Money is tight. Many Britons are now living on less than the living wage, and few people have spare money. If you find it hard to get by on your current income then, you’re not alone. Many people in the country find it hard to make their monthly pay package last them the entire month. If you have responsibilities, such as a mortgage, car insurance or rent, then, you will find it hard to save any pennies at all. The sorry fact of the matter is that money doesn’t grow on trees. In fact, money doesn’t seem to grow at all. Having savings is now a luxury, where once it was a necessity. If you think that you can’t save, you’re wrong. By making a few changes to your lifestyle, you can begin to save and thus build security for you and your family. Here are five easy ways to start saving money today.
Cut down on electricity
Power companies keep hiking up their prices, and we keep on paying them. What choice do we have? The truth is that there is little variation between the cost of power in the UK. The best way you can save money on your electricity bills is to stop using as much electricity. It’s easier said than done, but you can cut down your bills if you cut down your usage. Make sure that you turn all the plugs off at night. It may sound like a small change, but doing so will mean that you save a lot of money.
Move to a cheaper property
Is your mortgage crippling your finances? Many people in the UK have unmanageable mortgages and believe that they can’t get out of them. You can cut down your outgoings by downsizing to a smaller property than you have at the moment. It may sound a little scary, but having a smaller, more manageable property will save you loads of money. You could also consider moving to a cheaper region. For example, property prices in Loughborough are much lower than in the rest of the country. Moving to a smaller home in a new area could mean that you save loads of money straight away.
Always make a shopping list
When you go to the supermarket, you must make a shopping list. Shops use plenty of different psychological tricks to make you buy more than you need. Make sure that you have a list of the things that you need and try not to differ from that list. Special offers and discounts don’t exist. It might say special offer on the packet, but in reality the shop is charging just what they want for that product. When you walk into the shop, you should know what you want to buy and buy only that.
Change your insurance policy
Many people pay over the odds for expensive insurance policies. How many different insurance policies have you taken out in your life? You may have life insurance, home insurance, pet insurance and individual gadget insurance. As a nation, we obsess over ‘what ifs.’ The chances are you will never use half the insurance policies that you take out. Decide whether you need each policy. Be brutal. If you don’t need to pay for insurance, just say no.
Claim your tax credits
If you are on a low income or have children then, you may be able to claim tax credits. Look for advice online to help you decide whether you can claim. You may be able to get extra help with your living situation and claim back some of your tax money. Not knowing about tax credits means that you could be missing out on some financial aid.