When you move into your new property you will need to start thinking about how you spend your money. Money can disappear through your hands like water if you are not careful. Downloading an app a day can cost you a minimum of £30 per month. Having a takeout coffee from one of the big chains every day from Monday to Friday can cost £22/mth. Buying a single small packet of crisps every day could cost you £15/mth. Whenever you are about to buy anything from a shop, pause for a few moments and think about whether you really need it or not.
Find below some other tips to make sure you are not wasting your money:
For further money saving tips and ideas go to www.moneysavingexpert.com
Thinking about how to deal with your household expenditure might seem pretty dull but if you don’t pay your rent regularly and on time you could be evicted, if you don’t pay your council tax you could end up in prison and if you don’t pay your regular bills you could have your gas or electricity supply cut off or have your phone disconnected.
As we said in the “Can I afford to have my own place section?” it is important to work out how much income you need every month to keep your household running. When you get your income or benefits you need to know how much you need to put aside to pay for the household bills.
There are certain things you can do and set up in order to help with this:
Direct debit – you could set up a bank account and put all the money you need for your household bills regularly into this account and set up direct debits for the money to be taken out. You will generally get discounts on your bills if you decide to pay this way
Meter cards – some people put the money they need for their gas and electricity for the month or fortnight onto a meter card as soon as they get paid
If you find yourself getting into debt or are worried that you are going to struggle to pay your household bills, you should seek some advice as soon as possible. For further help with these matters you could look at the following websites or ring the numbers that go with them:
www.creditaction.org.uk – 0800 138 1111
www.nationaldebtline.co.uk – 0808 808 4000
www.adviceguide.org.uk or visit your local CAB or ring them on 01384 816 222