Tip for saving money

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  [Deleted User] Posts: 0 Just got here

  August 2018

  Good post!

  
  

  I ditch the big brands (unless they're outstanding and discounted). Most of us have cottoned on to the fact that cheaper supermarket ‘own’ brands don't necessarily mean poor quality. If not convinced, why not buy both brands on your next shop and do your own blind taste test at home.

  
  

  Shopping online (be aware postage/shipping costs may be added). It not only means you can avoid crowded supermarket aisles and trolley injuries, it can also work out to be cheaper. you can track how much your shopping would cost at each of the UK's four major supermarkets.
  

  
  

  Remember that one of the big benefits of shopping online is that you're less likely to be tempted to buy things you don't need. Plus, a certain Missy can easily slide in an extra mag and a kilo bar of Cadbury's when I'm not looking.

  
  

  Local butchers, greengrocers and markets can work out far cheaper for fruit and veg than supermarkets. Similarly, you'll also save the pennies by eating the seasons. And of course, you could always try a spot of pick your own, or even grow your own fruit and veg in your back garden. Unless the slugs got there first.
  

  
  

  Deep discounters such as Aldi, Lidl and Netto have rapidly grown in popularity over the past couple of years. Because they keep their shop overheads low, they can offer lower food prices than the major supermarkets. So they are definitely worth a look. Lidl's incidentally sell lovely chocolate, especially their 200g white version.
  

  
  

  Watch out for product placement too. Often, cheaper items will be on the very bottom or top of a shelf so you will really have to look for them. And finally, the smell of freshly baked bread wafting down the aisles is also a great way to encourage you to add some to your shopping basket!  Instesd, I go to our village baker's. They're much cheaper.
  

  
  
  
  
  
  

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  Azziman Moderator, Community Champion Posts: 1,851 Extreme Poster

  August 2018

  Hi One-in-a-million,
  
  It's a great idea for a thread - I'm sure this will help others in money management.
  
  There are two main things I'd say are key to staying on top of your finances - one to do with the actual finances themselves, and one to do with mentality.
  
  Finances
  
  Firstly, the finances themselves. It's so important that you create a finances plan to find out where your money goes and comes from, as it's so easy to lose track of it! I find it's best to use a software like Excel, as the formulas and columns make calculations so easy!
  
  1) Make a list of all the regular income sources you have. For most people, this list won't be too long - wages, pension payment and benefits will cover most of it - but do check for other sources such as rental income.
  
  2) Make a list of all the regular expenses you have. This includes rent, food, utilities, line rental, car maintenance costs etc. Also remember to check for any direct debit payments you make, as they can be easy to forget, as well as any subscription services you have. 
  
  3) Using the two totals of income and expenses, you'll find the state of your finances. The aim is to have a surplus (that is, more income than expenses), so that you have some money left over. However, this isn't the case for everyone.
  
  If you find that you are running a zero-balance (income equal expenses) or deficit (expenses outweigh income), then you have two options - either increase your income, or decrease costs. Increasing your income could be done by being promoted, getting a higher paid job, working more hours, or getting a second job, as examples. However, it's generally easier to cut costs.
  
  If you decide to cut costs, some further planning needs to go into this. Firstly, go through your expenses and mark each expense as either "necessity" or "luxury". Based on this, you can identify which expenses you can afford to cut in order to improve the state of your finances. You may enjoy your subscription to Netflix, but it's not worth running a debt for!
  
  There is one necessity that can be looked at to cut costs, and that is food. Firstly, it's important to mention that cooking at home is usually the cheapest way to eat, so if you love to go out and eat, try cutting back how much you eat out.
  
  Above, @Floxy mentioned this, but I'll cover it again to be thorough - oftentimes, the products we buy can be cheaper elsewhere, and a quick comparison on a site like MySupermarket can help you save quite a few pounds on your overall shop, which could be the difference between a surplus and a deficit! Go for value products rather than branded items, as the quality is often similar. Cutting back on snacks is key too - it's easy to spend money on them, but spending less on snacks helps both our health and finances! Finally, it's a good habit to plan ahead for the week, and buy what you need, rather than buying things "in case" you need them. A little planning goes a long way to helping your finances!x
  
  Mentality
  
  The second main point is mentality, and this mostly comes down to discipline. Again, @Floxy touched on this, but I'll reiterate. Buy what you need, not what you want. Whenever you buy something, ask yourself, "Do I actually need this?" A new pair of Nike Air Maxs may look cool, but if you already have two pairs sitting at home, you probably don't need them. 
  
  Staying disciplined is important to keeping your finances healthy. Impulsive buying is really bad for your finance balance if you don't have a large surplus, and often, those products aren't used much and are overpriced. Be more frugal when living your life - walk instead of taking the bus if it isn't too far. Buy a value product instead of a branded product. Eat at home rather than getting a takeaway. Cancel any unused subscriptions or direct debits. Use electricity and water more efficiently when you can. All these little changes may not mean much by themselves, but looking at the bigger picture, it can mean the difference between saving enough for a holiday, and running into debt troubles.
  
  There's probably some tips that I've missed and others will pick up on, but hopefully this helps!x
  
  Much love
   
  
  

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