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James McGregor

Budgeting

How to Save up for a Holiday

by James McGregor
written by James McGregor

Many people have regular holidays and some people go several times a year. However, holidays do cost money and therefore there are lots of people that find themselves in the situation of not being able to afford them. However, there might be a way to save up for a holiday and therefore a way to get one.

Calculate the Cost

To start with it is a good idea to work out the cost of the holiday that you want. There are lots of different holiday options and they vary a lot in price and so by looking at the type that you want and calculating all the costs including accommodation, food and travel you will be able to get an approximate figure as to how much it will cost you. It is worth trying to think of all of the costs, perhaps passports, visas, new luggage, new clothing, spending money etc so you can make sure that you have accounted for everything.

Get a Savings Account

Set up a savings account for putting the money that you are saving for the holiday in. This will mean that you will be able to keep the money separate and will not spend it by mistake. You will also be able to see it growing in amount, which can be fun. Try to find an account that pays a decent amount of interest. Although savings interest is very low at the moment, it will still make some difference if you find a higher rate and so it is worth a little bit of research.

Pay Some in Each Month

It is a good idea to pay some money into the account each month. Take a look at your household finances and work out how much you think you will be able to afford to pay. This will enable you to be able to set up a transfer each month, just after you get paid, so that the money is available for you to save. If you find that you struggle each month after doing this, then perhaps make the payment a bit smaller but if you are finding you have money left, make the payment bigger and also transfer money at the end of the month into the account as well. It may take a bit of tweaking to get the amount right. You may also find that you spend different amounts each month and so you may not be able to afford to save so much each month. You will get used to working it all out though and you should try your hardest to at least save something each month and you will be able to slowly increase your holiday funds.

Cut Down Spending Elsewhere

It could be a good idea to see if you can cut down some areas of spending. This should help you to be able to put more money into the holiday fund. Look carefully at what you regularly buy and work out whether you could cut back anywhere. When you go out shopping, think about every item you are about to buy and decide whether you want that item or if you would rather the money went in the holiday fund. Every time you deny yourself a purchase transfer that amount of money into the savings account. This will help your savings to grow even more quickly.

Earn More

It might be worth seeing if there are any ways that you can earn more money. There are different ways that you can try to do this. You might try for a pay rise or see if you can do some overtime or on call work. You might be able to change to a better paid job. It might be possible for you to squeeze in a second job too. This could mean something in evenings or weekends but perhaps something from home. You may be able to find a way to monetise your hobby, make money online or work from home. There are lots of opportunities available, it is just a case of having a think about what you would like to do and seeing if there is something available. Starting up your own business can be a way to earn a lot but it does take time and a lot of effort to do and you may not have the time and energy for it. You could try selling things that you own and no longer need or use and that will also raise some money for you.

Save a Bit Extra

Once you start building up the amount of money that you have saved, you will be able to start looking forward to the holiday. If it has taken a long time to save, then you may need to check prices, as there is a chance that they will have gone up and that you will need to save a little more. It could also be a good idea to put a bit extra by just in case things cost more than you had expected. If they do not, then you will have some money left to put towards saving for your next holiday!

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Students

Is a Student Loan Worth the Risk?

by James McGregor
written by James McGregor

Student loans are the new way to pay for university courses and it means that students may have to repay the money that they use to pay for their degree and their living expenses. This is something that some people get worried about but there are advantages and disadvantages that need considering.

More Education

Staying in education can have lots of advantages. Many young people blossom at university, with increased confidence as well as knowledge. It can give them a chance to experience life away from home in a safe and nurturing environment and they can enjoy learning new things for another three years. Learning can be fun for a lot of people and once we start work, we have less time for learning and so having the opportunity to continue with our education can be very valuable and it is good to do it at a time when we are less likely to have families and large financial responsibilities.

Better Job Prospects

There are many employers that are looking or workers that have a degree. This means that it is important to have one and some jobs are not even that worried about what degree you have, just that you have one. With many more young people getting degrees, it does mean that there is a more educated workforce to compete with for jobs and so it could be necessary. Of course, it is best to get a degree in a subject that you want to get a job in but it can be difficult to choose a career at such a young age. However, doing something enjoyable is a good start as it will hopefully lead to an enjoyable career. It should also lead to a job that is better paid and although money cannot buy happiness, being able to afford everything that you need is important and a better paid job can help with that. You may also have more job options if you have a degree, which means that you are more likely to find work.

