Credit Cards:

When it comes to using your credit cards it’s important to be wise and frugal. Although they are very convenient, credit cards are dangerous and damaging when used unwisely. Try to use them only when you absolutely have to.

Did you know that if you have a credit card that has a £1,000 balance and you pay only the minimum payment each month, it will take you between 20 and 30 years to pay off that £1,000 balance, because the majority of money is going strictly toward the interest and not the principal amount?

Christmas Gifts:

This tip is especially helpful for large families.  Although it is fun buying for and receiving from everyone, it can be very expensive.

When you budget is tight try make an agreement with your family that you will continue to buy for the children, but that the adults will go with a name exchange.

This way the children are not disappointed and you can spend a little more on one or two people rather than spreading your money thin. For the members that you did not pick to exchange with, bake a loaf of their favourite homemade bread or meal.

Christmas is about finding joy, while spending time with each other.  Focus on that and everyone will be happy!

Plan:

Planning is a great way to save. Before you go to the supermarket or grocery store, make a list and stick with it.  Plan your meals in advance so that you don’t end up forgetting ingredients and making extra trips to the store.

If you’re considering a holiday, plan everything in advance. Look online for the best travel deals on flights, rental cars and hotel. Sometimes you will get an even better deal if you book everything you need all at one time.  If you are going to a resort or theme park be sure check out the meal plans, they can sometimes save you more than 30% on your food costs. Heading out with no set direction will certainly lead you to impulsive spending.

Plan to cut expenses wherever you can and lower expenses in other areas. Totally eliminating something often saves a lot of money. Cutting back may save even more.

Lists:

Make a list of the 10 most important things in your life. Rank them in order of importance. The purpose of this exercise is to help you see the things you consider the most and least important and to provide you with a visual of why you need to save.

Some examples of things that a person might put on their list include:

-Buying a new home.

-Getting a new car.

-Taking a special trip.

-Planning for  your retirement.

-Stating an emergency fund

-Starting a business.

-Paying off your debts.

-College fund for your children.

-Buying your dream boat.

-Planning the perfect wedding.

Once you have a list made it will help keep you focused. If you go off track take another look at your list to remind yourself why it is important that you stick with your savings plan.

Tags: crisis, financial, money, save, saving, tips