Personal finance

Stop Your Bank Balance Getting Too Low

Everybody wants a little more cash to spend, and saving money is something you'll be pleased to hear that most people don't find easy. You must remember that unless you're raking in a hefty salary, to spend big you have to scrimp and save first. This article outlines some simple steps that you can take that should leave you with some extra cash to splash.

bank balance

1.Make shopping lists

Before going shopping, instead of buying whatever it appears you need, write a list before you leave the house and make sure you stick to it. When shopping for food, clothes, or toiletries, you are just one silly or unnecessary purchase away from having spent too much. Check out this great Guardian post on eating for £10 a week by being strict with the shopping list.

2.Go to the market

No one can blame you for doing your shopping mostly in chain stores and supermarkets, as the vast majority of the country do. However, some of the countries markets are still thriving and a quick trip down to your local one may lead to some pleasant surprises and save you some money. Market stalls are sometimes cheaper, but the food often takes better and is actually fresher and healthier. Try and work out what produce you can buy cheaply from markets and incorporate a trip there into your shopping plans.

3.Pawning some of your items

Companies like recent start-up unbolted.com are revolutionising the industry of pawning items. Their modern take on the pawnbroker is a lending website with low interest rates compared with its competitors. Rito Haldar said of his start-up, ‘We set up Unbolted because we want to challenge the way people can access credit through the out-dated pawn industry and other secured lenders. We'll do that by being transparent, offering fairer terms and cheaper rates.

4.Reduce your carbon footprint

Not only will this mean you have less of a negative impact on the planet by ‘going green', you should also save a significant amount of money. A few simple tasks can save you energy and therefore money; for example switching the TV (and other electrical items) off at the socket instead of putting it on standby, and not leaving lights on in parts of the house you're not presently in.

5.Make your own things

Throughout human history there's been proof we can become an extremely creative species when strapped for cash. There's no reason to suggest you can't do the same! Not having much money to buy things naturally leads us to making our own, if we are so inclined. Some examples are making your own bread and cooking all your own meals.

6.Don't spend money to in an attempt to lessen stress

If you've got paid a reasonable amount of money that may go some way to alleviating your financial issues, you have to resist spending a significant portion of it celebrating your sudden seemingly limitless funds. I couldn't blame you for wanting to say yes to the invitation to go partying with some friends, but remember when you have your finances in order; there will be time for a night out of two.

Do you have any questions? Please ask.