Its the New Year and GimmeDosh.com Short term payday lenders have put together our best money saving tips for 2013.
The intention to save money is a very common New Year resolution.Â But, just like other promises at the start of the year, most people will slowly lose the will and interest in keeping to their resolution.Â The best way to make a promise last the whole year is to make it into a new habit that will be difficult to break.
It is easy for some people to start saving on their outgoings straight away, similar to an overweight person losing the first stone in weight.Â It is the big savings and weight loss that will take the effort, concentration and time to achieve.Â Here is a list of the top ten money saving tips for 2013 to help you achieve your financial goals:
1. Review all Bank and Saving Accounts
This is an absolute must for anyone with more than one type of account for their money.Â It is advisable to check the overall cost and income from the various accounts and cancel any additional costly âbenefitsâ that are part of having a special âpremiumâ current account.Â This can save up to Â£300 per year, depending on the type of account and the bank.Â You can boost your income from any saving account by moving the money to a higher interest account, e.g. online providers with limited access to the money.
2. Clear all Overdraft and Credit Card Debt
This is a necessity for anyone with any savings receiving very low interest compared to the high interest being paid for the debt.Â So, it is very easy to save money in this case, pay off as much of the expensive debt as possible from your savings.Â It is always tempting to keep some savings just in case of a financial emergency while at the same time paying high interest for an unnecessary debt.Â But, thatâs what an agreed overdraft or credit card facilities can be used for in case one has little or no savings to meet the urgent financial commitment.Â There is always a Gimmedosh.com short term payday loan to consider too.
3. Luxury Cutbacks
These can be anything from a daily cup of coffee to that expensive health club membership you no longer use.Â Walk to the shops instead of driving on very short journeys, which is healthier and will save money on fuel costs and car maintenance, as short journeys can cause problems for a car.
4. The 20% Rule
This is a fantastic method and habit that is so easy to start and keep using.Â All you have to do is to assume the monthly household income is â20% lessâ than the actual amount, e.g. Â£400 a month can be saved for a household with a single or joint income of Â£2000 net of taxes.Â The main rule is to keep to the assumed lower income by whatever percentage that suits you.
5. Cancel Annual Memberships
This is very easy to review and cancel any that are either unnecessary or not used anymore, e.g. an expensive specialist magazine subscription.
6. Reduce Takeaways
Good for your health and your pocket, definitely consider if you order a takeaway more than once a week.Â A treat once every two weeks or even once a month is more appreciated than when itâs 3 or 4 times a week!
7. Give up Smoking
This is an absolute must if you still smoke.Â How can anyone still smoke with all the price rises and the health warnings?!Â Give up and save lots of money.
8. Use Coupons and Vouchers
This has now become a very big thing in the UK and some savvy people can save a lot of money by using as many coupons and vouchers as possible.
9. Switch your Energy Provider(s)
This is a very simple thing to check to see if you can save money in 2013 by using one of the many comparison websites, e.g. Uswitch.com.Â You could save as much as Â£250 by simply using a different supplier when out of the fixed contract period with your current provider.
10. Switch your Mobile Phone Network
Check the mobile phone contracts for the whole family.Â It is likely there will be a cheaper contract with a better phone available that will save you and the family a lot of money in 2013.