It can be wise to put money by in case you need it for an emergency. This could be if you suddenly need to replace a white good, need new school uniform for your children, run out of money for food before pay day or have a bill that you were not expecting. Many people will have some money put aside to cover these sorts of things, perhaps in a savings account. However, a savings account may not be the best place to keep it because it can be tempting to spend it as it is easy to get hold of. It probably will not earn a lot of interest there either because interest rates are so low.
A pre-paid credit card is a good way to save the money and you will not be able to spend it if you leave the card somewhere where it cannot easily be accessed. Then if you need to buy something in an emergency, you will have the money on the card ready to spend. Most places will take payment on a credit card and you will be able to therefore use it to pay for something you need in an emergency. Continue reading
Here are 12 ways that you can save some money. I hope some of them are useful. Do you have any more ideas?
- Find a better broadband deal: If you shop around you can get some great deals on broadband nowadays.
- Check to see if you are getting the best deal on your gas and electricity.
- Use loyalty cards: Using a loyalty card for your shopping can be a great way to get cash vouchers off of your shopping as well as discount vouchers and special offers.
- Record your expenses and income: If you keep a track of your money it becomes encouraging when you can see that you have been able to reduce your outgoings.
- Lose the brands: You may not be a fan of own brand products but many are actually not that bad or as good as the branded version. If you do not want to sacrifice food brands, why not start with other things such as toilet rolls, washing powder and household products. Continue reading
Climbing out of debt can be a long and tedious process but there are a variety of things you can do cut down on the amount of debt you have. Losing debt is about the battle between income versus expense. The more income you have coming in and the less you have going out the more you have to contribute to paying off your debt. Here are eleven ways you can reduce your debt:
1. Create a budget
A budget is your one stop shop for controlling your personal finances. It will allow you to see where you are spending too much and where you can stand to save.
2. Review Your Luxury Services
If you are faced with a large cable bill at the end of each month you should consider downgrading. How many of those channels do you actually watch anyway? You may even consider cancelling your television service completely and making the switch entirely to streaming services to watch movies and TV shows if that would be cheaper.
3. Review Your Insurances
If you think your insurance payments might be the issue, you should shop around for better prices. If you bring down your payments, that more money in your pocket.
4. Home Phones
If you have a mobile phone and you live in an area with adequate coverage you should consider cancelling your land line service.
Food costs really can add up if you’re not careful. Try to limit the amount of times every month that you eat in restaurants and try to prepare your own meals more often. Don’t be afraid to hunt for sales and generic items.
6. Want vs. Need
Analyse your expenses in terms of wants and needs. Once you fulfil all your requirements look at your expenses that are luxury or entertainment items. You should cut some of them out if you want to eliminate your personal debt. Continue reading