Simply Junior

Defuse the debt time bomb

The clock is ticking, you have to act fast. Even if you can handle your debts now, what happens when interest rates rise? Hunt down every debt, starting with the most expensive first, and dispatch them with extreme prejudice.

Snowballing isn’t a game. Slay that store card. Crush your credit card. Take that overdraft down. Then turn your sights on your mortgage, because when interest rates climb it could blow up in your face. Debt is your biggest enemy – Destroy it now, before it’s too late.

Slash your spending

To survive, sometimes you have to be cruel. So line up your soft little luxuries, and hack them to shreds. Take a knife to your daily cafe latte, after-work pint or regular takeaways.

Next, tackle the essentials. Spending too much on your weekly shop? Website Mysupermarket.co.uk can help you forage for the best deals.

Stalking a bargain? Try Frugal Friday, our weekly round-up of the week’s top bargains. Scavenge through your kitchen cupboards for forgotten tins, jars and packets of chow. Some people could live for weeks on what they find. Or brave the elements and grow your own fruit and veg.

Outwit the taxman

He’s clever, he’s cunning, he’s cruel and he understands the tax game better than you ever will. But that’s no reason to admit defeat, because you have some pretty mean weapons at your disposal, such as your tax-efficient ISA allowance.

It’s got quite a kick and, better still, it automatically reloads every 6 April. You have £7,200 worth of tax-free ammunition this financial year (£10,200 if you’re over 50), and £10,200 next year. If you want more ammo, there’s also pension tax relief. You hate tax so much you can taste it. Use that to your advantage. Lock and load!

Know your enemy

Your bank is not your friend. Your credit card is not your friend. Your overdraft is not your friend (even if it is authorised). Your utility supplier is not your friend. Retail therapy is not your friend. You owe them zero loyalty. Once they have served their purpose, get rid of them.

And watch out for enemies lurking in the bushes. Hide your identity from ID thieves. Evade foreign currency thieves. Protect your credit record.

Keep a clear head

Your mobile phone is a practical tool, not a costly symbol of your identity. If you’re selling your house, make sure your estate agent doesn’t rip you off. Don’t pay when you can get stuff for free. Be rational, fight superstition. Feeling cold? Don’t turn up the heating, put on a jumper.

Get some back-up

Even the toughest can’t do it all on their own. If you’re up to your neck in debt, there is no shame in calling in free and confidential support from a specialist such as Citizens Advice, the Consumer Credit Counselling Service or Pay plan. These guys know what they are doing.

But watch out, others will betray you, such as debt advisory services that charge a fee for setting up a debt management plan or Iva. Stick to those you can trust.

Adapt and survive

OK, so you can’t switch mortgage now, because your loan-to-value is too big. That may change, as lenders ease their criteria. Keep watching, keep waiting, and when you spot a better deal, pounce. Your savings account may have been a killer when you took it out, but today you’re the victim. Turn the tables on your bank by switching to a better deal. Lost your job? So fight back, right here, right now. Spare a thought for the future. If you don’t have any pension, retirement really will be a survival course.

Money is a hard thing to come by these days. Jobs in this world are scarce because everyone is looking for one and the competition is stiff. You have to be at your best in finding a job and holding on to your money. The same goes for children. Parents should spend some time teaching children about money.

Is is necessary to teach them about money? You bet. Children want to have money of their own, when the finally learn what it is good for, and so they should. But, teaching them the right way is the most important thing. Money has value, and, if not used wisely, can be gone in an instant. This economy is a very good example of that.

Too many times have people seen families that have good cash flow just lavish their children with money and objects. And, when the money is gone, they just give them more. When they become adults they haven’t learned how to deal with less, and therefore are poor managers of money. 

Those that are taught at an early age how to save their money, and spend it only when needed are going to be able to live on their own it leaner times. It is these children who are told to save their money for a rainy day and not spend needlessly that will survive in hard times.

Teaching children about money is a very wise thing to do for their future. It ensures they will become responsible and good money managers. Not teaching them the value of the dollar and saving will make sure that they are irresponsible and will rely on others to give them whatever they want. 

They do not become independent and resourceful. Parents have a duty to their children to speak to them about proper spending and saving.

If your New Year’s resolution is to Save Your Money, here’s a plan!

