20 December 2011

Want to Start Saving Money? Here are Some Tips!

Saving money is not fun or easy. But it is necessary, especially now that the economy doesn’t seem to be recovering any time soon. With the expense of Christmas hanging over many of us, the New Year is as good a time as any to start thing about your finances. Adding to your savings accounts is often simple; spend less money! It often means that you have to change some of your habits, which is the hardest part of all. Follow these tips to make a real difference to your outgoings!

1. Keep a note of all that you spend for a couple of weeks. Writing down every pound you spend, in cash, through direct debit, by card or credit card, will make you sharply aware of where all your money is going and even in itself stop you from spending.

2. Use the data you collect on your spending to identify your weak points. Whether it’s eating out, buying clothes or high rent, there are ways of cutting down.

3. Keep a copy of your most recent bank statement on your fridge or somewhere where you see it every day, to keep your balance in your mind and make you more careful when spending.

4. Cut back, stop spending and watch the money roll in!

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