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Quick ways to find an extra £300+ per month

Cherry Reynard
Written By:
Posted:
05/01/2015
Updated:
06/01/2015

Easy fixes for your 2015 spending habits.

Five bits of spending you could avoid in 2015

  1. Gym membership – don’t be tempted by the annual lure of gym membership. There tend to be all sorts of tempting offers for gym membership in January, encouraging those with a touch of post-Christmas flab into lengthy contracts. If you are going to sign up, make sure it is only for a few months at a time, or – better still – use free vouchers. That way, you can test your resolve before wasting hundreds of pounds. Saving: £100 per month
  2. Overdraft and credit card fees – These can quickly mount up. Even in these days when banks are trying to put on their friendliest faces, you may be charged £30 for going over your overdraft or credit card limit. Negotiate a bigger overdraft if you need it, or, better still, arrange a low interest loan: Personal loan rates are now as low as 3.5%, compared to 20%+ on credit cards and overdrafts. Saving: £60 per month
  3. Excessive energy costs – Make 2015 the year you investigate changing your energy provider. Fixed deals are getting better and better with new providers coming into the market and increasing competition – www.uswitch.com. Saving: £50 per month
  4. Too much insurance – check your bank statements and investigate every bit of insurance you’re paying. For example, it’s easy to let insurance for old mobile phones run on and on. Also, check you need all the insurance you have. Consider whether putting the same amount in a savings account every month might not be a better option. It’s there when you need it, you won’t have to haggle and you may even earn a little interest. Saving: £10 per month
  5. Lunch and coffee – You don’t have to resist the expensive coffee every morning, just break your daily habit. The same goes for shop-bought lunches. Would it really hurt to pack up a sandwich a couple of times a week? Even better, stick the £100 a month or so you save into a savings or investment account. By the end of the year, you’ll have enough for a holiday. Saving: £100 per month