Like most people, you might be grappling with a depleted bank balance following the holiday season. It’s the ideal moment to adjust some financial habits. Make some calls, accumulate significant savings, and repair the financial damage inflicted on your account.
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Mortgage
Your house might likely be the costliest single expenditure you will make in your lifetime. However, if there’s a change in your circumstances, you may find yourself able to exceed the regular monthly payments. This can lead to significant savings in interest payments by the end of your mortgage agreement.
Credit Cards
Sure, credit cards are handy, an indispensable tool for handling small emergencies like a flat tire. However, it’s also a fact that they can be our biggest sources of debt due to interest payments. The ideal approach is to pay off your credit card balance and keep them stored away for actual emergencies.
Phones
In this modern age, almost everyone carries a mobile phone. So, why do we still pay for a landline? If you’re mostly outside, cut off your landline to save on your monthly bills. Also, reconsider your mobile data plan if it offers more data and minutes than you generally consume. Consider swapping to a prepaid SIM; it gives you more control and could be cheaper, as long as you don’t mind missing out on the latest mobile devices.
Ebay
Consider decluttering your house and selling the unused items on eBay. As the saying goes, one person’s trash is another’s treasure. Sell off any new but unsuitable clothing or items accumulating dust in your garage or attic to make some cash.
Vacation
Explore various currency exchange rates and consider self-catering vacations. Everyone deserves a long and pleasant break, but it doesn’t have to break your bank. Save money by grabbing last-minute deals or joining airline waitlists. This way, you can enjoy substantial savings, as airlines prefer to fully maximize each flight’s capacity.
Groceries
Here’s a rule of thumb: NEVER shop for groceries on an empty stomach. This mistake will lead to you buying more than you need, and much of it might go to waste. Instead, shop smart by planning ahead, creating a shopping list, and adhering to it. Look for discounts, but don’t get lured by ‘buy two, get one free’ deals that might not be as beneficial as they seem. Pay attention to store-brand products that are usually cheaper, despite often being produced by well-known manufacturers.
