There are very few people who could honestly say they do not want more money. Whilst boosting the amount of money coming into your bank account each month is likely to mean more work, making your money work for you can take very little effort, and you will be surprised at how quickly it can add up.
You wouldn’t commit to buying a new car without shopping around for the best price, so why treat your household bills any differently? There are plenty of websites that allow you to compare the price of everything from gas and electricity, through to home, car insurance and travel insurance.
Use cash back websites
Cash back websites are a way of earning money back when you buy things online. You can earn cashback on anything from a pair of socks to a luxury holiday. Insurance and utility companies can often be found on cash back websites, so once you have found the best price using a comparison service, take out your new policy or service through a cash back website.
Don’t buy what you don’t need
You wouldn’t go to the supermarket and buy three or four times the food you need, so don’t do the same with your other purchases. Cutting back on any inclusive allowances that you don’t need is a way of saving money, and all it usually takes is a quick phone call.
Many people with mobile phone contracts are paying for large quantities of minutes, texts and data allowance that they just don’t use. The same can often be said for landline phones; if you get plenty of free minutes on your mobile, you don’t need them on your landline too. Super fast broadband might sound like a great idea, but unless you are in a household of several people, it is unlikely you will see much of a difference, even when doing things like watching videos.
Get rid of those credit cards
The interest paid on credit card balances can mount up very quickly. If you have debt across multiple credit cards, consider taking out a loan to pay off the balances. A loan will usually have a much lower rate of interest, and will force you into the habit of making repayments each month, preventing your debt from growing any further.
If your credit card debt is relatively small, consider taking out a credit card with a long interest free period on balance transfers. Even with a balance transfer fee, if you can pay it off before the interest free period ends, it will be cheaper than a loan, and substantially cheaper than sticking with your current credit card.
Make the pennies work for you
At the end of each day, empty any coins of 20 cents or less into a change jar. You will be surprised at how much money builds up. Another take on this, is to save any $2 you get in a jar. If you’re the type of person who has difficulty keeping their hands out the jar, consider a savings tin with a lock, and give the key to a trusted friend or relative.