Loan Repayments

The loan repayments are very different to a regular loan. They are taken out as tax before you get paid (unless you are self-employed). You will only have to repay once you start earning over a certain amount of money and then there is a variable scale which will increase as salary increases. This is set up to make repaying affordable. It is also not seen as loan and so will not appear on a credit record and therefore you will not be discriminated against when being considered for a loan. It will impact mortgages, but only because they will look at your disposable income to make sure you have enough to repay the mortgage. The maximum loan repayment is pretty small though and as you will have to be earning well to have to repay that amount, you should be able to get a mortgage anyway. It is worth checking out the repayment amounts and thresholds before taking out a student loan, just so you are sure of what to expect and whether you will manage.

Loan Written Off

Thirty years after graduating a student loan is written off. This means that it will no longer need to be repaid. So, if you have been a low earner for some or all of the thirty years, it is likely that you will not have repaid the loan. A majority of students never repay their loan in full. If you feel you will make the maximum payments each month, then it can be worth repaying the loan early and then you will not pay so much in interest. However, if it is likely that you will not repay it all, then you will be better off not repaying any of it early.

Government Changes

It is worth being aware that student loan rules are made by the government. They have tweaked them before and it could be the case that they will again. This could be favourable or unfavourable so it is a little risky. It is not like a bank loan, where you will have terms and conditions that cannot change. The government are able to change the terms of the student loan. This could have an impact on the thresholds for repayment, the interest rate and most importantly the thirty years before it being wiped off. This does make the loan a risk, but it is unlikely that any government would make a huge unfavourable change to the loans as there would be a big backlash. Even if their voters are not students, their parents or grandparents could be and it will therefore have a big impact and so big policy changes are unlikely but small changes much more likely.

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Advice

How to Get a Pay Rise

by James McGregor
written by James McGregor

With costs rising so much lately, many people are finding it difficult to afford everything that they need and want. There are different options available such as spending less or getting a second job, but if you can get a pay rise, it means that you will not have to change anything but will be paid more. However, it is not always easy to know how to go about getting one.

Company Rules

You will need to start by looking at the rules that the company has on pay rises. There may be a certain procedure that you will need to follow. If you cannot find anything easily then ask others. You may want to start by asking colleagues before you go to your boss as it might not go down well. It is always a sensitive subject as people do not generally talk about their salaries in the workplace as it can cause bad feelings. Pick carefully who you talk to about it. Try not to start a departmental debate on the matter, if people get worked up then it could reduce the chances that you get a rise. You may find there is a particular way to apply, it depends on your appraisal result or it is down to years of service. If you have a human resources department then they will be the best ones to talk to as they will have access to the specific rules. If you do not and you cannot find out from anyone else then you will need to go directly to your boss. Make sure that you start by inquiring, just ask how to go about applying for one, rather than just asking for one. They may not be able to give you one anyway and you may have to work towards it in some way.

Be Impressive

Pay rises are often given when deserved. This means that you will need to impress people and then you will be more likely to get one. This can be tricky but there might be things that you can do which are more than you normally do and this will help you to be able to justify that you deserve a promotion. There are some things that you could try and these will depend on your job and workplace but some examples could be –

  • Always arrive on time and never leave early

  • Help out others as much as you can, as long as you can also get your work done

  • Smile and look happy and greet people in a friendly way

  • Do tea / coffee runs

  • Be quick to answer phones (so they do not ring and annoy people)

  • Try to work as quickly and efficiently as you can

  • Always look smart (even overalls can be clean and ironed and your hair can be tidy)

  • If extra help is needed such as overtime, volunteer to do it if you can

  • Offer to do training courses that are relevant to your work

Be Insistent

It is important to be assertive when asking for a raise. Make sure that you sell yourself and explain why you think you deserve it. Try to be insistent that you should get it rather that shying away if you are told it is unlikely. However, never threaten to leave and find a better paid job. It could be something you are considering but it will not convince anyone, it can just sound a bit like you are having a tantrum! It is better to have a positive approach and explain why you deserve it rather than being threatening.