Do the math… if you cut your spending by just $11 a day, you’ll save just over $4000 a year! How’s that for a New Year’s resolution!

Le’s count the ways you can cut your spending and save your money! You can save money everyday by eliminating small expenses that really add up! It’s all part of frugal living!

Kick the Starbucks habit… SAVE $3 per day, $1095 per year!

Don’t do the drive-thru for breakfast… SAVE $5 per day, $1865 per year!

Brown bag it to work… SAVE $6 per day, $2190 per year!

Use a grocery savings system… SAVE $50 per week, $2600 per year!

Eliminate packaged, prepared food from your grocery list… SAVE $20 per week, $1040 per year!

Eat in, not out for dinner. SAVE $40 per week by cutting just 1 dinner out, $2080 per year!

Buy discounted gift cards to save at stores you normally shop weekly like Target.

Slow down! Driving 65 mph uses 15% more gas than 55 mph… that’s like paying 40¢ more per gallon! Suppose you use a tank of gas each week on highway driving, you’ll SAVE $8 per week, $416 per year.

Avoid excessive car idling! Turn off your engine while your waiting in that carpool line and you’ll save nearly 20%! Better yet… if you’re close enough to school, walk or ride bikes!

STOP making impulse purchases! SAVE A LOT!

Some of these money saving tips don’t save big bucks, but remember EVERY LITTLE BIT ADDS UP! If you can incorporate just a few of these tips into your life, you’ll soon find yourself saving $4000 a year! VACATION ANYONE?

Are you struggling on spending too much money already? Well, if you are one of those, this article is for you. Here are some effective ways to cut money spending:

1. Delay gratification – If you want to cut off too much spending and save instead, you must learn to delay gratification or delay pleasure. Too much pleasure requires too much money spending. Examples of gratifications are spending of unnecessary things, going out with friends during a not so important party, or you try pampering yourself with an expensive whole body spa. These are the most pleasurable things that you can delay just to save more money. If you want to cut money spending, learn to avoid these things. You control yourself and do let those evil delights drive you to do these things.

2. Learn to pack meals – You can always save by learning to pack your own meals. It does not have to be necessarily every day, but you can do this alternately. You can probably do this at least a few times a week, depending on your budget. Aside from the benefit of not spending too much for breakfast, lunch and dinner, you can also get the benefit of eating healthier food. In this way, you are far way surer that you are eating a clean food because you are the one who prepared it.

3. Drop your unnecessary electrical appliances – If you want to cut off too much money spending, it is very important that you consider your electrical appliances at home. Your electrical billings are taking most of your money. It is important that you unplug electronics, phone chargers and other electrical appliances sources. Turn the power off when appliances are not in use. Make sure that you turn off the lights whenever you leave the room or if it is unused. This will lessen your electrical bills, this, make you save more money.

There are actually so many effective ways to cut off money spending. If you want to save more than spending, consider these ways and you will surely keep a whole bunch of money savings in the future.

Thrifty living is not cheap living. It is living with the money you make. Christmas time is often a time we tend to splurge, take out the credit cards, and spend more than we can pay. This leads to year-long pain and bills. Be free of this stress and use some common sense ideas to cut your holiday spending (and enjoy the holiday more).

Here’s some tips to help:

Make a list. Include names and spending limits. If you come from a large family, suggest drawing names or buying a family gift. Shop online. You can easily comparison shop and often find incentives like free shipping. That is a double savings — save money and time. Give homemade gifts. People love to receive homemade breads, cookies, jellies, and crafts. Put them in dollar store baskets for a creative and useful packaging. Buy board games or card games for the entire family. Use your holiday budget. If you have been budgeting and saving all year, you can avoid the credit card purchases!

Here’s some thrifty ideas for decorations:

Involve the whole family and make old-fashioned paper chains or popcorn strings. You might even get a bonus of some quality family time. Recycle old Christmas cards into ornaments using some scissors, a hole punch, some yarn, and imagination. Gather some pine cones and spray paint silver or gold. Finish with a sealer and use as ornaments or decorations in a clear bowl.

For gifts and decorations, shop after Christmas sales and sales during the year. Just be sure the bargains are items you will really use! Also, if you are not faint of heart and can shop the day after Thanksgiving, you can get some super deals, especially in the early hours.

Just remember, it really is the thought that counts and your friends and family might enjoy your time as much as a gift…