We could all do with saving some pennies. (Saving tips)

Member Name: herbie__53

Product:	Saving tips
Date:	24/03/09 (29 review reads)
Rating:

Advantages: You get to spend your savings!

Disadvantages: You have to make cutbacks

In this modern economic climate we could all do with saving a bit of dosh. But with the price of things going up and up, we are left with less money to play with and this makes saving harder.
I thought I'd share a few tips on saving with you, as I'm trying to do this myself! We are saving up for a six week visit to Asia in December 2009, and every penny counts!
1. When you are tempted to spend money, write down in a notepad/diary what it is and how much it is, and why you want it. Review this a week later, and see if you still want the item. This helps stop buying things on a whim! If you still want the item, you must ask: Do I really need it, and if so, is this the cheapest possible price I can get it for?
2. If you have a savings account, it is best to have a standing order go out for however much you want to put away straight after you get paid. This way, you wont have the money in your account to waste! If its not there, you can't spend it.
3. It is far better to have a savings account rather than stash money in a tin under the bed. Trust me, I've done this, and its all too easy to dip in to the tin.
4. Set yourself a weekly budget for food shopping, and stick to it. Look for reduced items and try switching down a brand. Value ranges are great for non-food items like food bags and toilet rolls. Once you have been shopping, work out how much under budget you were and transfer this exact amount into your savings account. You'll be amazed at how quickly it mounts up.
5. Use cashback sites such as Quidco and topcashback for purchases such as car insurance and utility switching. I got £75 cashback from my car insurance last year, and I'll be doing the same this year!

Summary: Well worth doing.