to reduce your overall repayment on outstanding debt
Often without warning, we can find ourselves in debt and no way out. Whether this situation is due to unforeseen circumstances, or reckless spending, there can be a number of positive steps you can take to get yourself back on track.
I will often advise against taking out further credit, such as bank loans to curb your financial problems, but there are times when these are a good way of saving you money in the long run. Say for example you have £10,000 outstanding on a credit card at 17.9% APR and you can only afford to pay off £200-300 per month. With interest, the total repayment costs could become astronomical - which is a good opportunity to consider additional credit.
By taking out a bank loan at say 7.9% you can make yourself some considerable savings on the total repayment amount than if you were to continue with the credit card repayments. By using a loan to cover the balance on the credit card (and of course - make sure you use the loan just for the credit card payment!), you can change the debt to something more cost efficient.
Consolidating loans can be a daunting thing to consider, especially if you already have existing debt, but think more in the longer term and you will see the value that a bank loan can have. Of course, be sure to shop around for the best rate on loans which can improve your savings in the long run.
