Hill Holler

Every day the news has stories of yet another company cutting jobs or thinking about it. In this current financial crisis, it’s wise to think about how you can reduce your outgoings before it hits you personally. Would you like to start finding ways to prepare today? Here’s a few small yet effective ideas to get you started.

Shop around for credit card rates.

Look at competitors and find out what they’re offering. Often you can get a better deal on existing balances elsewhere. You don’t have to stay with your current credit card provider unless you already  received a special rate from them by agreeing to not to switch for x amount of time.

If you leave before that’s up, you’ll be charged a penalty which usually makes it not worth switching. Double check with the company prior to switching to see if you’d incur one. In fact, just making that enquiry alone can be enough to prompt your existing company to offer a better interest rate. Tell them what another company’s offering and see if they’ll match or better it. Remember, if you don’t ask, you don’t get!

Cut out the extras.

Do you really need to stop and get that Big Mac on the way home when you’ve got a kitchen cupboard full of food? Resist the impulse that fast food outlets count on and if you do it out of habit every week, break it.

Heat the house and not the yard.

With winter nearly here, now’s the time when spending a little can help a lot. Cut your heating bills by weatherstripping those doors and windows. Laying down more insulation in the loft if it’s thin and ancient can help prevent heat escaping out the roof.

Give up your brand addiction.

Many of the generic brands will do the same job as brand names. When you shop, compare the ingredients list on both to see how similar they are. A can of peas really can’t be that different, can it? If you have some brands you absolutely must buy, then do so but when you can exchange a named brand for a store’s own brand, you’re saving money every time.  This applies not only to store cupboard staples but also some common  medications like painkillers or cough and cold syrups.

Make it a family matter.

Everyone needs to pitch in and help. Kids that are old enough to turn off a light switch in an empty room or reduce their long showers by half to save on hot water are big enough to help do their bit. Help them understand that the more the family can save today, the better prepared everyone is in case anything happens.

Kids worry too about what they see and hear on the news even if they don’t mention it. Seeing adults be proactive and involving them gives them confidence that everything will work out okay. Explain that they’re helping their family in the same way that doing chores helps make everyone’s life easier. Remember to acknowledge and say thanks when you see them doing something positive.

Set a savings target and make it fun getting there.

Even if you only save two dollars a day, that’s over $700 a year that could go towards something you really need. Keep track of what you and your family members save each day. Make it a dinner table ritual after the evening meal. Everyone can report in on what they did that day to make a difference and estimate what the daily saving was in total.

Keep a note of the numbers in a notebook and you’ll soon see it mount up! It’s a good idea to pin a chart to the fridge where everyone can see how it’s all working out. Keep the whole saving idea fun and creative and the family will stay motivated.

There’s a saying, “Look after the pennies and the pounds will look after themselves.” Small changes can make a big difference to your pocket. You can get ahead of the game by doing so now. Make your mind up to begin today and you’re off to more of a flying start than most. Be frugal, be happy and enjoy saving!