How to get smarter with your spending

POSTED: 8th March 2013
IN: Personal Guides

With salaries failing to increase in line with the rise in the cost of living, people now need to get smarter with their spending to avoid going into the red.

undefinedA new study from Think Money has signalled a few ways in which Britons can manage their money more wisely.

As the research showed, one in six people switch between supermarkets depending on which is offering the best deals on groceries and other items.

A further 21 per cent of people questioned said they visited more than one supermarket to find the best promotions available.

“The weekly or fortnightly shop uses up a large chunk of people’s earning, so it’s good to see so many people getting smarter with their money and making an effort to find bargains,” said Ian Williams, head of PR and communications at Think Money.

It is not just the grocery bill people can cut their costs on though, with the internet and discount vouchers all providing viable options for making spending cutbacks.

Price comparisons websites can be a great way to help ensure people do not spend over the odds on essentials, including insurance.

Cashback sites are also a good way to earn savings while spending, and with every penny counting, there is always a good reason to spend wisely.

It may sound tedious to trawl through the internet in search of bargains, and if it is not a suitable option for some, then keeping an eye out while shopping can help ensure you spot bargains.

When you come across a potential bargain, remember to gauge whether or not it will cause you to spend more than you originally would have.

Multi-buys, for instance, can be great for large families but couples may find buying a large quantity of a single item means they get through it a faster pace than if they had just stuck to one.

Whatever way people decide to make spending cutbacks, they should then consider the best way to store that excess cash, which could go towards an ISA for future use.

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