If you have been a victim of the economic crisis, you know how hard it is to make ends meet at the moment. You may have lost your job or had a pay freeze while the cost of living continues to soar. Being able to save for anything seems to be the last thing on your mind. Don’t let the low-interest rates fool you. If you can manage to put a little something aside now, you may be set for a rosier future.
Savings and investments seem like an impossible dream at times. We all seem to be living hand to mouth. Food has never been more expensive, and while fuel may be coming down in price for now, we know it will go up again eventually. A lot of people have been living hard lately, but now things are starting to improve, it may be worth considering how you will cope if it ever happens again.
Few of us had anything put away in a savings pot to bail us out when it all went bad. Because there was nothing to fall back on, a lot of us got into trouble very quickly when things went sour. While you may not be earning a great deal of interest on savings at the moment, having that pot to fall back on in an emergency can be a real life saver. We are all in the habit of spending everything we’ve got, and maybe even a little more thanks to the credit cards. Now is the time to change our ways, and make sure we always have something set aside for a rainy day.
The key to this is budgeting. If you haven’t already got a detailed budget dictating where every penny goes, draw one up. This will show you where your money disappears to in the course of each month. Things like food, petrol, utilities and council tax are not ever likely to get any cheaper, but you may be able to make savings on some of the lesser essentials. Going out money and clothes money can be cut back a little.
If you rent your home, maybe you could look to moving somewhere a little cheaper. Try using the internet to search for homes in nearby towns, like Weybridge rental homes, to see if the prices for similar properties are any cheaper. Don’t forget to factor in the cost of removals. If a saving of £100 per calendar month can be done, it may be worth you thinking about that move.
Look at all the services you have like TV, phones and broadband. If these contracts have run their course, move to a cheaper supplier, or pay as you go. Can you save money by reducing your hobbies or activities for a while? You may even be able to supplement your income with some part time work or self-employed earnings. Wherever you can find an extra few quid a week, it is worth popping it away into savings. Who knows when the next financial crisis will happen…