Saving money this year is going to be a serious challenge according to popular UK lender NowLoan. Of course, this can partly be contributed to the coronavirus crisis. but there are other reasons why saving money is a challenge as well. Over the last few years, wage increases have not kept up with the increase in daily living costs. Food and rents have increased more than the average pay increase.
But, that does not mean there are no ways in which you can save money this year.
Tips On Saving Money This Year
What are the best ways to save money in challenging circumstances? If you want to save money at the moment, you may have to make an extra effort, but it can be done.
Consolidating Your Loans and Credit Cards
Many of us still overlook the financial benefit of consolidating our debts. Thousands of people could save money by taking out consolidation loans to pay off credit card and car loan balances. These are the kind of loans which are often subject to high-interest rates. By putting all of your debts in one pot, they will become cheaper and easier to pay off. You may even find that you can enjoy better terms. That could include a lower interest rate, and perhaps, a longer payment period to help you in this time of crisis.
Making The Most Out Of Supermarket Loyalty Cards
In recent weeks, we have all certainly spent a lot of money in our local supermarket. Have you checked how much money you have spent? If you have a Clubcard or other loyalty card, you could find you have a substantial balance due to you in Clubcard points or loyalty vouchers. How you spend your hard-earned loyalty points and vouchers do matter.
It is easy to deduct from your shopping bill. But, when it comes to loyalty points and vouchers, it is essential that you plan ahead. For instance, you could save up all of your Boots points and use them when you do your Christmas shopping.
What about your Tesco Clubcard points? Instead of just asking the checkout assistant to deduct them from your shopping bill, why not use them to pay for larger and more expensive items such as washing powder.
Check Your Savings Rates
“ISA time” only comes around once a year. If you are fortunate enough to have some money spare cash available, it is a good idea to put them into an ISA. Even a rather small amount can grow a lot over the years and don’t forget that ISAs are tax-free.
Banks are not the only financial institutions to offer ISAs. Building societies and other financial organisations offer a variety of ISAs and other ways of saving money.
Putting away a little bit of money every week is another great way to save money. It may not seem a lot, but once you get into the habit of saving money every week, you will soon discover the advantages.
Above all, contact organisations such as NowLoan and explore exciting new ways in which you can save money in both the long and short term.