Be Patient

It can be difficult to be patient but sometimes you may need to be. You may need to start making a good impression and proving you deserve a pay rise before asking. It could be that you need to wait until the company gets some more money or that there is a particular time of year when all pay rises are dealt with. Make sure that you are aware of this and do not become too pushy.

Consider a New Role

It could be that you will be able to get more money if you change your role. There may be positions available that are better paid. It can be a good idea to find out about these because it could be a better way of getting more pay. If the role has more responsibility, it could also mean that you will get a much bigger increase in pay compared to just getting a rise in the job that you are doing. Obviously, there will be disadvantages of changing roles too but it is well worth considering to see what you might be able to achieve and you may even enjoy the new role more than your current one.

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Advice

Should I Get a Store Card?

by James McGregor
written by James McGregor

There are many shops that have a store card available for customers to apply for. This is not the same as a loyalty card but similar to a credit card in that you can use it to buy goods and then pay for them later. There are advantages and disadvantages of these cards and it is a good idea to understand what some of these are before you decide whether this card is the right choice for you.

Interest Free Credit

When you take out a store card or credit card you will be able to use it to buy items and delay paying for them. When you get your monthly bill, you will then have the option or paying for the items or paying interest and delaying the repayment. You will get interest free credit up until the repayment is due. However, you need to be aware that if you do not repay the card in full, you will start to pay interest on what you owe. You can set up a direct debit to repay the card in full every month and this will allow you to buy things all month in the shop and then get interest free credit until they are paid for. If you put the money, you would otherwise have used to pay for them in a savings account you will be able to get some interest on it and gain even more.

In Store Offers and Discounts

Some stores will have certain offers available to their card holders, it could be that you will get some special discounts or that you will be able to attend early sale events and things like this. Different stores will have different offers for their card holders. If you shop in that store a lot, then getting discounts and other advantages could help you to save money so it could be good. However, if you do not pay the card in full each month, you will pay interest and this could be more than the money you are saving due to the discount, so make sure that you calculate it carefully. If you intend to repay the card in full, then the discount will save you money, but if not, then calculate the value of the discount and work out how many months you will have to have it unpaid until you end up paying more in interest than you have saved from the discount. It will probably not be very long.

High Interest Rate

You will find that store cards will tend to have pretty high interest rates. They will often be higher than a credit card, which is high anyway compared to some other types of borrowing. Even if you plan on paying the card off in full each month and have a direct debit set up to do so, it is always worth checking this interest rate and being aware of it. There might just be an occasion when you cannot afford that payment and you need to ensure that you are aware of how much that might cost you. If you do not intend to repay in full each month, then you need to be even more aware of the interest rate. Think about how much you will be paying each month for that item until it is paid off. It could be a lot of extra money.

Get into Debt

It could be easy to get into debt if you have a store card. If the card is for your favourite shop then you might see it as a way to buy lots of items that you want and then find that you spend so much that you cannot afford to repay it all. It is important to make sure that you are really sensible when you take out the card and make sure that you are just as careful with your spending or perhaps even more careful than you were before. It might feel like, when you get the card, you have a way to buy everything that you want, almost as if you have free money. But it is not your money, you are borrowing it and you will need to repay it. The debt will also show up on your credit report and that could make it difficult for you if you want to rent a property or get a different type of loan or mortgage as it will be seen as you not having good control of your money.

Discouraged from Shopping Around

If you have a card for a certain store it may mean that you will be more inclined to spend money there than anywhere else. If it is one of your favourites, then this is not surprising. However, you will need to make sure that you are not paying more than you need to. It could be that you will be able to get the items that you are buying for a lower price elsewhere. However, you may not bother to look anywhere else because you have a card to use at that particular store. So do make sure that you are still comparing prices. You may even find that other places have items that are better value for money, even if they are not cheaper and you might want to consider those as well.

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Advice

Is it Worth Having Several Credit Cards?

by James McGregor
written by James McGregor

There are some people that have more than one credit card and this might be something that you are considering as well. There are advantages and disadvantages and it is well worth considering them before deciding whether this will be a good decision for you or not.

