ANY MONEY SAVING TIPS FOR THE CREDIT CRUNCH?

Question

My partner and I have a lot of debt and this situation is affecting us a lot!

We have decided to:

- Take out a certain amount of cash every week and only use what we have for the week...no credit cards or debit cards!!

Which includes not byuing anything we don't actually need!

- Rent our spare room to lodgers (possibly just temporary lodgers, students over here on short English courses).

- Walk more, drive less.

- Have a big clear out and sell the stuff at car-boot sale or on eBay.

If you have any other useful and easy to implement tips please feel free to share the love!

Thanks :o)

Answer 1

When food shopping, don't buy food you'll waste, and look for offers. ^^

Answer 2

Visit this website:

http://www.daveramsey.com/radio/home/

Answer 3

Martin Lewis - Money Saving Expert

he's awesome.

Answer 4

Use the money you save/make from the things you have mentioned to insulate your home completely and save on your ENERGY BILLS.

Switch your electric & gas to either a capped rate deal or one with a very low rate right now (e.g. British Gas's Paperless Option) with a view to switching again to a capped rate after the next rise.

It's our energy prices that will keep going up and up for years; even a second job and a lodger might not keep up with the increase.  So if your home is operating at a minimum energy useage, you will save more money here than anywhere.

You probably already have but in the meanwhile turn radiators off in rooms you don't use much and wear warmer clothes rather than turning the heating up.

I hope to be following my own advice very shortly as I ran an energy test on BG's website last week and my home is terribly energy inefficient - no wonder it's costing a fortune even though our heating never goes above 17 degrees :(

Answer 5

Firstly check that you are paying the most competitve rate for all your bills.  Gas electricity internet etc.  Use price comparison websites like Uswitch and Moneysupermarket.

I would also consider getting a second job.  Perhaps you could work a couple of evenings a week in a pub or restaurant to help with the bills.

Consider renting your house out in full and moving to a smaller place.  

Answer 6

I shop in late afternoon and head first for the reduced price shelf. I freeze everything I can, and some weeks I can eat entirely from the freezer except for buying fresh milk and cheese. It makes me creative with meals, as what is on hand may vary day to day.

If you BOGOF, remember to use the 2nd, it's no saving if it goes out of date and you end up throwing it out.

Cook several meals at once (or double portions) and reheat or microwave later.  Meat is more expensive than vegetables, so reduce the meat portions and add extra veg.  Keep the cooking water for soup  -  many vitamins are water soluble, so don't just pour them down the drain  -  and soup helps fill you up.

If your water is heated by immersion, use a timer set for just the hours you will be using hot water.  In kettle, boil just the amount of water you need, or keep extra in a thermos flask to use later.  If your water is metered, keep the first water from the hot tap that runs while you wait for it to be hot, and use for washing vegetables or other uses.

Read newspapers at your library or online.

If you have any money left from your budget each week, use it to pay off debts.  Keep nibbling away, and the balance gets smaller and so does the interest due.

Look into lower interest rates for your debts, but keep in mind that if it is a mortgage, there may be legal fees for switching.

Join freecycle.co.uk. or buy used from charity shops rather than new.

Answer 7

Every little penny counts here i guess , i saved a bit or two here from a webisite i found yesterday

Cashback

Answer 8

Your partner should get a job. Use public transport, maintaining a car is expensive now. To maintain a healthy life style, do not cut down too much on food stuff.  

Answer 9

I have done similar things to you, and it's just not enough.

Perhaps you could try looking at other ways to earn more - ask for a payrise, complete some on-line surveys, gamble?!!!

Desperation leads me to do things I would not normally!  

Answer 10

Looks like you already have done several steps away from the credit crunch.

A free option for you could be to get some professionals help you you with some free  advices.