Making your money go further is important, because you work hard for it. Here we look at key ways to stretch every pound.
There can be lots of reasons we need our money to go further. Sure it would be great to simply have more, but that isn't realistic. What we can do however, is ensure the money we do have is working for us as much as it possibly can. Here's how:
Budget
If you don't budget you can spend a lot more than you should, or you have no track of your finances and so you end up again spending more than you should, or missing out on potential savings. You will end up borrowing on credit cards or short term loans just to get by. Creating a budget has never been so easy, and there are apps to help you budget so you can manage your money wherever you are. The best thing about budgeting is that it enables you to see if you have spare cash to save.
Ensure You Are Getting The Best Rates
If you have savings accounts you will want the best possible rates to ensure your money is working for you. Keeping an eye on the interest rates on any account you have money in is really important, so you can switch it around to get the most interest for your money.
Switching Household Bills
Energy providers, mobile phone contract providers and insurance providers are all key areas you can maneuver to save money. You could save hundreds of pounds a year by switching.
Avoid Wastage
According to recent newspaper reports, the average household wastes £60 worth of food every week. To avoid wasting food and therefore money, try the following:
● Make a weekly meal plan and stick to it
● Store vegetables in a way that keeps them freshest for longest (for example; keep the stalks of bananas wrapped up)
● Freeze and label food that is going out of date so you can avoid throwing it
● Use up food that is going off into bulk meals like lasagne or pasta sauce. If you can't eat it all within the next few days, freeze it
Look For Better Deals On Things You Always Spend Money On
Perhaps you get your nails done once a week, you always buy pet toys at the local pet shop, or you always go for a coffee on a Friday morning with your friend. Look for deals on these regular expenses, like the same product but cheaper bought online, by one get one free offers, or perhaps in the case of the coffee if you went at a certain time there is a happy hour offer on. You may also find buying items you always buy every week, in bulk, will save you a lot per item.
Get Some Money Back On Money You Spent
Things like ornaments, clothes, furniture - basically almost anything you own, can be sold for a price. Sure you won't get back what you bought it for, but if you can make some money selling it instead of chucking it out. You may also want to look into cashback deals on money you spend, there are lots of websites who offer cash back and certain bank accounts offer cash back as well, so that could be another way to earn money on money you are spending.
Hopefully you feel confident you can make your money go further and avoid debt on credit cards or short term loans. Of course sometimes loans are necessary in life so don't feel too bad if you do need one but at least with these money saving ideas you will only take out a loan when you really need it and won't have to resort to high interest bad credit loans or asking your parents to help with a guarantor loan. A proactive approach is always a good idea, because if you look after the pennies the pounds really do look after themselves.