It’s interesting to hear of real-life stories of how people have managed to save money. But it’s important to remember that what might work for you might not work for everyone else.
For example, some years ago we got rid of Sky TV and installed Freeview, thinking that the range of channels was almost as good (we didn’t watch over 90% of the channels anyway) and that we’d save on a monthly subscription. Great idea, except that we soon realised we actually missed having Sky and valued the choice on offer plus the Sky+ box, so we subsequently had it re-installed!
Another example, after listening to classical music and smelling filtered coffee on a trip round a bookstore we decided to buy a coffee filter machine. It was a great idea at the time. Except that we only used it twice and it languished in the bottom of a cupboard until we finally gave it away.
Here are some snippets and ideas that we have picked up from friends and family on how they’ve managed to save money.
Razor blades. These can be expensive to buy and get thrown away after use. An electric razor may not be as close a shave but it’s far less expensive in the long run.
After Christmas and some weight gain, a year’s subscription to a gym seems liked a great idea. How often did they go? Once! Instead this person cancelled their subscription and now takes long walks with the dog to keep fit.
Food we don't eat. For example bananas. Sure, you eat the first 3 out of a bunch of 9 before the rest start turning brown. Why not just take 3 off a bunch and leave the other 6 behind?
ATM fees. One recent example we found when we were stuck for money and just needed a tenner for a few bits was an ATM in a shopping complex, which charged a fee of £1.50 per transaction. On a tenner that’s 15% interest! The lesson: don’t get caught short of cash in areas without free-to-use ATMs.
Newspapers. How many of us fill up our paper recycling bin with unread newspapers every week? With today’s hectic lifestyle very few of us actually read the full paper, perhaps just skimming the headlines and juicy stories. Most of the news is available on-line – sorry tabloids but it’s an expense that we can do without.
A contentious one and not for us, but a friend of ours has stopped buying lottery tickets. Every time he bought fuel or visited the shop he bought a ticket, spending an average of £5 per week on them. After 10 years he has won around £50, so he has stopped buying them saving £260 per year.
Another well trumpeted one to avoid is credit cards. Great for convenience and being able to buy things you can’t afford immediately but a real sting in the tail with interest rates. Try not to use them as they can be very expensive. Good planning combined with a bit of self-discipline will allow you to utilize a savings account instead of a credit card. This site will allow you tocompare various savings accounts. Over time the money you save will be substantial.
Toys for the dog. The kids insist on buying a toy for the dog every time they go shopping. As a consequence, we now have a storage bin full of stupid (and largely unused) dog toys. Complete waste of money!
Any of these sound familiar?
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