Master The Art Of Saving Money

*This is a collaborative post 

If you are dreading the festive season because you are a little strapped for cash, don’t think about applying for a new credit card, however tempting this might be. Instead, you need to think of ways of topping up your savings. There are still a few weeks until the big day so you don’t have to start panicking about buying presents and purchasing a turkey just yet. The party food can come at a later date. What you need to do is think of intuitive ways to cut your expenditure and top up your Christmas fund. 

Saving your hard-earned cash is always easier said than done. Even when you try to live frugally, you can find yourself nearing your overdraft come to the end of the month. However, it doesn’t have to be this way. Take a look at how you can master the art of saving money.

Get Money Savvy

Forget about maxing out credit cards never to pay off the debt. You need to think about fixing your finances. If you find yourself struggling to save because you have debts to pay, clear them as quickly as possible. Transfer your credit card debt onto a new card with zero per cent interest. This way, you can pay off your debt in a faster time as every payment you make will be contributed towards your capital. This can help you focus your time to then save.

Consider the option to apply for a loan with bad credit. That means you can consolidate your debt repayments into one monthly payment and you will have a fixed end date for your debt. At the same time, you can set up an interest-free overdraft with your bank. Banks are very accommodating and should organise an overdraft without fees to help you manage your finances as long as you don’t ask for too much of a cushion.

Look For Deals

When you are trying to cut your expenditure, you need to reassess your outgoings. Many of your direct debits come out of your account and you don’t give them a second thought. However, there may be better deals to be had. Think about going on to comparison websites to check new mobile phone contract deals. You may find yourself with a better phone and more data with a different network for a cheaper price than what you are paying now. You also might find a better deal with a utility company to help you save money on your heating bills. This can be invaluable during the chilly winter season. Any money that you save can go towards your Christmas nest egg.

Supermarket Offers

Forget about shopping for extra special or luxury items in the supermarket and instead opt for supermarket own brands. Often these are made in the same factories and by the same companies as the luxury brands, but they will be infinitely cheaper. Without even realising it, you may find that you are eating the same food as you were before but from different packaging with different branding.

Always utilise the supermarket buy one get one free offer if you know that you will use the food. Some offers seem great to the eye, but if you aren’t going to use the items or grub, then it can become a waste. And often, some supermarkets have loyalty schemes where you can bank points that can then be spent in the shop a few months later in the form of money off voucher. This can help you refine your shopping habits so that you become more aware of what you are spending.

Eat Out Wisely

You don’t have to live like a pauper when you are trying to save money. You can still head to the movies and eat out but you shouldn’t be going to see the latest new release on an expensive Saturday night and following this up with a meal at a Michelin starred restaurant. Why not think about heading to the movies on a Wednesday when tickets are cheaper and venturing to a chain restaurant with a two for one voucher. This can save you a small fortune when socialising with pals. If you head to a bar for drinks, have a drink and make it last. Or think about going teetotal for a little while. Soft drinks are the cheapest drinks that you can buy in a bar.

Buy A New Car

Even though you may need a car, you don’t necessarily need to have a swanky sporty little number on your driveway. This will drink fuel like it is going out of fashion. Instead, think about swapping your expensive motor in for something a little cheaper. While it might not turn as many heads, an older and more economical car will still get you from A to B. On the plus side, it will cost you less money to refuel every week and you may be spending less money on insurance.

Alternatively, you could sell your car and not even purchase a new one. You might be able to sign up for a local car-sharing scheme. You will only be responsible for the fuel and you won’t have to worry about car maintenance. You could choose to use public transport more often and walk more places. This will only work if you don’t have a mammoth commute and live near good transport links.

Watch Your Bills

Even though you might change your utilities provider because they are cheaper doesn’t mean that you won’t be frittering your cash away. If your home has dodgy glazing and there is no insulation in your loft, needless heat will escape from your home. Consider replacing your windows and putting in some foam insulation. It may be costly initially but these energy-saving initiatives will pay for themselves, in the long run, saving you some much-needed cash.

Follow this guide, think about your spending habits and you will soon master the art of saving money for the festive season.