Most of us work extremely hard for our money, yet the way in which we go about spending it suggests it’s not really all that valuable to us at all.
Whether we’re buying insurance without considering the best deal or leaving the lights on in the house, we are literally giving away our hard earned money.
What I would like to do in this post is highlight some of the easiest ways you can make your money go further and work harder for you:
1. Re-examine your mortgage deal.
Buying a house is generally the single biggest purchase someone will ever make. If you are not in a position to finance it yourself (like most people) then you must make sure you get the right mortgage deal.
There are literally thousands of deals to choose from, all having different advantages and disadvantages. Taking the time to read the small print and double check there isn’t a better deal available can easily save you thousands of dollars, not bad for a little bit of research.
2. Avoid automatic renewals
Whether it’s your health insurance, car insurance or something else that renews annually, never accept the automatic renewal quote.
Appealing to your laziness is the oldest trick in the book and many times the new price is not competitive, so at the very least check the quote before you accept it. .
3. Cancel unused memberships
I am mainly referring to gym memberships, yet this applies to any subscriptions that you simply aren’t getting the most of.
Don’t kid yourself by saying you will go to the gym when you won’t. The $60 a month is better off in your pocket than in theirs.
Other common ones are magazine subscriptions and DVD rental memberships.
4. Shop online
Online shopping has revolutionized the way we buy our goods and services and there are deals to be had on everything.
Businesses can afford to offer you discounts because overheads on their online business models are so low. Always search the internet first before you buy.
5. Buy groceries from a list
If you don’t buy your groceries online, make sure you make a list prior to shopping for your goods and stick to it.
Everything in a supermarket is designed to make you buy more, from expert product placement to the smells following you around. The only way to conquer this is to make a list and stay focused on it, all the way to the checkout.
It may also be a good idea to go on a full stomach – shopping when hungry is a recipe for disaster.
6. Conserve your fuel
Nearly everyone will be guilty of using the car to get around when we could quite easily walk or even bike and save money in the process.
Other ways you can reduce fuel consumption include removing unnecessary weight (such as a roof rack), service your car (which is said to double efficiency) and avoid driving at high speeds.
7. Monitor your spending
This is a tip that will almost certainly save you money and may even shock you a little. By writing down everything you spend through the month, you will have a clear picture as to where you are wasting your money.
Most people find that they are spending far more on coffee and car parking than they thought and they are able to reign it in a bit.
Whether you use any of the tips in this post or not, make sure you are always in control of your money. You should know exactly how much you have in your account at any given time and you should also know when all your payments are due to avoid any unexpected and unwanted credit.
Thanks to Anthony Halligan for providing this guest post on money saving. Anthony is an experienced finance writer with years of industry experience and has recently began to specialise in debt and money saving.