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It is a very common thing to hear that there’s never “enough” money. But to spin that notion on its head, is it really the amount that we need, or our spending habits that actually need changing? Instead of buying a takeaway meal, couldn’t that money be spent on ingredients for meals that could have lasted a few nights? Saving money is a foreign language to some people, and it’s not about completely cutting something out of your life to feel the benefits a year later, it’s about cutting a little here and there, so it becomes a habit. But there are things you are entitled to also. Here are some little tidbits of info to get you started.
Spend Less Money On Different Shopping Brands
We like to buy the best brands, because named brands are synonymous with quality, but is that really true? A lot of the reasons why we are attracted to brands are mainly to do with the marketing. If you buy one brand of ketchup, it is not dissimilar in taste to a cheaper brand. And even if you need a big name brand, there are stores that offer the big name brands for cheaper prices. Or just look online to see where it is the cheapest at the moment, or buying in bulk is another option.
Age Before Beauty…
Trying to achieve financial independence at a young age is a bigger task now. But, there are many benefits you are entitled to depending on your age. It’s all about doing the research online. There are a lot less people retiring at the standard age now, and this is indicating that there is a lack of finances, but there is up to £3.5 billion of housing benefit and pension credit going unclaimed. There are the smaller concessions, such as transport concessions or discounts that you are entitled to depending on how old you are.
Money Saving Sites
Doing your research is half the battle! Sites such as moneysavingexpert.com are proving to be very popular with consumers, as it is a handy place to see what trends there are on energy suppliers, supermarkets and insurance. As well as this, sites like the CFA are a handy source of information too.
Getting Loans
If you really are in a pickle, this can be a quick way out for you. But be warned, with big interest rates and depending on the size of the loan you obtain, it can make for a long repayment process. And depending on what your credit score is, it may affect you being able to have a loan in the first place, while also making it harder for you to get one in the future. Make sure you check the MyCreditMonitor website to see what your score is.
Open Up An Independent Savings Account (ISA)
Getting an ISA which you cannot access is a great way to accrue savings, and with many ISAs can come with penalties if you do try to access the money, which is a great incentive to keep the money there!
