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Managing Money Better

It is said that we spend the first half of our life accumulating possessions, and the second half giving them away. We not only buy too much, but we often go into debt doing so. Self control when it comes to money is at an all time low. Only you can decide what is important for you to own.

Decide what you need to make you comfortable. Learn to distinguish between your "wants" and your "needs". Don't be so strict that you take all the fun out of life. Everyone should have a few things that they just love, even if they are not practical. Just try and develop simple tastes!

Every day we waste over £5 million using expensive credit cards to borrow an increasingly large amount of money. Credit card companies, as a whole, are making millions of pounds by charging cardholders high rates of interest and by not passing on reductions in Bank of England base rates. If everyone who borrows money on a credit card switched to a better value card, they would save a staggering £2 billion a year in interest charges.

This amazing figure is the amount of money saved if cardholders switched the £30 billion outstanding on their credit cards, at an average rate of 16%, to a card with a rate of 10%. The savings would be even higher if cardholders took advantage of the low introductory interest rates offered with some cards. Credit cards have had consistently high rates of interest over the last decade. In fact, card companies have typically charged interest rates of three or four times the Bank of England base rate.

Here are some money saving ideas:
1. Look into the cheapest utilities providers. Try Comparing Gas/Electricity Tariffs with a view to switching suppliers.
Pay utility bills by direct debit, which often attracts a discount.

2. Consider a debt consolidation loan, so you pay off all your current debts and just have one creditor to deal with, usually at a lower monthly payment than your previous total, and with no additional fees, etc. for late payments you may have been incurring.

3. Make sure you are receiving any benefits you are entitled to. Try Benefit Advice.

4. Make sure you are energy efficient. Try SaveEnergy.co.uk.

5. For regular journeys, get a discount card for public transport, or car share to work.

6. Make sure you collect your loyalty points in shops, on petrol, etc.

7. Always eat before food shopping, as you will then buy less.

8. If you have debts and savings, it is worth paying off the debts with your savings, as the debts are more likely to have a higher rate of interest than the savings.

9. Make sure you search for the best deal for insurances. See our range at Click That Mouse.com.

10. Wrap presents in cheaper brown paper instead of wrapping paper. It is trendy now anyway.

11. Make your own salad, as ready prepared salad costs much more; Take homemade sandwiches to school/work.

12. Making food from scratch instead of 'ready meals' can be cheaper. Try Frugal.org.uk.

13. Search the internet for cheaper options.

14. If you are buying several items from one place, ask for a discount.

15. Get rid of any overdrafts and their monthly usage fee and interest.

16. Have a car boot sale.

17. With your home phone and mobile, work out which would be best to use at different times of the day, e.g. if you have free off-peak minutes on your mobile it is cheaper than using the home phone at that time.

18. Avoid spending days out that will cost money, such as shopping. Try What's On Guide for free days out.

19. Don't ring 118 numbers to find out a telephone number. Try UK Phone Book.

20. Don't buy cigarettes from a vending machine, or better still, give up!

21. Finally, consider all your options with regard to your debts, such as contacting a debt management company and/or considering an individual voluntary agreement, or bankruptcy.

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