Monday, December 15, 2008
Category:
Personal Finance Tips
Finances and Banking
Pay your credit card on time and if you can, in full. Take your credit card out of your wallet and leave it home. This will remove the temptation to make any frivolous purchases. Consider a balance transfer, and be careful not to spend on the new card. Website such as MoneySavingExpert offer excellent advice on the best credit cards and balance transfers.
If you find you are often in your overdraft then consider switching to a bank which will offer the cheapest overdrafts. Some will offer 0% for up to a year and recent advertising campaigns have indicated that banks will even offer a £100 sign up bonus.
If you do have some debts at the moment then concentrate on paying these off first. However, if you’re looking to start saving, or find the best savings account then make sure you have a cash ISA. Every adult can pay up to £3,600 per tax year (April to April) and it should be one of the first places to consider stashing your cash.
Lifestyle
Take advantage of free offers and beauty treatments. Beauty schools and hairdressing academies often need willing guinea pigs for their exams or to practice. Contact your local colleges to find out if they need volunteers and when. Some schools charge a minimal fee, others will offer them for free.
Clear out all your junk and sell it. What’s junk to you may be someone else’s most coveted item. And the more you sell, the more you can save for a rainy day. You could either set up an account on ebay, list on gumtree or in the local freeads or newspapers. The options are endless.
Rather than buying a whole new outfit, why not organise a swap shop with your friends? Alternatively, scour charity shops for ‘vintage’ or invest in cheap and cheerful accessories to brighten up an outfit you were starting to get a little tired of.
Take an extra 15 minutes out of your evening to prepare a packed lunch for work the next day. Taking your own food to work will save you a fortune in the long run. Be strict. Leave your cash at home and only take enough to work in case of an emergency or for the bus/train. Better still, learn to make your own soup. It’s healthy, nutritious and costs peanuts in comparison to buying ready made or deli own versions. Shopping at local farmers markets, local grocery stores and markets is often cheaper than the cheapest supermarket deals. Plus, you’ll be saving the cost of petrol if you walk rather than drive.
Living
If you’re living on your own in a 2 bedroom or more house or flat, it could be worthwhile considering renting out the second room to help with the mortgage and bills. Because it’s a private let, it can be on your terms how long the contract is for but make sure you thoroughly check your potential flatmate references and credentials. If the thought of having someone staying with you all year long is not an attractive option, consider letting your second room on a short term basis. Visiting students to the UK are a good option, especially given you might even learn a new language and a about another culture for free!
Entertainment
If you’re an avid reader then it might be worthwhile getting yourself a library card. Local authorities and councils are keen to encourage people back into libraries. Feedback is always helpful so you may even be able to persuade your local librarian to get in titles more suited to your preferences.
If you’re an art lover, yearly memberships to galleries and National Trusts are often cheaper than paying entry fees each time. And don’t forget that many of our major galleries and exhibitions are free. In Scotland all museums and galleries have free entry. We are very fortunate in the UK to have a wealth of cultural attractions which more often than not, we do not frequent as often as we intend.
If any of your friends has invested in a Wii or another games console, persuade them to have a games night. A night in is often cheaper than a night out and if you’re in good company, you’re guaranteed good fun.
