3 Things You Can Do to Save Money

by Josh Biggs in Finance on 11th August 2020

As unemployment skyrockets in parts of the world due to the novel coronavirus pandemic, cutting costs and saving money have become vital in many households.

Do some comparison shopping.

Saving money means nothing if you’re not comparing prices. How often have you bought a product at one store only to find it cheaper somewhere else? You can easily avoid this by doing some basic research.

Moneygains is a website that helps people find the best deals in the market. In Northern Ireland, the service allows consumers to compare electricity tariffs or plans. After housing, food, and health care, utilities can be one of the average household’s biggest expenses. There’s no reason anyone should pay more than they have to for utilities or basic expenses.

Moneygains also offers consumer guides on credit ratings and reports, which is vital information to have when looking for a loan or credit card. Currently, they post information about the economic effects of the pandemic on our wallets.

You can also do comparison shopping offline. As food usually ranks right below housing on the expense list, checking your local grocery stores’ websites for prices and discounts can save you a bundle.

Make the most of a loan.

Of course, sometimes it becomes virtually impossible to avoid making a major purchase. For example, if your car breaks down unexpectedly, you may not have the funds to pay for repairs or for a brand new car. If you need to borrow money and don’t want to ask family or friends for cash, you still have many options available to you. For instance, could be the place to find the affordable car loan you need. Customer service agents are online to handle any questions you may have. They even provide helpful loan calculators on their website so you can compare what plan would work best for you and your wallet.

Additionally, electric or hybrid car loans are available for those with environmental concerns who want to do their part in their daily commute. Plus, a lower emissions rate may mean a significantly lower interest rate for your loan. By opting for an electric or hybrid car, you could be saving money while minimizing your carbon footprint!

There are numerous financing options available if you do your research. It is worth the effort to explore all your options before you take on any loans.

Create a realistic budget.

Figuring how much to allocate for each expense is a must when money gets tight. It is important more now than ever to be aware of how much money is coming in and how much you need for essential expenses each month.

Many people recommend the 50/30/20 budget. Under this breakdown, 50 percent of a person’s monthly income should go to basic needs, 20 percent to savings and debts, and 30 percent to discretionary spending. This allows you to set aside enough money for essentials while putting money toward debt payments. The best part? This budget still leaves room for entertainment and fun!

But, when designing your budget, you should know that it will need to change with time. If you get a raise or take on a second stream of income, you should adjust your budget accordingly. Or, if you get in an accident and your insurance rates go up, your budget will need to reflect that.

Of course, any budget is going to require sacrifices on your end. Are you a regular Starbucks customer? You may need to opt for drip coffee from home for a while if you want to grow your savings. Similarly, if you have any streaming services or recurring costs that you don’t use regularly, consider unsubscribing until you have the extra income.

Categories: Finance