2009 was a difficult year for many. Salaries were cut, jobs were lost and debts mounted. As we look forward to a fresh financial start in 2010, the SaveAFewBob team decided to look at ways you can save money throughout the year ahead. Our money saving tips are straight forward as we want you to make rather than break your financial resolutions.
1.Get out of debt
Money can be a massive source of stress. Commit to improving your personal and financial life by clearing your debt. Prioritise debts so that you eradicate the most substantial debts first. List all of your debts in order of interest rate, with the highest rate first. Concentrate on clearing high interest loans first as the higher the interest rate, the more money you stand to lose. If you have several credit cards, cancel the cards that do not carry any outstanding amounts. Decreasing the number of credit cards in your name will improve your credit rating. It will also minimise the possibility of finding yourself in further debt.
2.Keep a financial diary
Change your careless attitude to money by putting financial plans in place. Organising your finances will give you the freedom to enjoy what you can afford to spend without feeling guilty. Drawing up a budget or keeping a financial diary will allow you to stay on top of money matters. You will be able to keep track of all income and expenditure and as a result make more sound financial decisions.
3.Pay bills on time
Organisation is vital to maintaining a healthy bank balance. Deal with all money matters promptly and efficiently. Never leave bills to gather dust. Clear all electricity, gas and car payments immediately. Setting up direct debits for utility bills means there’s one less thing to worry about, plus you may receive a discount for doing so. Remember, allowing bills to slide is a short term financial solution that will only serve to negatively affect you in the long term.
4.Curb spending habits
If you want to save money, you must stop spending. Place emphasis on needs rather than wants. When tempted by a non essential item, employ one of the following money saving mantras; do I really need it? Can I afford it? Is it worth the price tag? Never make impulse purchases. If you feel uneasy buying an item, it’s most likely your common sense telling you that you’ve made the wrong decision. Listen!
5.Tackle vices
Most of us are victim to some vice or other. Whether it’s smoking, eating out or shoe shopping, we could stand to make considerable savings by simply saying ‘no’. For example if you smoke, apart from the obvious health benefits, giving up may help pay off some of your debts as well as cutting the cost of other expenses such as life insurance.
If you are committed to making serious financial changes in 2010, you can read more money saving tips here. Happy New Year!
Tags: money saving tips, Savings
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