You’d be surprised how with small changes in your life you can save money. If you actually look into your spending habits, you’ll find that there are so many purchases that you just don’t need to make. You’ve probably looked at unsecured loans for bad credit but believe me there are many ways to avoid that with careful budgeting and watching your spending.
I’ve put together my top money saving tips that I have tried myself and managed to save on unnecessary spending.
Always have a budget
Set aside some money every month and spend ONLY that amount. Ensure that you have created a budget on monthly expenditure like standing orders, direct debits etc.
A meal plan helps you to buy only what you need. I found when I had a meal plan in place, I had far less wastage and didn’t throw away as much stuff that had gone over use by dates etc.
Save without noticing
Have a standing order in place and let the money go out of your account automatically every month to a savings account so you don’t even see it. If you can’t see it in your account, you can’t spend it.
Use a single account for expenditure
Make sure that all your direct debits etc come from one account so you know exactly what is coming in and going out of your account.
Rainy Day Account
Set up a rainy day account where you put by a small amount every month. This can be used for sudden expenses that you haven’t taken into account like car trouble, appliances breaking down.
Don’t buy for the future
Don’t buy because there’s a sale on and you ‘may’ need it in future. You won’t! Buy only because you actually need it AND you are going to use it.
Sell what you don’t use
The Christmas gift you hate that lies in the corner of the cupboard may be someone else’s cup of tea. Sell it online and add that money to your rainy day fund.
Don’t pay for what you don’t need/use
Look into areas where you can save money. If you find you are not using a service, take off the subscription.
Spend only as much as you can pay back
Don’t spend over and above what you can pay back every month on your credit cards. Not paying the entire outstanding amount every month makes you pay interest and you end up spending a lot more that you originally paid. It also affects your credit rating. There are organisations that may give loans for bad credit but again you don’t really want to be in a situation where you have a bad credit history.