Most families have spent more this year than they have saved. However, almost every family has areas in which they can take time to examine the expenditures and reduce their outgoings.
Food, for example, is a major ongoing cost in families, especially those who eat out a lot. Reducing the number of times you and the family buy a take away or frequent a restaurant can save hundreds of pounds a month (depending on how much you do eat out!). Try cooking at home more often or if you don’t enjoy slaving away in the kitchen, try starting a supper club with your friends. Plan one night a week or a month that you go to each family’s home for dinner. The ambiance of going somewhere that is not your own home, with people who aren’t your family, and someone cooking who is not you, is still there.
There are many ways to save money on your home also. Can you find a better rate or renegotiate a shorter period? Can you switch from interest only to capital and repayment. Can you consolidate and pay off other debts with high interest rates (maybe your bank loan or credit cards) into your mortgage? With interest rates at a record low, raising money from the equity in your home to pay off outstanding debts could significantly reduce your monthly outgoings.
9 Places To Save Money For Your Family
Transportation is another area families can examine to possibly reducing their monthly spending. Vehicles are not only expensive to buy, but also to maintain and operate, especially with gas prices rising so much in the last year. Car sharing and public transportation is always a good solution to minimize the petrol or diesel usage. Keeping up to date with maintenance and tire inflation will also help you to achieve maximum gas mileage. If your car is older than 10 years, you can look into the Government’s Scrappage Scheme.
When looking into purchasing a new car, consider the hybrids or even just smaller versions that get the most gas mileage.
Choosing your bank carefully can also be a way to save money. Making sure your bank offers free ATM withdrawls or that there are plenty of your bank’s ATMs at locations that are convenient to you. Different banks have different monthly fees and offer different services for certain demographics (seniors or students for example). Make sure you take advantage of any of these schemes to help reduce any high interest payments or monthly fees.
Everyone has a credit card these days. And every company seems to be offering them. Not only should you find a card with a low interest rate, make sure you research a credit card that will fit in with your everyday life. For example, if you travel a lot, find a credit card that offers reward points for your preferred airline. Some credit cards offer cash back to their stores (Waitrose/John Lewis as an example).
Take advantage of all the price comparison websites out there and shop around for the best insurance deals. Using the same company for multiple coverage (home and vehicle for example) can also save money and improve the standard deduction.
The cost of communication these days is one aspect that is going down. Along with credit cards, every company seems to be offering mobile phone and/or internet deals. Pay attention to how much you actually use your mobile phone and how much you text and research the best deal for you and your family. Most phone companies offer a friends and family package so make sure you take advantage of that. TV companies like Sky, mobile phone companies and Internet providers seem to have all teamed up these days and having all those services from one company can also save you money. The new Voice over IP phones (using the internet to make phone calls) and companies like Skype can also save you a fortune if you frequently call abroad.
You’ve heard the saying “the customer is always right.” Well these days, the “online customer is always right.” The Christmas sales are going on in the stores, but the better deals are on the internet. You know what you want will always be in stock and stores save money selling virtually since they don’t need to spend as much on employees or physical space, so they can pass on the savings to the customer. Be an aggressive shopper and scour the web for the best deal. Do be careful of spoof sites or unreputable sites when giving your credit cards details. Many stores these days are taking Paypal as a payment method which is just another step in protecting your money.
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