Looking After The Pennies & Pounds In A Post-Covid Era
Whether you experienced job difficulties or not due to the pandemic, it proved that nobody’s finances are as safe as they think. So, as we exit the restrictions, it’s time to truly take your frugal living game to the next level.
Learning to save money is about a mindset shift. Here are six of the best tricks to help you stay on the right track throughout the rest of 2021 and beyond.
1) Lose the desire to buy brand new
We all love the feelings that a little retail therapy can bring. However, some purchases simply don’t justify the costs. A used car supermarket won’t deliver the joy of buying a brand new vehicle that nobody else has driven. But the joy of purchasing new wheels is still huge. Crucially, your new ride won’t lose thousands to depreciation within 24 hours of ownership. There are plenty of smaller goods where used items are just as good as new ones. The savings can be huge.
2) Price check everything
Big savings, such as getting a used vehicle will naturally feature at the top of your checklist. Nevertheless, small but regular savings can play an integral role in your life. Not least when those discounts are automatically achieved. Applying a promotion code finder to your web browser or using a price comparison tool on purchases will generate savings. Better still, it happens within seconds. Missing out on those benefits would be very naive.
3) Learn to appreciate the benefits of renting
If you can get a mortgage, it is usually the better option than renting a home. However, this isn’t always the case. There are a lot of fees included, such as estate agents, surveyors, and solicitors. So, if you end up moving within 2-3 years, it could cost money. Ultimately, renting gives you a lot more freedom, especially when you’re young. Besides, house shares and other options can provide cheap accommodation that allows you to save more for your future deposit. A lower loan-to-value rate will secure a better mortgage.
4) Repair don’t replace
When something is broken beyond repair, it needs replacing. Likewise, outdated tech that costs more money to run should be updated with new features. However, when an appliance is broken you should consider whether repair jobs may be better. Calling a handyman may be cheaper than replacing the item altogether. Better still, you may be able to find an online tutorial that teaches you how to do the work yourself. It’s cheaper and more satisfying.
The same can be said of clothes. Some repairs are quite easy to do yourself and save you money in the long run.
5) Know When To Buy Branded
There are many times in life where buying unbranded goods will deliver the same outcome as branded goods but at a fraction of the price. Sadly, there are other occasions where only the best will do. After all, cheap does not equate to value if the item offers no quality or longevity. Finding the best brands for gardening and DIY items, for example, will save you money in the long run. Not only that, but the knowledge that you’ve made the right purchase should also provide peace of mind.
6) Make Habitual Changes
This is perhaps the hardest step to implement, but it can make a big impact. We all deserve to enjoy a few simple luxuries to make life more enjoyable, but it’s worth analysing key decisions. Do you need the takeaway when perfectly good foods sit in the freezer? Do you do your weekly meal plan? Do you need the gym membership when you have running shoes and dumbbells? Do you need the huge internet package? can you walk in the sunshine rather than paying for an expensive gym membership? Significant savings can be made if you watch the pounds and pennies.