It is always a challange to stick to a new regime. If you are used to spending with no regard as to how to pay off debts and then spend more to feel better, you are on a slippery slope. Everything is out there and it all looks affordable at the time.
- Flash the cash - sounds odd but if you are used to using a credit card for all your purchases it's harder to put the breaks on because you feel as if you have an indefinite pot of money to dip in to. Once you use cash only you will only buy what you can afford.
- Surf the Net - buying products from the internet, especially food supplies, will make it much easier to avoid overspending. You wont be tempted by smells and sights and that will make it easier to stick to your budget and only buy what you need.
- Swap Cards - if you find that your original low rate interest amount has expired then take the time to balance transfer to another card. You may be throwing the offers away without a second glance when they arrive through the post (having shredded then first) but you could be letting a good money saving practice pass you by.
- Avoid Store Cards - many store cards have notoriously high interest rates and should be avoided unless you can pay back the full amount when the first bill arrives. Even if you are given a low rate of interest to start with the chances are by the time the higher rate kicks in you will have forgotten about it and before you know it the original amount will be multiplying at a very fast rate. Most stores are under pressure to sign up a certain amount of new customers each month and so the staff will give you the hard sell but remember they wont be sent the bill!
- Spread Sheet - set up a spread sheet and religiously make a note of all your spending, even if it only lasts a week. You will be surprised at how much money gets wasted on pointless purchases that may seem small at the time but soon build up. The odd coffee bought or a shop made sandwich bought instead of made at home soon adds up.
- Avoid Cash Machines - taking money from the hole in the wall can be habit forming. You may see a machine and take money out 'just in case' and spending it because it's in your pocket. Only take out what you need and keep visits to the machine to a bear minimum.
- Move Your Mortgage - check that your current mortgage is not tied in with the lender before you decide to spend the time looking for a cheaper deal. Contact your original broker/lender and discuss the options open to you. Redemption penalties with your original lender may no longer apply and it could be a way of reducing monthly repayments.
- Snip Out Vouchers - a really good way to save money if you don't shop online is to cut out any money saving coupons. Most last for quite a while and will help save on your overall spend. Some stores will take other companies vouchers to encourage you to shop with them. Visiting food shops at the end of the day is a good way to snap up bargains as they reduce fresh produce.
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