Making ends meet on an midpoint household funds is not easy, especially on an midpoint wage with a mortgage or rent to pay. However with the current Global Financial crisis things have never been worse. The cost of living has sky rocketed. Food prices, power costs, fuel, clothing and school costs have all increased. And, unfortunately there is no light at the end of the tunnel for some time to come.
We will all need to tighten our belts and find ways to reduce spending. Listed below are a few ways that you can put into institution immediately that will help you stretch your dollar further.
- Credit cards incur a very high interest rate. Try to reduce your credit card debt as much as possible. If you have any money left over after the bills are paid, pay it off your credit card. If you have complicated credit cards make an endeavor to pay off the smallest credit card a soon as potential then use this credit card to live from for the month. Pay for all your purchases with this card and leave your money in the bank to earn interest. Pay the credit card out fully before the due date. You have now used the bank's money to live on and have no interest to pay and better still you are earning interest on the money that would normally be used on your purchases. This is the best way to use credit cards, but make sure you pay it off before the due date otherwise you will be paying that high interest again.
- If you are paying off a credit card on a high interest rate check what other banks are offering. Some banks or construction societies offer very low rates if you replacement your existing credit card to their facility. This can be a great help in reducing the equilibrium of your credit card and can save you hundreds of dollars.
- Reduce the use of processed foods. Besides being unhealthy they are very extremely priced. Packaged formula bases, meals, gravy, sauces and cereals are very high-priced and quite unnecessary. By using fresh ingredients your meals will be healthier and you can add fresh herbs and spices to replace the preservatives and additives in processed foods. This is a great move transmit for your family's health.
- Stop buying potato chips, chocolates, biscuits and candy bars. Again, they are high in sugar, salt, colourings and flavourings and are very expensive. Make your own biscuits, muffins and cakes. Your house will love them. Have a baking day and make heaps of homemade goodies. Pack them up in zip lock bags and freeze them. It's then a simple matter of popping a few of them into lunch boxes each morning. There are lots of recipes for wholesome yummy sweets and treats. You can also turn this into a fun day by provocative your friends over to have a baking day.
- Don't shop when you're hungry. If you do, you can warrant that you will buy lots more than you intended
- Preferably shop alone. Shopping with kids or husbands in tow always means more items in the shopping cart
- Make a shopping list before you leave home and stick to it. If you forgot to write something on the list try to make do without it until the next shopping day.
- Reduce your electricity costs by turning off lights when you leave the room. Turn off appliances at the wall. Microwave ovens, toasters, kettles, galvanic shavers etc still draw power even if you are not using it.
- If you're running a heater or air conditioner keep the drapes and doors/windows closed.
- Insulate your home and, if potential setup solar panels and solar heating
- Shop at direct sales outlets or markets. Never pay full price. If you need to purchase a large ticket item do your investigate first. Know exactly what you want including any accessories. Visit a few dissimilar outlets and write down their prices including warranty. When you have closed your comparison go back to the store you would prefer to purchase from and let them know that you have been shopping around. Tell them the areas where they are more costly and ask for a better price. Don't be afraid to bargain. You can save heaps of money just by asking. All large market should be able to give you a 10 percent discount immediately. Aim for at least 20 - 30 percent discount on large purchases.
- Try to buy large ticket items at the end of the month. Salespeople will be keen to make sales to boost their figures before the end of the month. They will be more willing to trade and offer you discounts.
These are only a few of the ways that you can save money every day. Work on one item at a time and see how much you can save.
How To Save Money On Your Household funds