Perry Scott, Head of PFC Financial Services brings you some helpful tried and tested tips to use at this time when we are looking to save money.
Tip 1 – Look for places to save. Even though interest rates are coming down, considerable savings can be made by changing a few of our day to day behaviours.
Memberships – Are you actually using that Gym membership to full value? Could not running on the streets be just as rewarding? All you need to do is 20 - 25 minutes a day for 3 days per week and this will help keep the pounds off over Christmas but keep the pounds in your pocket.
Lunch – Don’t buy your sandwiches, make them! I use to get up every morning and make them for my kid’s lunchboxes and yet I never did some for me. By making my own rather than buying them I found myself saving £4 per day which equates to £100 per month.
Little luxuries – Satellite and cable packages! Think about what channels you actually watch and what you don’t. Most providers are now reacting to the climate and offering trimmed down packages.
Phone/Broadband – Where most of us use our mobiles more than our home phones and talk more via the internet social networking sites. Look to see where you can save here. With the free minutes you get with mobiles do you need to pay so much for your home phone? There are some great package bundles which give you your home phone with free daytime/evening/weekend and international calls and broadband as well.
I didt and saved £20 per month!
Tip 2 – Shopping! Follow these simple rules I have come up with and you will save! I reduced my average weekly shopping bill by £35 per week.
Rule 1- Supermarket shopping. Never shop on an empty stomach; this is a clear route to dearer shopping. Eat before you do your food shop and then your stomach won’t convince your brain to buy more food or that item you didn’t actually need.
Rule 2 -Reduce the number times you shop. Every time you shop you will always buy extras and so the bill increases. Create space in your freeszer and cupboardsa and fill them.. Then make sure you eat it all before going again. By planning how much you need you not only save on unnecessary items but you save on fuel and wear and tear on the car from not popping to the local store. “Think about this how come it costs a fiver when you pop to the shop for a pint and a loaf”?
Rule 3 – BOGOF’s. Supermarkets are doing more of these to get you in. Think, will I actually consume those before buying them?” My wife just used to buy them because it was a good deal even though we would end up throwing one or both away”. If it is something you need then go for them it again helps reduce the number of times you actually need to go shopping.
Rule 4 – Vouchers and points. These really do work if you are wise and actually make them work for you. Collect the points at all times and then as we do use all the vouchers in one go and have a greatly reduced bill. If you use supermarkets where they give you pence off fuel with your shopping then use them there and there it adds to the overall saving off your bill if you save a bit when you fill up.
Tip 3 – High St Shopping. Think the web first. If you need to see your item get an idea for how much you could save by buying off the net first. You can either use that to see if they will price match or confirm whether you should still buy online. I know it is harsh and the high street needs our help but this is survival.
If it is a large item then ask the store how they can help you pay for it. Interest free deals are a great way to budget. However don’t fool yourself once you have your item and go and have a splurge.
I have made sure, for you Pompey fans you have this option when you come to renew your season ticket. I wanted to make sure we did all we could to help you at this time and so I have been able to secure you the 5 month interest free option and those who want it a 10 month option but you will need to pay interest on that on. We will also have the new Pompey club card and this will give you an interest free period if you buy your season ticket with it.
Tip 4 – Borrowing. If you have borrowing review it! If you have store cards these are usually have a high APR. Move those balances to an interest free deal on a credit card. Review all your borrowing and add up how much interest you pay each month on each part then look to combine it. However don’t borrow more than you actually need and take it over the minimum time you can to still make a saving on the interest. Remember borrowing more and spread it over longer isn’t actually a saving it’s a long term expense.
TIP 5 - If you are looking for new borrowing the first thing you should know is how good is your credit score? This will not only determine whether you are accepted but how much you will be lent and how much it will cost. For the sake of £2 you can get a good indication of your score from one of the many agencies available on the net.
TIP 6 – Save start building an emergency fund, for if the worst should happen. If you use some of the tips I have shown you keep a record of your savings. Then take those savings and put them away.
Pompey has a great saving account provided by Scottish Widows Bank. It is also one of the safest places to keep your funds as SWB are seen as a good strong provider. You will also benefit from time to time on some great Pompey giveaways and you will also be helping Pompey continue to grow.
TIP 7 – Keep a log of your expenditure and review it each month. If you log everything it will open your eyes to more areas where you can make some savings. Review it each month to see what progress you are making.
Good luck and I hope they work for you as they did for me. I will bring you more ideas on ways we can manage through at this tough time.