10 Money Saving Tips from Debtsolver
Snowballing your debt is a great way to pay it off. Essentially, it means paying the minimum on all of your outstanding debts but one and throwing everything you have left at it. In this way, you pay it off fast, move on to the next one and do the same to that. It’s up to you whether you decide to target the smallest debts first, as clearing them will be quicker, or whether you go for the biggest debt first, as this will be charging you the most interest. Whichever way you decide to do go about it, as you pay off each debt, you’ll have more money to pay off the next debt as the previous one is cleared. So, the process will gather momentum, or snowball, towards freedom from debt.
If you’re looking to speed the process up, put any extra money that comes your way into the repayments. Want to free up a bit of extra money? Follow these ten top tips from Debtsolver and you’ll be making big savings and bigger repayments in no time.
1. First things first, shop around. Look for the cheaper option and just get into the habit of making price comparisons for everything you buy.
2. Do you have Sky or Cable TV? How many Channels do you have? Now, how many do you actually watch? You get the point.
3. We all want our children to take advantage of every opportunity but these things can soon mount up. So, try setting a budget for extra-curricular activities and prompt them to be more discerning.
4. In the better weather, take advantage and hang your washing out to dry instead of using your dryer.
5. Likewise, if you have a dishwasher, only put it on when it’s full. If it’s just the odd cup then go all retro and wash it in the kitchen sink.
6. You can still treat yourself and the family to nice things like meals out but you should always look for areas to save some money. Drinking water and waiting until you get home to have desert are a couple of easy ways to save a few pounds.
7. Remember, you don’t actually need to buy the most expensive pet food to keep them well nourished. If you are a slave to the branding, follow point 1 and shop around for deals and offers.
8. Buying in bulk can be a cheaper option, if you actually need the things you’re buying. If you can break up the sets into individual items, as with cases of wine, they can be make great presents.
9. Sharing lifts to work or on the school run can save you money on fuel and cut carbon emissions. Take turns with the driving duties and everyone can make a saving.
10. If you’re worried about your debt, there are free tools online that can help you to build a budget and manage your finances. For a free financial health check, visit www.debtsolver.co.uk.
Related posts:
