Saving Money: Tips on How

In recent studies it was found that British credit card holders have at least 2,200 pounds of debt on average on their cards.  Retailers have seen slumps in sales because of the massive debt.  Right now many of the UK consumers are trying to pay off their high debts because they now realise just how long it will take.  In this article we are going to look at over ten ways to save money to help pay off debts.

• The best thing you can do is look at your mortgage.  Your mortgage is usually your largest debt.  If you can find a way to repay your mortgage at a lower interest rate you could save over 1000 pounds a year.  There are several deals on the current market that will allow you to elongate the mortgage, or even allow for debt consolidation of other loans.
• You also need to work on clearing your credit card debt.  Your credit card debt often has the highest interest penalty off all the other debts.  If you can cut costs you can save at least a hundred pounds in a year.
• Your petrol bill is huge.  We all know the current issues with oil, but you can still save by changing how you do your errands.  You could stop driving around on your days off and hit the grocery store on your way home.  Cut those extra trips and save gas.
• A water meter can also help you save money.  There are ways to halve your water bill just by installing a meter.
• Home phone bills can be cut.  If you search for cheaper alternatives you could find there is a three for one deal in which you get cable, phone and internet for a more affordable rate than you currently have.
• Before shopping make a list of what you are going to need for the week.  This can cut down on those extra purchases or having to eat out.  You could save more than 10 pounds a week and over 500 pounds a year if you stop eating out.
• Stop shopping at a supermarket and try your fresh produce at market stalls.  Not only do you get to help out a local person, but you can also save money for the lower prices typically found outside the supermarkets.
• Change the brand of food that you buy.  You can save up to a hundred dollars just by buying a cheaper brand that is just as good.
• Designer labels are really not the thing.  They are expensive and yet the quality is still not right for the price.  Consider changing to a less expensive clothing line.  That can save you hundreds of pounds in one year.
• Selling your items on eBay or garage sales can get you money.  You don’t have to keep the clutter, sell what you don’t need and move on. 
• You can use a hobby or talent to earn extra cash from home or even as a karaoke singer.