Interest Free

Sometimes it is possible to find a credit card that has an interest free period. These can be used to your advantage, as long as you are careful. The cards can be used like a normal card but you will not be charged any interest on the outstanding balance. What some people do is use the card and then put aside the money they would have used to make their monthly repayments in a savings account and get interest on it. Then, when the interest free period is up, they repay the card in full and therefore have no interest to pay at all. This is something which should really only be used by people that have good self-discipline and know that they will not spend the money that they are putting in their savings account so they will definitely be able to repay the card. It is a risk and for someone that knows they are likely to be tempted to spend the money, is not worth taking. This is because once the interest does start to be charged, it is likely to be high compared to other credit cards and so you may end up paying out more in interest on the card than you gained in interest on the savings.

Cashback and Card Rewards

There are some credit cards that offer cashback or other rewards when you spend money on them. It will often be the case that you will get back a percentage of what you spend on the card. This can be worthwhile, even though it is likely to be a small amount. Therefore, some people may take out a card in addition to their regular one, because it offers better rewards than the one they currently have. They may even spend so much money on the card that they need a second one as they spend up to the credit limit. This is another risky thing to do though as it could be the case that you spend a lot on the card and do not pay it back in full each month. The interest that you will be charged, will be higher than the cashback or any rewards you have gained. These cards are also likely to have a higher interest rate than a regular card, just to cover those reward payments the lender has to pay for. So, you need to only consider these if you are confident you will repay them in full each month or if you have calculated that the reward is worth more than the cost of the interest that you are paying.

More Credit Available

If you spend a lot of money, then you may have spent all the credit available on your card and feel that you would like a new one so that you have more money available. While it is nice having extra money available to spend, this could be problematic. Even if you decide not to repay the card in full each month, you will still have to pay a minimum amount which will include the interest charge. You may find that you cannot afford to make an extra monthly payment. If this is the case, then you will have even higher charges as there are fees if you miss the minimum payment. You will also find that the debt could build up and you will have to repay it at some point. Think carefully about whether you really want to keep paying out those interest charges all the time or whether it would be better to repay what you owe instead and then you will not need to pay those interest payments. It can be too easy to see the cards as a way of buying more things that you want and forget about the charges that you will pay for this privilege. Imagine if those goods cost their ticket price plus a years credit card interest, you would probably not buy them, but that is what you will pay for them.

Spend more Money

You may end up spending more money because you have access to more. You may think that this is a great thing because it means that you will be able to buy more things. Some people really love having new things and it makes them happy but do be careful to make sure that you are not trading short term happiness for long term stress, when you have to face up to repaying the credit card. However, it can be really easy to forget that you will need to repay this money at some point. You will be charged interest on it if you do not repay it when you get the next bill and you will need to repay it at some point. Make sure that you are aware of the fact that you will need to repay and think about the interest costs as well. Then decide whether you think that being able to spend more money will work out well for you or not.

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Budgeting

Should I Use my Overdraft?

by James McGregor
written by James McGregor

Many of us have an overdraft with our current account. It is designed to be a way that we can easily borrow money but is it something that we should be using?

Costs

It is worth checking out the costs of the overdraft before you consider borrowing any money. You will tend to find that it is a very expensive way to borrow money compared to some other types of loan. Make sure that you find out how much it costs and then compare that with other banks and see whether it is a competitive rate. You may find that there are some cheaper rates around and it could be worth switching banks to take advantage of those, although it can be tricky swapping your current account over and many people will not want to do it. It is likely that you will see that the rates are pretty high everywhere and that this is an expensive way to borrow, so even when comparing you may not be able to save much. However, it is convenient as you do not have to arrange the loan, once it is set up initially and the bank agrees you can borrow up to a certain amount, then it will be there for you, whenever you need it. It is a useful thing to have in case of emergency, but it may not be worth using just generally unless you really need to, because of the high cost. If you compare it with the costs of other types of loans, then this will allow you to decide whether you think it is worth taking one out or whether a different type of loan might be better.

