7 Ways to Save More Money

Written by Karen Bryan

save more moneyWith high inflation and wage freezes, most of us are wondering how to be frugal and spend less. Here are seven ways to help you save more money.

 Pay Credit Card Bills in Full or Transfer Your Balance

Pay off your credit card in full every month to avoid any interest payments. Some credit cards pay cashback so you can even earn a bit extra for using your credit card. However any cashback will pale into insignificance compared to  interest rates of around 17% on credit card balances. If you have an outstanding credit card balance investigate transferring it to another card with a long interest free period such as the Halifax Balance Transfer Card making sure that you save up each month to pay that balance off in full by the end of the interest free period.

Get Tax Free Savings Interest in a ISA Account

Save tax free – make sure you use your annual tax free Cash ISA maximum, currently £5,340. You can invest double that amount in a Stocks and Shares ISA.

Walk or Cycle More Often

Walk or cycle more, this will keep you fitter and save some of the expenses of running a car or fares on public transport. If you live in a city, it could even save you time spent sitting in traffic jams, finding a parking space or standing at the bus stop.

Wear Thicker Clothes at Home in Winter

With the high price of household fuels taking up a high proportion of living expenses try wearing thicker clothes; dig out the thick jumpers and lined trackie bottoms and turn down your thermostat by at least one degree.

Keep a £100 Buffer in Your Current Account

To avoid dipping into your overdraft and ending up paying the subsequent charges, leave a minimum of £100 as buffer in your current account. If you ever have to dip into this cash, make sure that you top it up again as soon as possible.

Buy a Diesel Car if You Do a High Mileage

Experts reckon if you do an annual mileage of 14,000 miles you’d save money on running a car by having a diesel. We get 67 miles to the gallon in our supermini.

Use Price Comparison Sites

No-one wants to spend hours trawling around looking for the lowest prices, so let price comparison sites do the legwork for you. I always use HotelsCombined when I’m looking for accommodation. You can save hundreds of pounds a year on gas and electricity using a site like EnergyLinx to find the cheaper deal. Mysupermarket works out if your shopping basket would be cheaper at Tesco, Asda, Orcadia or Sainsbury’s.

More Money Saving Tips from Help Me To Save

This article was featured in the Festival of Frugality #304 on 1 November 2011.