We’ve only just got started with 2016, but most people’s New Year resolutions have probably been broken already! While the promises to get to the gym more or cut down on alcohol are easily swept under the rug, there are some resolutions worth sticking with. One of those is in regards to budget, and making sure you’re putting some money away this year so you can benefit from it in the future. If you’re someone who has trouble sticking to a budget then fear not, as we’ve outlined some different methods below that can help you out.
Switch your utility providers
If it’s been a while since you’ve changed your gas or electric providers then you could be spending far more than you need to. These markets have become really competitive recently, to the point where you could save yourself a significant amount of money by switching things up. To make things easier there are dedicated price comparison websites out there which will give you a list of the different charges from the various providers, and after you pick your favourite it is an easy process to get everything changed over.
Look into transferring your debt
If you find yourself making big interest payments on debt, then it might be a cheaper option to transfer it onto a credit card that has a 0% balance transfer deal. With these credit cards, you won’t get charged interest, and you will have the chance to repay the money at no added cost. Just be aware that the interest on these credit cards can radically increase after the promotional period, so make sure you can pay off the balance in full before this can happen.
Consider debt solutions
If your debt has been piling up for some time and you can see no way to reduce it, then you could consider the different debt solutions that are on offer in your country. There are different methods of debt solution around the world, for instance in England you have IVAs, and in Scotland you can apply for a Scottish Trust Deed. These loan consolidation products can help you get out of debt if you’re struggling, but remember to always talk to a financial expert before signing up to anything.
Sign up for loyalty cards
Many retailers now offer loyalty cards, providing you with points every time you make a purchase. It’s tempting to just ignore them but some of these cards can actually be quite beneficial if you’re a regular customer. Whether it’s a retailer, restaurant or a supermarket, try out the loyalty cards and see how many points you build up throughout the year. It might just be enough to get some pretty good money-off vouchers.
Buy in bulk
Another good saving tip for supermarkets is to buy in bulk. Making two or three trips a week for your food shopping will likely end up costing you a lot more money than it should, and there are wholesale retailers that can provide big savings. Stocking up on your items so that you only need to purchase things twice a month will significantly benefit your bank account.
Financial professional and online entrepreneur, I'm best known as The Financial Blogger. I want to make money because I like enjoying life the way it should be; with a lot of great food and wine! I also love to spend time with my lovely wife and 3 kids!
