How to Save Money and Beat the Credit Crunch
Financial Downsizing: Top Tips for Saving, Shopping & Living on Less
Jun 27, 2008
Beat the Credit Crunch
The credit crunch is hitting businesses and consumers hard, but exercising the power of choice, and implementing simple lifestyle changes, can bring considerable savings.
Shopping
The price of food is rising, with experts suggesting increased yearly expenditure of approximately £800. What can be done to combat the swelling price of the weekly shop?
- Try shopping in a value supermarket. Places such as Aldi and Lidl don't stock the same volume of products as the big boys, but what they do offer is excellent quality goods sold at a great price.
- Switch from premium brands to supermarket's own label and budget priced goods. Often these are just as good as the familiar name brands, but much cheaper.
- Never shop on an empty stomach, as you will be tempted to pile more tasty goodies into your trolley.
- Plan ahead. Much of the food we buy ends up unused and in the bin. This is like just throwing money away. Aim to reduce your waste by carefully planning meals to use all the ingredients you buy.
- Make a list and stick to it. Supermarkets are cleverly arranged to lure us into buying new and tempting looking products. Buy only what you need.
- Cook meals from scratch. It is much cheaper, and usually healthier too. Cook using your own ingredients, rather than relying on heavily packaged, frozen ready meals. Try cooking your own cakes and biscuits too.
- Grow your own. With the price of vegetables ever increasing, there's never been a better time to try your hand at growing your own vegetables. Tomatoes, potatoes, carrots, salad leaves and peas are all easy to grow yourself, and will reward you with better tasting, money saving, environmently friendly produce.
Buying/Selling Junk
You know what they say, one person's junk is another person's treasure. Here's some ways to make more money and get stuff that you want for free.
- Try selling the stuff you no longer want at a car boot sale.
- Use auction sites such as eBay to search out bargains and sell your own unwanted goods.
- Join your local freecycle group. Freecycle operates an online network where members give away the things they don't want any more, thus saving usable products from going into landfill. Freecycle is a great place to pick up second hand goods, ranging from fridge freezers to children's toys, for absolutely nothing.
Banks and Utilities
Is your bank account paying interest? Could you save money on gas and electricity? Paying too much for car insurance? Find out with quick, simple online search engines such as confused.com, money supermarket.com or go compare.com.
Lifestyle changes
- Cancel that expensive gym membership and go for a walk or a jog round your local park. It's completely free.
- Use your bike instead of your car for short journeys and save money on fuel, reduce global warming and improve your health to boot.
- Look at cheap ways of having fun. Kids love days out at the beach, picnics and nature walks just as much as expensive holiday fun.
The credit crunch is no fun for anyone, but there are still bargains to be found and sensible ways to shop. Focus on the simple things in life and you may well find yourself happier and healthier in more ways than just your finances.
Further reading: If you are planning a wedding, this Guide to Cheap Wedding Dresses may be of interest.
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