Repaying

It is good to have an understanding of how an overdraft is repaid as well. What happens is that you will be charged daily when you have an overdraft and then as soon as money enters your current account, it will be used to repay the overdraft. This means that when you get paid, for example, the money will be used to repay what you owe and anything left will remain in the account. It can therefore make it a bit tricky when you are budgeting based on your income, if some of it immediately disappears to repay the debt. However, it does mean that you will not have to worry about remembering when your repayments are and finding the money for that, like you would with a personal loan, as it will just happen automatically for you.

Credit Record

It is worth noting that any borrowing will have an impact on your credit record. If you take out an overdraft it will appear on there. If you keep using your overdraft and perhaps take a long time to repay, then this will not be looked on favourably by a potential lender, landlord or anyone else using that credit record to decide whether they can trust you or not. Of course, all loans will also appear on there as well. But an overdraft is so easy to use, possibly even by accident, that you need to be extra careful with it. It is also known that it is something that is often used for emergencies and so by using one, it could indicate that you are not good at managing your money because you keep having to get an overdraft and this is something that is frowned upon and could reflect on you badly.

Emergencies Only

It can be a bad habit for some people to use their overdraft every month when they run out of money and this can be a problem. It gets repaid when they are paid, but they then have less money to manage on so they may run out sooner and have to borrow more that month. This can go on and on until the maximum is borrowed and they still need more money. It is therefore wise to make sure that it is only being used to cover emergencies. It can be a good idea to keep a check on your current account and make sure that you do not accidently go overdrawn too, as there will be costs for this. Track your spending and account balance carefully and this should help you. Some people may decide that it is safer to cancel the overdraft agreement, but it can be reassuring to know that it is there for emergencies and it is just a matter of being careful with your money to make sure that you do not use it by mistake. It can be worth keeping a buffer of money in your current account, just to be sure that even when payments go out, you will still not go overdrawn. It can be annoying doing this, because you could have the money in a savings account earning interest, rather than in a current account doing nothing, but it is better than going overdrawn and paying that interest, which is very high.

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Budgeting

How to Cope with Rising Energy Bills

by James McGregor
written by James McGregor

Everyone is seeing an increase in the cost of their energy bills. While using less energy can be something we can do to try to reduce the costs, as the standing charge is increasing a lot as well, doing this will not have a big impact on how much extra people are having to pay. It therefore means that we may need to have to think about alternative ways to afford the bills.

Cutting Energy Use

Although a lot of the bill is a standing charge which will not change even if we use less energy, reducing energy use will still help to some extent. It can be a good idea to make sure that at least, we are not wasting energy and we may even be able to do more than this to cut usage. A smart meter will give reading as to how much energy is being used and this will allow us to work out what appliances use a lot and where we might be able to reduce what we use. Simple things like using the grill instead of the oven and turning off appliances when not being used can help. These will not make huge differences, but it is worth making sure that we are not wasting money by using energy we do not need to use. Energy companies have information on their websites with tips on saving energy too and these are worth trying out. It is also wise to try to take advantage of the cheaper summer months, when bills will normally be less due to reduced heating costs, to save money up towards the winter. Your energy company might make you do this anyway by making you pay extra each month in the summer to cover the winter costs, but you may choose to save that money yourself instead and put it into a savings account. This means that you will be able to earn interest on it and you will have it there if you do need money in an emergency, although it is best if you try really hard not to spend it.

Earning more

If we can earn more money, then this will enable us to be able to have more money available to pay the energy bills. If we are working outside of the home, we will also use less energy in the day as we will not be putting on lights, appliances and heating which cost money. Of course, it is not always easy to find work or to be able to work, depending on our circumstances. However, it could be possible to even earn some money at home if we start a YouTube channel, website with affiliate links in or monetise our hobby by selling things that we make. Some people find that getting a second job of some sort can benefit them, in increasing their income enough to help them to manage. It is not always easy to work harder and give up leisure time in order to get more money, but it might be something that we will have to do. There are many ways that we can make a bit extra and although it may not be a fortune, it can all help when we need extra to pay bills. We may be able to make money form our home too – renting out a bedroom, driveway, garage or attic space could bring in some extra income without us having to work. Even selling things we no longer need could help a little bit, although it will not bring in an income, just a lump sum of money, it could all help a bit towards rising costs.

