Money Tips

Money Tips

Creating extra money, or penny pinching where necessary, is one of the simplest ways to improve your financial situation, remove debt and even create disposable income. A lot of the time, it doesn’t involve hard work and merely requires a bit of carefully planning and a bit of common sense and control.

Switch Banks

Even if you’ve been with your current bank for years, sometimes the loyalty bonuses don’t match up to a switching bonus, some banks offer 200 instant cash just for switching.

Shop around and see what the big banks are offering. Don’t stay loyal to a bank just because it’s the hassle free option, it will be worth the time it takes to switch.

Scour the Web for Competitions

There are hundreds of businesses online offering free tickets, products, services and even cash, youjust have to go looking for it. Use competition websites such as The Prize Finder to find the top deals of the day/week/month.

On a local level, make sure you’re following all the restaurants/bars/local shops in your area on social media. The current trend of running social competitions can offer you great rewards, often jus by liking and sharing a post.

Clear Your Credit Card Debt

This one may seem like a mountain, depending on the kind of debt you have piled up, but paying off your credit card can get rid of the nasty monthly interest that can build up over time. Come up with a plan to pay the entire balance off and stick to it.

If you can’t pay off multiple cards at once, consider 0% interest credit cards to consolidate all your debt into one easy to manage, no interest balance. Bear in mind though, that the 0% offer usually only lasts for a set period of time and minimum payments still apply, so stick to the payment plan religiously to clear the debt.

Shop Around

This applies to literally everything. Supermarkets, energy suppliers, holidays, banks, insurance. If it can be bought, it can be compared, if it can be compared, chances are it can be bought for cheaper somewhere else. Money Supermarket is great for UK based comparisons.

Utilise Your Talents

Are you a gifted writer? Maybe you’re nifty with a camera? If you have a hobby that can be monetised, offer your services for cash on the internet. People Per Hour gives anyone the chance to offer their services, usually in writing or design or photography, post an ad and let the clients come to you.

OR you can set up a freelance business, build up a customer base in your local area, or spread the word online. Graphic designers in particular are in very high demand these days and can earn up to 100 per order.

In other words, utilize your talent to the fullest and ensure that every ounce of it helps you to earn some extra cash. But in order to do that correctly, you would need to be very disciplined. A person cannot be successful at a job or a business unless he is dedicated fully to the cause. For instance, if you sit on your bed and work, there is a high chance of you getting distracted by almost anything. To avoid that, you would need to have a designated workspace which is equipped with top-quality furniture pieces from firms similar to office monster.

Learn to Say No

Fear of Missing Out (or FOMO) is a very real condition, who knows what could happen if you turn down that trip to the pub, or stay at home instead of ‘browsing’ the shops. In reality, you aren’t going to miss much, and the savings could add up massively.

If you visit the pub twice a week, and get five pints of lager each night, that’s 36 a week, 144 a month, 1728 per year. Going once instead of twice could save you nearly 900 a year.

Walk/Cycle to Work

Transport costs have been rising consistently every year, 5 days of buses or trains can really add up. If your place of work is within walking or cycling distance, set your alarm a little earlier and get your exercise in early.

Shop the Sales

If you must buy new clothes, head for the sales rack first. Out of season garments need to be gotten rid of to make room for stock so can be dramatically reduced. Take an afternoon to properly trawl the rails for the best bargains.

Big high street brands have started donating offseason cuts to charity shops to save on waste so heading to big name charity shops such as Barnardo’s or British Heart Foundation and ask to see their new high street arrivals. You’ll be amazed at what you can find.