5 Tips to Ease Your Money Issues
by:
David Lynes - Loans4
With interest rates having rocketed to 5.75% last year, and
with many lenders hiking up their interest rates, such as
credit card providers and loan providers, it is little wonder
that so many of people are struggling to keep their outgoings
under their income level each month. Although interest rates
have come down to 5.25% which is good news, the credit crunch,
which recently swept across the country wreaking havoc in the
financial markets as it went, has done nothing to ease the
situation, and for many of us it is a case of either doing some
smart thinking and tightening our belts or risking going under
financially.
Below are some tips that could just help to ease your financial
problems:
1. Don't be too extravagant: Start planning for next Christmas,
its all too easy to get caught out by leaving your shopping
till the last minute and making rash decisions and purchases.
With the average household spend expected to be in excess of
£2,000 spending could quickly go out of control for many
consumers. However, planning now could make next Christmas much
less of a financial worry, imagine that, not worrying about
when the credit card statement comes through the door next
January. Extravagance is also the key as well as the planning
of your spend. Try and think of less expensive gifts for your
loved ones – after all, there is some truth in the saying 'it's
the thought that counts'. If you are going to see friend or
family in the New Year rather than over the Christmas period
then think about putting off the purchase of their gifts until
the last minute – once Christmas Day is over you can find some
real bargains at a fraction of the normal price.
2. Supplement your income: If you find that you are struggling
with finances every month then it is time to look for a better
paid job or go for a promotion. However, this isn't going to
happen overnight, so in the meantime it might be worth
considering a second job for a while. You will find a range of
different part time or casual jobs available, particularly
during the Christmas and New Year periods when retailers are at
their busiest and opening times are longer than other times of
the year.
3. Don't underestimate the fun of a night in: Everyone loves to
go out and party, especially at this time of year, but it can
be extremely expensive, especially if you are going out and
getting taxis on Christmas Eve or New Year's Eve. Why not look
at alternatives, such as you and your friends pooling your
funds and having a party at home, or spending a few weekends
enjoying a home cooked meal and a DVD with loves ones or
friends.
4. Think before you buy: With so many new and exciting gadgets
and products hitting the market, many of us feel the impulse to
rush out and spend hundreds of pounds on something that we
didn't even know existed several days earlier. However, impulse
purchases are the worst kind, because you often end up paying
over the odds for something that after a few weeks you realise
you never even really wanted in the first place. Think
carefully before you rush out and spend your heard earned money
on the latest gadget.
5. Quit Smoking: Now that New Year just is out of the way,
there is no better time to get geared up to give up smoking.
With Britain now smoke free in many public places, this is a
habit that is more anti-social and more expensive than ever,
and by kicking the habit you will be amazed at how much you
will save – and how much better you will feel in both mind and
body also.
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