How Can I Save a Cent Here? – Debt Management Tips

Looking for some tips to help me save on living frugally? I’ll try to make this short and sweet. I live in the UK and we are not allowed to spend any more than we earn. So, we must learn to live by those rules or face the consequences. If you want to learn some frugal living tips here goes:

* Budgeting is very important. Have you ever noticed that the people who spend more often tend to be the smart ones? This works the same in your savings and spending as well. You must set a limit for everything you spend. Make sure you know exactly what you want to save. Stick to it and you will be amazed at how you start to save more.

* Don’t put yourself shopping until you are absolutely clear of what you want to purchase. The old saying goes ‘buy before you can afford to buy’. The same applies to your saving efforts. Give yourself a budget and stick to it. If you don’t see yourself buying that particular item any time soon, then that means it’s probably not something you really need.

* Try and use what you already have. Many people believe that they are doomed to spending whatever they find when looking for something new. Reality check: if you do happen to find something good, use it. Otherwise you will have squandered your money.

* Be frugal with what you buy but also don’t let go of what you don’t need. Sometimes it is better to have less of something, however big that item is, then none of it at all. This applies both to clothes and food items.

* Read up on things you haven’t got around yet. For example, I read that you should keep your non-perishables such as old books, old newspapers, and other items in your cupboard. In this case, I know this isn’t going to be very practical, but it will help. So, if you don’t have much money in your cupboard, what can I do? Sell it on an online auction site? How can I save money doing this?

* Don’t spend all your income on bills. If you put all your money towards bills, then you won’t have any left over for spending. If you take the easy way out and just max out your credit cards, you will only end up paying more interest. On the other hand, if you look at those who save their income, you will see that they generally have a higher quality of life and they rarely have to stress about money.

* Put away some money every month. Some people say that you should ‘max out’ your savings, but remember that you will still be living beyond your means. It is more important to stop spending money than to maximise your savings. After all, you will still be living under a debt burden. Therefore, saving is more important than spending.

* Try not to use your credit card. One of the quickest ways to drain your bank account is to use your credit card, especially if you are buying extravagant items for yourself or your family. Although you are trying to limit your spending, the amount you can buy using your credit card can still add up to a large amount. If you want to minimize your credit card debt, then you will have to decide between getting a loan from a bank or from a credit card company. Of course, if you don’t have any credit cards, then you will have to get a cash advance from the ATM.

* Do you have children? Then why not try child care? It is always better to spend some of your money on them rather than feeding them and paying for their school fees and daycare fees. Besides, it is not such a good idea to pour all your money into something that will just sit in the bank account. If you have enough financial resources, then you can hire an accountant to help you plan how you can save for retirement.

* How can I save a penny? * There are so many things that you can do to save a little money at home. For instance, do you have old clothes lying around that you don’t know what to do with? Then, instead of throwing them away, you can simply wash them in your washing machine.

* How can I save a cent? * Credit card debt can be very dangerous. Once your credit card debt gets high, it becomes difficult for you to make regular payments. That’s because once you have accumulated a lot of debt, it becomes difficult for you to make any payments since your creditor will harass you and will increase your interest rate. Instead of making small payments every month, try to find ways to pay your credit card debt only once a month, preferably twice.