Life during a recession is often very tough. Unemployment is high and the cost of living soars, which means that paying for even the basics can be difficult. But no matter how tough things are at home, as long as you are very careful with your money and make savings where possible, it should not be necessary to take out expensive loans from dodgy back street lenders.
Make Savings on the Household Bills
Unless you are lucky enough to be living at home rent-free, you will have utility bills and other monthly expenses to make. Sadly, if you are like many other people struggling to make ends meet, your monthly out-goings are probably almost the same as your income, or worse still, more than your income. So how can you make savings on the household bills?
Move to Better Deals
Price comparison websites are the best way to find cheaper deals on personal loans, credit cards, insurance and utility providers. Instead of paying the same companies year in and year out, spend a bit of time doing some online research and in no time at all, you are bound to find much better deals on your loan and household bills. Nowadays it is easy to move from one broadband or electricity provider to another and if you are reasonably savvy, you can even secure a cash-back deal for taking the time and trouble to do so.
Consolidation Loans Make Multiple Loans Cheaper
A few years ago, banks were falling over themselves to lend money and make our lives happier. Unfortunately, times have changed and now many people are stuck in a personal loan wasteland whereby they have multiple loans with multiple repayments, which when you stack up the figures, have turned out to be a very expensive way of paying for a new car or home improvements.
Are Consolidation Loans a Good Idea?
If you have several personal loans and a lot of credit card debt sucking the life out of your bank account every month, a consolidation loan may be a lifesaver. The idea behind a consolidation loan is that you take out one new loan to pay off all of your existing loans and credit cards. You then have one repayment per month instead of many, and in most cases, the repayment will be a lot lower than the sum total of your previous repayments. It will probably take you longer to pay off a loan that you have, but at least you won’t be hunting for food in skips in the week before you are paid.
How Can I Save Money on My Grocery Bills?
There is no denying that food is expensive, but it is possible to make good savings on your weekly grocery bill if you change your shopping habits and become a savvier shopper. Firstly, you need to start buying your main groceries from discount supermarkets instead of the big high street names. Just because a packet of cereal is not emblazoned with a well-known brand name, it does not mean that it is inedible – in most cases it will taste exactly the same as the cereal you normally eat, so try it. If your kids are addicted to brand name cereals, buy an identical one from a discount store and substitute the box. Trust me, they won’t know the difference.
Other Methods of Making Savings on Grocery Bills Include:
- Collect money-off coupons and use them religiously
- Buy in bulk – food products such as rice or pasta are always cheaper when you buy them in bulk from warehouse suppliers
- Keep a close eye on Internet forums frequented by people who make it their life’s work to spot unbelievable price and special offer errors made by the big supermarkets – high street stores often have discount deals running that virtually give their products away (albeit by mistake), but you have to be quick off the mark to take advantage
- Use price checker websites to ensure you are buying your groceries from the cheapest places every week
Shop Around for Loans if You Need One
When you really need a new car, or your family is growing and making home improvements is cheaper than moving to a larger house, shop around for the best deals before you take out any loan. Just make sure you can afford the repayments first.
William runs a tight household and writing business where every penny counts. But if he wants to buy something extra, he shops around for loans online to ensure she secures the cheapest deals available at the time.