Spending Less Elsewhere

It is well worth having a close examination of what we are spending and seeing whether we can cut back anywhere else. Sometimes there may be obvious areas that we can reduce spending in, perhaps by cancelling subscriptions and memberships that we rarely use, cutting back on charity donations or buying less stationery. It might be more difficult though, as some people have already started to cut back and it can be tough to see where they can cut back more. It is always worth looking though, writing down what you buy, examining bank statements and you may be able to identify areas where you can stop buying something and get an extra bit of money. Swapping the places, you shop and the brands can help as you can switch to buying cheaper items. It can also be good to question yourself when shopping and think about whether you really need the item that you are buying or whether you can manage without it as by doing this, it can mean that you put a lot of items back and only buy what you need to. You may think that you are already buying the cheapest items but make sure you really check and keep checking. Just because you are in a budget shop does not mean everything there is cheaper. Toiletries could still be cheaper in a pharmacy or chemist rather than a supermarket, for example. If you have the time, compare prices in lots of places. Many have prices online so you will not have to go into stores to do this. Also consider whether online shopping might be cheaper for you. This will depend on the type of things you are buying and you will have to allow for any postage charges, but it might be a good way to find some cheaper items.

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Property

How to Save up for a Deposit

by James McGregor
written by James McGregor

If you want to rent a home or buy one, you will need to save up for a deposit. On a rental home the deposit will cover any damage done to the property and will be repaid once you move out, as long as you leave it in good condition. It is usually repaid after you move into your next home, so you need to find a deposit every time you move. With a mortgage you will need to secure a payment against the home. This will usually be significantly more money than you would have to pay for a rental and therefore it will take longer to save up. Either way, you will need to think about the ways that you can save up money so that you will be able to afford to pay that deposit.

Savings Account

It is a good idea to open a savings account to put the money in. Have one specifically to put the deposit in and this will allow you to know that you cannot touch that money as you are keeping it for the deposit. It is good to search around for one with a good interest rate, even a small difference in rates can make a big difference to the interest you get so it is good to check. You may find that an account where you give notice for withdrawals will pay more interest and as you will not need the money for a while, it is good to consider one of these. If you want an instant access account, then still compare them as although rates are low at the moment, the are varied. A comparison website could help you to find one. Check rates regularly as better ones may come along and it could be worth moving your money.

Pay Yourself First

When you get paid make sure that you immediately put some money in the savings account. If the money is not available for you to spend, then you will not be able to buy other things with it. We will often see that we have money and then allocate it to spend on various things, but if it is not there then we will not be able to do that. Of course, you will need to make sure that you have enough left to pay for everything you need, to cover your bills, food etc, so you will need to carefully calculate the amount that you pay into the account each month. Do be sure though, to also pay in any extra money you get and any you have left at the end of the month in order to grow those savings as quickly as possible. Some people just wait until the end of the month and save what is left the day before they get paid. Sadly, doing it this way means that there is often nothing left. We check our account balance and see there is money there and then we spend it, but if some has been removed and put in a savings account it is not there to spend and so we should save more than if we wait to see what is left.


Reduce Spending

It might be possible that you will be able to reduce the amount that you are spending in order to be able to save more. There will be things that you have to pay for, but you will also find that you will be able to cut back in some areas as well. There are lots of things that we buy that are not necessary that we might feel we can give up in order to save more money. Things like subscriptions, gym memberships, eating out, daily coffees, clothes and accessories, luxury food and drink etc. All of these items are extra to what we need and we might be able to give all or some up to help. Some people will buy more of these than others, but it is worth examining what you are spending really carefully so that you will be able to identify areas that you can cut back. It can be useful to look at past statements or note down what you are spending so you are more aware of where your money is going and this will help you to be able to carefully decide whether there are areas where you can cut back. Some people will be able to cut back more than others, but hopefully you will find some areas to cut back so that you can at least save a little bit each month.


