As of April 2018, there are on average 340,000 households in the UK who do not have any savings! That is a scary statistic… but it gets scarier when you find out that the average UK debt per household (including mortgages) is £58000!! (That’s HUGE) with only 45% of working adults contributing to a pension.
If you have current debts it is time to start paying them off and getting rid of them. If you currently don’t have any debts… don’t start taking out any credit now.
The average annual interest repayment per household is currently £1868! Think of what you could spend that on, rather than throwing it away to the bank in interest payments.
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It is in your interest to save money. Whether that be for the short term, security or for the future.
But many people struggle to save money each month and with consumer debt, at the rates stated above… it’s easy to see why.
It is far too easy to access credit these days and unless you are a credit card expert, using credit cards can be a slippery slope into uncontrollable debt.
How do I know? Because I have been there.
Having found myself suddenly divorced & struggling to pay credit card interest rates & mortgage payments, I went through bankruptcy & made a fresh start.
You see, credit card interest has a habit of creeping up on you… and before you know it, every day is spent chasing the tail of credit card interest and that is no way to live.
I cannot stress enough how important it is to live within your means.
In our home we live off one full-time wage so we have to budget our money & find ways to save where we can.
It can be hard to figure out where to make savings, which is why I decided to write this post to fill you in on all the little money saving tips that will help you save money every month.
This is quite a lot of tips to digest in one go, so I recommend you click here to pin them for reference later, or you can fill out your email below to get the list in a handy downloadable pdf.
Adopting a more frugal way of living doesn’t mean you have to be deprived!
In fact, being frugal can help you to live better & enjoy yourself without having to resort to credit cards.
So how can you manage to make savings in your day to life & yet still have enough for the fun stuff?
From snagging cheap days out, to shopping smartly at the supermarket, DIY and everything in between!
These are not difficult tips! In fact, you can begin using them straight away to start making savings in your day to life.
The best part is you won’t even notice the difference… other than your savings fund growing that is!