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Finance
Mortgages, pensions, loans, shares, savings |
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Savings- Getting Started Part 1
Looking at your finances
To get started ask yourself the following:
1. What is the purpose of saving?
2. How can I save money?
Is the money for a holiday or for your pension? Knowing exactly what your money is needed for will determine how much you can save, and how regularly. To put your finances in perspective, you have to examine your current budget. Get out a bank statement and add up your monthly expenditure. How does your income compare to your outgoings? Do you go overdrawn at all?
You might be surprised how the small things add up.
Ways to cut back
1.Reduce credit and store cards.
2.Look at how much you spend in the supermarket. Can you buy items in bulk? Also look out for special offers.
3.Cut back on petrol. Can you walk to the shops?
4.Be energy efficient and turn off all electrical appliances when not in use.
This will help to reduce your bills.
5.Why not take your lunch into work?
6.Check all of your direct debits to make sure you’re not paying out for things you don’t need (Magazine subscriptions, Gym memberships etc).
Try making these cutbacks for a short period of time and then go back and look at your bank statements. Do remember that you still want to enjoy yourself, so don’t cut back so much that you don’t have any spending
money left at all!
Next week we’ll look at the different types of accounts available.
Fiona Seymour-Jesse
SJ Copy
Links
Starting saving
http://www.moneysavingexpert.com/savings
Motley Fool- How to save more!
http://www.fool.co.uk/savings/information/how-to-save-more.aspx
Motley Fool- Shape up those finances
http://www.fool.co.uk/news/your-money/savings/2006/12/14/shape-up-those-finances.aspx
| DOWNLOAD | | [ Savings Getting Started Part 1 ] |
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