Smart Savings Tips that Lead to less debt
Some ways to save money to help lessen your debt….
The next few posts here are going to revolve around how you can cut down on expenses and save your hard earned money. You need get into these habits because this is going to be part of your action plan that I will tell you about at a later stage.
General Tips to save you money
1. Save money wherever you can. Some insurance companies can give you discounts of up to 12 percent if you pay your premiums annually instead of monthly. Talk to your broker or Insurer. Savings can be made on school fees on the same basis.
2. Arrange for regular monthly current expenses to be paid by debit orders on your cheque or transmission account. This is also the cheapest method of payment, but always makes sure there are sufficient funds on your debit day.
3. Draw money only from your own institution’s A.T.M and make sure to keep withdrawals to a minimum. A lot of smaller withdrawals amount to more bank costs. Over a year they can add up to enormous amounts of wasted money.
4. Pay accounts as soon as they become due. Interest on overdue accounts is high, and over a year period can be crippling to your budget.
5. Shop around at various institutions, lower bond rates can be negotiated with various banks, NOT ALL BANKS CHARGE THE SAME RATES!!
6. If you can consolidate your debt. Credit cards charge up to 34 percent so keep purchases on them to a minimum. Work with cash when buying consumables where possible.
7. Try and pay off small niggling accounts by pushing excess cash into them where possible and Close them cutting up the cards. Later the same amount of cash you were paying them on a monthly basis will be available to purchase something CASH or to start pushing other debt.
8. Try avoiding loans and the ever available lure of new accounts, especially those with free offers, given IF you open an account.
9. Check your bank statements carefully before filing them. Banks DO make mistakes, humans work in them just like you and me and typing errors can cost you money without you knowing. There can be debit orders you are unaware of.
10. Investigate the possibility of earning an extra income if you have access to the internet. Here is a useful website that helps people that are just learning how the internet works:
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