The credit cards that used to be our flexible friends are not so keen to let us spend, we need to look at other ways of stretching our money further.
All it takes really is a little self-discipline and you can make every penny count. Like the old saying says, if you look after those pennies, the pounds look after themselves.
So here are a few suggestions on how to pile up those pennies in to pounds:
- Prioritise your spending and pay your bills first and then look to buying any extras with the cash you have left. Lots of people find themselves struggling with their finances because they spend their money twice – once in cash from the bank and again on the credit card.
- Look at your regular monthly payments and see if you can downsize any bills by visiting web comparison sites and reviewing your utilities, car and home insurance and credit card rates.
- While you’re doing this, see what bills you can chop like that gym subscription you never use.
- Stick all the stuff you don’t want on eBay. Don’t even worry if it’s a broken computer or something – as long as you mark it as not working someone might buy to cannibalise for spares.
- Fire up that hob and cooker and buy in some fresh ingredients to serve up some home made gourmet delights instead of paying for ready meals or takeaways. A fresh food diet is much better for you anyway.
- Stop buying food at work and take a packed lunch.
- Look at your lifestyle. Do you really need the latest phone with all those prepaid texts and minutes or the full monty of packages on satellite or cable TV?
- Consider buying supermarket brands for home essentials like soap, washing powders and basic cooking ingredients. Shop around – you may find your weekly shop comes in at significantly less by visiting two supermarkets instead of one.
- Save fuel if you have children and live within walking distance of the school. Keep the car on the drive and gently a breath of fresh air and some exercise having a stroll with the kids.
- If you have a spare bedroom that just collects dust, why not take in a lodger? The taxman will let you charge £82 a week without charging any tax under the Rent a room scheme. If you are a pensioner or claiming benefits, the scheme should not affect your income.
- Don’t play Scrooge all the time, put some cash aside for the occasional treat, even if it’s something simple like renting a DVD or buying some chocolates. Times might be tough but you need something to look forward to as well.
Summary
- Prioritise your spending and make sure you protect your credit rating by paying your bills first
- Have a look around the house and garage – sell everything you don’t want on line or at a boot sale.
- Cut your spending and buy cheaper brands
- Don’t take things too far – save a few pounds for a treat