Increase Income

Increasing your income will allow you to have more money to save. If you do decide to find ways to do this, it is a good idea to make sure that you do save the money and do not get tempted to spend it on things that you do not really need. Think about ways you can get more. It is possible that you may be able to do more hours in your job or ask for a pay rise but this is often not an option for many people. Therefore, you may need to be a bit more inventive with your ideas. You could consider selling things that you no longer need or use. Although this will not give you an income, it will provide a lump sum of money that you can add to your savings. You could start up a side hustle to earn some money, perhaps monetising a hobby that you already have. This will not be easy and could take up a lot of time, but it will allow you to be able to get an income stream, which could not only help now when you are saving, but will also help with paying your rent or mortgage. A second job could be an easier option for some people but others may prefer to try something at home.

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Budgeting

Tips on Spending Less at the Supermarket

by James McGregor
written by James McGregor

Everyone buys groceries and most people will shop at a supermarket. Prices are rising though and so it might be difficult to find the money to buy everything that you want and need. However, there are some things that you might be able to try that will help you to spend less. 

Try Different Shops

You will find that supermarkets vary in cost. If you shop at a certain one all of the time, it could be worth trying some others to see if you can save money. You will find that there are certain places that will cost less than others generally and so you may decide to switch to trying one of those, although you will need to factor in any additional travel costs, if you shop at your local one normally. It can be worth comparing prices to see how much you could save. It is worth considering though, if the place does not have everything you normally buy, whether the cost of shopping in several places will be higher, with regards to travel costs, compared to getting everything at one place. Of course, this depends on whether you normally only shop in one supermarket or in several. 

It is also worth noting that you may find that there will be some shops that will be cheaper than supermarkets. Check out prices of greengrocers, butchers, fishmongers etc and you may find that you can pay less, although the travel costs may again make it more expensive to shop this way. It is always worth investigating though as you never know how much you can save until you check. Many people buy toiletries and cleaning products at supermarkets and this can be an expensive way to buy them. It can be cheaper to get some of them in high street shops as well as online and so it could be worth checking these out. 

Compare Brands

It is also worth comparing brands. You will find that some brands will be more expensive than others. It is easy to assume that a supermarket’s own brand will be cheaper, but this may not be the case. It could be that they will stock some cheaper brands and so make sure that you do check the prices carefully as you never know what difference this could make. You may not like the idea of switching brands, but until you try you will never know what they are like. You could find that cheaper brands will be the same or even better than what you are having now. You could swap everything at once and try them all or you could swap a few things at a time and slowly try different things to see if you can save money. The savings may just be a little bit here and there, but they will add up if you can save on lots of items within your shop. Therefore, it is good to check and try them out. You will soon find that checking prices will become easy for you. 

Try Changing What You Buy

It can also be good to think about the types of things you buy. For example, in season vegetables and fruit will usually be cheaper than those out of season and things grown more locally tend to be cheaper. So, it might be worth exchanging some items. So, swap blueberries for apples and sweet potatoes for carrots and you will find they will normally be cheaper. You might be able to do this with other items that you buy. It can be good to study your receipt and see what is costing you the most money. Then you will be able to think about whether you can swap out those really expensive items for cheaper ones and eventually you could potentially do this with everything you buy. You will also often find that ready meals will be more expensive than cooking things from scratch, so rather than buying pre-filled fresh pasta and a fresh sauce, try dried pasta with a jar of sauce or better still try making a sauce yourself. 

Be Careful with Reductions

It is really important to be very careful with supermarket reductions. They will place their reduced items in a really prominent place to catch the eye and to try to make you buy them. Reductions are normally branded products and it could be that own brands will still be cheaper even when the brands are on offer. They may also be items that you would not normally buy and so you could be tempted to buy extra items because they are on offer and you think they are a bargain. It is a good idea to use a list and only buy the things on it. Avoid those sale aisles because if the items you need are on offer, there will be reduced items on that shelf as well as in the sale section so you will still find them. It will also be a lot easier to avoid buying more than you need. Having a list is important as well and sticking to it even more so! Try to ensure that you make your list with careful thought and plan your meals so that you can avoid buying too much and wasting food. 

