Over the past year, there has been a significant shift in how we spend our money. We all need a little financial motivation to help us save where we can, regardless of whether you have more money saved or have used all of your resources. Also take advantage of savings and offers like using netvouchercodes.co.uk.
Savings come before spending
First, pay yourself. This is a sure-fire path to financial freedom. Apply the 50/30/20 flexible budgeting method. This indicates that 50% of your take-home money is spent on necessities (bills, food, and minimum debt payments), 30% is spent on enjoyment (dining out, for example), and 20% is set aside for future needs (debt payments above the minimum, saving for emergencies and investing). When money is tight, you can change the ratios if this split doesn’t work for you.
Keep interest on your credit card debt to a minimum
If you have credit card debt, make a plan for paying it off. Don’t worry if you don’t have a handy lump sum to magically disappear the entire balance; you can still get the same result by transferring the debt to a credit card with a 0 percent balance to postpone paying interest for a set period of time (up to 30 months) and paying a predetermined amount each month.
Make sure to complete the math because some credit cards have minimal debt transfer fees. To prevent forgetting to make minimum payments and being hit with expensive fees, set up a direct debit. Change to a different arrangement if you have debt after the 0 percent time has passed.
Weather the storm
The necessity of having a rainy day fund is something that the present crisis has taught us all. Start saving if yours has recently suffered (or if you’ve never truly had one); anything is better than nothing. The general recommendation is to have three months’ worth of expenses set aside, and ideally six if you have a mortgage.
Watch out for BOGOFs!
How many times have you entered a grocery store and been duped by a BOGOF (Buy One Get One Free) promotion? We’ve all engaged in it. When we go to buy our regular groceries, we are enthralled by all the ways we may “save money” that we come across on the shelves. These offers not only cost you a lot of money but may also contribute to food waste because you spend money buying three bottles of Coke when you only need one. Therefore, the next time you go shopping, figure out how much you could save by avoiding the BOGOFs using the calculator on your phone.
Purchase own brands
It’s simple to reduce the cost of your grocery bill by switching from name brands to own brands of everything from cornflakes and pasta to oven chips and dishwashing solutions. Try them out on your family “blind” if you’re concerned that the flavour will be affected. You’ve got a winner if they don’t detect the difference!
Reduce your grocery budget
Even though buying only what you need may seem like a simple solution to cut costs, it can be challenging to implement. Learn your supermarket’s international food aisle so you can save up to 75% on pantry essentials like rice, lentils, beans, spices, and sauces. You should also shop in the evenings for deals, look at lower supermarket shelves for lower prices, forego using plastic bags, and extend the shelf life of your fruits and vegetables.
Electronic energy bills
You’re almost always more likely to have access to a variety of superior offers and more affordable plans if you stop receiving paper bills and switch to online billing. Not to mention that you have access to online account management tools or mobile apps for managing your account.
Exercise some patience
When shopping online, add items to your cart but wait before checking out (unless they are selling out like hotcakes). When vendors notice products in your basket for a day, they will contact you to inquire whether you forgot to complete the transaction. Occasionally, they will also send you a discount to entice you to come back.
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