We could all benefit from being a little more frugal, and by implementing the following simple yet effective techniques into your everyday life, you can get more out of your money, allowing the maximum return on your cash for as little fuss as possible.
1. Monitor your spending
It might sound simple but you’d be amazed how many people don’t actually account for where their money goes. By keeping a closer eye on your monthly statements and bills, you will easily identify patterns of spending that you can address, as well as any unwanted expenses such as outdated subscriptions, memberships or direct debits that can quickly be cancelled, saving you a ton in the long run and making it easier to budget future spends.
By far one of the simplest yet most effective ways to fund your spending is simply to ensure you don’t spend all your money in the first place. Most of us would love to have a nest egg tucked away for emergencies or even just a rainy day, and by getting into the habit of setting aside a manageable amount of your income each month, you can rest assured that you always have something to fall back on. This is particularly useful when you find yourself faced with a large outgoing such as a holiday or a car; which brings us to the next point:
3. Buy quality used cars
The harsh reality of the auto industry is that vehicles lose the vast majority of their value within their first couple of years of use. By opting for a high quality used car instead, you benefit from this deficit. Particularly with schemes like Hertz Rent2Buy, where vehicles are typically only between 6 and 24 months old and you can have an extended 10 day test drive of your desired car, you have plenty of time to get a feel for it so you have full peace of mind.
4. Wait before you buy
Impulse buys are a major downfall for the best of us. This is why it’s wise to wait for at least a few days before you buy something, particularly costly goods, giving yourself the time to decide if it’s something you truly have a need for or will simply regret later.
Along the same vein as avoiding impulse buys, if you always have a pre-determined list of what you need before you go shopping, and pay in cash rather than by card, you immediately have a plan of action and a spending limit to avoid needless purchases.
If you have some cash left over after all necessary bills and savings have been accounted for, don’t be tempted into using it frivolously. Instead, take the time to hunt out some worthwhile investments that can both excite and reward by growing your cash. They can be anything from stocks and shares to vintage cars, or artwork to gold – be creative!
7. Be wary of ‘deals’
We’ve seen them all a thousand times before: ‘buy one get one free!’; ‘half off’; ‘last chance to buy!’, but always keep in mind that something is only a bargain if we actually need it. Don’t fall into the trap of thinking you’re saving money on a purchase when actually it’s something you would never have bought had it not been ‘on sale’.