Cut Down What You Eat

If you cut down the food that you eat, then you will not need to buy so much at the supermarket. No one should be going hungry, but it could be that you buy unnecessary food. Things like snacks such as sweets, chocolate, crisps, biscuits and cakes which are unhealthy anyway and unnecessary could be missed out completely or cut down. You will get the added bonus of being healthier. You may also be able to cut down the alcoholic and soft drinks that you buy and replace them with water and tea which could be a bit cheaper. Coffee is expensive but it may still be cheaper than other alternatives and it is worth investigating. You may even be able to cut down portion sizes to save money. It is worth thinking about to see if you could save some extra money here and there.

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Advice

How to Find Good Insurance Prices

by James McGregor
written by James McGregor

Paying for everything we need is not always easy and if we own a home and car, we will have to pay for insurance. It is a legal requirement to have some car insurance and you may want more than basic cover so that you can get your car repaired if you are in an accident and also you may want breakdown cover, so you can have peace of mind that if you have problems while travelling you can get help. If you have a mortgage, then you will be required to take out life insurance for the term of the mortgage so that it can be paid off by the insurance company if you pass away. Some people also like to have life insurance so that their family will get money when they die. They will also require you to take out home insurance to cover the building if it gets damaged or destroyed. You may wish to have this even if you have no mortgage and you may also want contents insurance so you can get a pay out in case of fire, flood or theft. There are other types of insurance that some people like to have as well such as health insurance to get quicker medical care or pet insurance to go towards vets’ fees. You may also have caravan, holiday, dental and other types of insurance. There may be other insurance people take out too and they all cost money. There are ways to keep the prices down and it is worth investigating these to see if there is anything that you can try out. 

Compare Insurers

It is well worth comparing the different insurers to see whether you can get a significantly cheaper price with one compared with the others. Rules have changed recently, which means that new customers cannot get better deals than existing ones. This will mean that you may find that insurance prices seem higher for new customers, but you will be rewarded for brand loyalty and will not have to look around for a new insurer regularly as you should find that if you stick with one, your rates will still remain fairly competitive. It is always good to have a check though as there will be some differences between different insurers. It can be handy to use a comparison website, just to get an idea of what prices are available. Be careful with these though, as you may not be getting like for like insurance. You may have added extras in your policy that are not available in the cheaper ones. You need to consider whether those extras are worth the money that you are paying for them. It is good to perhaps put together a list of what you are looking for and then you will be able to make sure that the insurers that you are comparing will provide you with the cover that you are looking for. 

Negotiate at Renewal

If you take out a yearly policy, then it could be a good idea to call your insurer when you get your insurance quote. Ask them whether that is the best price they can offer you. Some will just drop their price when you call them. For some, you may need to explain that you have found a better price elsewhere (you will have to prove this and not make something up!) and that should help you to be able to negotiate a better price. It is always worth a try as you could make a significant saving. It is extremely unlikely that your premium will go up if you try to negotiate it down. 

Have a High Excess

The excess is the amount of money that you need to pay before the insurer pays out. So, if your excess is £250 and you have a £500 cost to pay on a repair to your car after an accident, you will have to pay £250 and they will pay the rest. The higher your excess, the lower your premium. It is good to think about whether you would make a claim if the damage was low and therefore whether it is worth having a low or high excess. On your content’s insurance, if everything you have is destroyed, then the insurance will pay out for the value you have insured minus your excess. The pay out is likely to be a significant sum of money and so even if you have quite a high excess it will not make that much difference. It is worth thinking about under what circumstances you will make a claim and how much of an excess will make a difference. There will be a maximum and minimum amount that your insurer will allow.

Do not Claim

Making a claim on your insurance will put the premiums up. You will be seen as a bigger risk because you have made a claim and therefore insurers will charge you more. You have to let insurers know you have claimed and they will check anyway, so it is worth being careful with this. Not all insurances are the same though and sometimes claims make less difference. For example, if you have pet or dental insurance, they will just give you some money towards certain treatments or allow you to have some things for free. They work more like a savings scheme where you can spread the cost of treatments and therefore can be useful if you think that you will struggle to pay. However, others do not work like this and you will only get a pay out if you make a claim. So, if you damage your car and the repair costs are low, it could be better to pay these yourself, rather than claim it on your insurance because you will not have increased premiums as a result. With a car you will also lose your no claims bonus, unless it is protected and even if you have protected one, it can still impact your premium costs.

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