subject: Ten ways to revive your finances [print this page] Ten ways to revive your finances Ten ways to revive your finances
Whether you're trying to save money for a specific purpose or would simply like to reduce your outgoings, have a look at our expert tips for saving money.
1)Have a Financial Audit Many people don't know where their money goes. The first step towards saving money is getting to grips with your outgoings. Get copies of statements for all of your bank accounts and work out how much you spend on average for each of your outgoings. You will find a monthly budget sheet to help you in this section of the website. Once you know how much you are spending on what, you can begin to work out where you can make savings. By doing a budget you will be able to see how much disposable income you should have after paying all of your bills
2)Get a Notebook - Once they have looked at their bank accounts in detail a lot of people find that a significant amount of their money is being frittered away in non-essential withdrawals from cash machines. It is easy to go to a cash machine and end up taking out money just in case we need it, but inevitably the money we take out ends up being spent on things we don't really need just because it's in our pocket. It's time to find out exactly where this money is going. Purchase a small notebook that you can carry in your pocket. When you make a withdrawal from a cash machine make a note of the date, how much you take out and what you spend it on. By the end of the month, you will be able to see whether your cash machine withdrawals are essential or not. This is also a great way to protect your bank accounts against fraudulent activity
3)Your Mortgage Deal Your Mortgage probably accounts for a significant proportion of your outgoings. If you can cut your monthly Mortgage repayments, you may find that you can significantly reduce your outgoings. Shop around and find out what kind of deals are available
4)Food Shopping Many people go to the supermarket with a list of things they need, but then end up buying extras. The trick here is to work out your meals for the week or the month. Work out exactly what ingredients you need, factor in any other essentials and stick to your list. You will be surprised at how much you can save by doing this. Also, think about the brand of food you are buying. Some budget brands can be just as good and half the price.
5)Utility Bills By switching your utility providers you could potentially save hundreds of pounds. Also, look at reducing your bills by being careful about your usage. It's so simple, but switching off appliances that you are not using or putting your central heating on a timer can make a huge difference. You might also want to consider looking at the insulation of your home and switching to energy saving appliances.
6)Insurance Many people take out Insurance policies and leave them in place for years. In some cases this makes sense. However, by shopping around for a cheaper deal on your home or car Insurance you could save hundreds of pounds
7)Landline, Internet and Mobile Phones Competition in these markets is fierce and there are plenty of companies who would love to obtain your business. Consider looking around for cheaper deals and you may be surprised at just how much of a better deal you can find
8)Savings Accounts If you have savings in a bank account find out how much interest you are earning on them. If you do your research you can sometimes double or even treble the amount of interest you will earn
9)Credit Cards The Interest you will pay on credit cards can be huge. However, some lenders offer a 0% credit card and this could mean a huge saving for you if you transfer your current balance to one of these deals.
10)Get help from an Independent Financial Adviser An IFA can conduct a review of your finances for you. This review will highlight the areas in which you can save money and the areas in which your money could be working harder for you. Don't forget an Independent Financial Adviser has access to the best deals on the market across many different areas on finance
welcome to Insurances.net (https://www.insurances.net)
