As the saying goes, a penny saved is a penny earned. If you need extra money the first place you should start is looking at whether you can save on your monthly outgoings.
This page deals with a variety of ways you can save money and cut back on your spending each month.
Save money for your children with a child bond
Scottish Friendly, one of the UK's leading friendly societies, provides savings plans that allow customers to make the most of their tax-free allowance.
Scottish Friendly prides itself on maintaining some of the lowest renewal costs of life companies in the UK and aims to deliver value to its members.
The Government lets people invest up to ?5 a month tax-free with a friendly society, even if they already have an ISA. Customers can save for a rainy day via the Scottish Bond or start building for their child's future through the Child Bond.
Anyone can apply, you don't have to live in Scotland or be Scottish!
I'm currently working on a budgeting calculator which should show you where your money goes each month and whether or not your income is keeping pace with your outgoings.
You might be surprised at the results.
From there you will be able to see where expenses can be trimmed (or chopped) getting a better balance between what's coming in and what's going out.
One of the tools I use to help me with budgeting is a prepaid credit card. The advantages include:
- 100% acceptance
- No credit checks
- No bank account needed
I load mine at the beginning of every month with a set amount and that is what I have to spend. It is enough to cover my shopping and fuel only. No impulse purchases are made and it keeps me focussed on exactly how much I'm spending as it feels like spending real money as I've already paid.