Struggling to get the most out of your money? You’re not alone. There are countless Brits out there today who find themselves battling with a bank account that seems to be constantly leaking cash from one area or another.
However, just because you’re used to living a lifestyle that forces you to live from one income to the next, doesn’t mean that you have to keep things that way. Learning how to use your money more effectively will not only help you to reach your savings goals faster, it could also banish a significant amount of stress from your life. Here are some tips to help you get moving in the right direction.
Learn how to Haggle
Throughout the UK, most consumers assume that haggling isn’t an option when it comes to buying the products and services that they need. We think that the price that we’re given is the only one that we can get – which often means that we miss out on great deals and offers. However, research proves that you can reduce the cost of most products and services by haggling over the price.
If you’re nervous about out-right arguing with a company over the kind of deals that you can get, start slow. Call up your current broadband or mobile phone provider and find out whether there are any better deals available for you. If they say no, then tell them that you’re switching elsewhere – and be willing to follow through.
Plan Your Expenses
Sometimes, planning your expenses in advance can save you a lot of money. For instance, if you figure out exactly what you’re going to spend on your shopping when you go to the store, you can reduce the amount you waste when you’re browsing through the aisles looking for something that you feel like eating. Similarly, there are a lot of expenses like car insurance premiums, gym membership fees, and line rental that can be cheaper if you pay them annually.
Look into your monthly payments and find out which ones you can potentially save money on by switching to an annual bill. You can still save cash back every month, as if you were paying the expense, you just deal with the cash in larger chunks.
Use Personal Finance Software
Personal finance software helps you to track where your money is going to go each month. A lot of people assume that this software is only intended for people who have a lot of money to spend. However, that isn’t the case. Anyone who wants to make the most out of their budget can explore the benefits of personal finance software.
For instance, you might be able to use a package that will help you to figure out how you can pay your loans faster, or a package that shows you where you need to cut down on your spending. Make sure that you read the reviews of different software products before you get started.
Re-Think Your Debts
If the reason that you’re constantly struggling with money is that you have a lot of debt to handle, then it might be worth looking for ways that you can cut down on those expenses. For instance, you might be able to take out a separate personal loan that you can consolidate your existing debts with. This is a good way to ensure that you can keep track of your debts more easily too.
Often, you’ll find that you can get a better deal if your credit rating has improved since the last time you asked for credit. You could even borrow slightly more money to work on important projects too.
Use Price Comparison Sites
Finally, price comparison sites might not be the newest tool on the block when it comes to saving money – but they can be a lot more helpful than they seem. With a price comparison website, you can check which products are best for you when it comes to selecting things like car insurance, broadband deals, and more.
A comparison website can even help you to track down better deals on big expenses, like family vacations. Don’t forget to simply try a quick search for comparison purposes when you’re buying items too. For instance, you might be able to look online for a television or console you’ve been thinking of buying and learn about an upcoming sale from a retailer that you didn’t think about before.