Category: Save Money

Should I Save Money Each Month?

There are some people that will save a bit of money regularly each month. This could be for different purposes. They might save money because they want to save up for a specific thing or so they can have some money to fall back on or just because they do not want to spend everything that they earn. You may or may not save money, but it is a good idea to look at the reasons in more detail to see if it might be a good idea to save some each month but also think about the negatives of doing this as well. Then you can decide whether to continue saving, start saving, stop saving or whatever.

Save up for Somethings Specific

Often we might be putting some money aside to save up for something. We might do this to save up for Christmas or for a holiday or something like that. By saving up, we spread the cost and make it much more affordable than it would be, if we tried to pay for it all at once. It also means that we will not need to take out a loan to pay for it, which will make it cheaper. Some people might be saving for something even longer term, perhaps for a car, when they need to replace theirs so they will not need to borrow when the time comes. They may even be saving up for retirement.

Have Money to Fall Back On

Some people like the idea that they have some money to fall back on. They like to think about the fact that if there is an emergency and they suddenly need money, there will be some there to help them. They also like to think about the fact that if something breaks down or they decide they want to treat themselves to something, there will be the money there to help them with that. It can give a feeling of security to know that there is some money there available to use if required.

Not Spend Everything

Some people are just not extravagant and do not want to spend all the money that they earn. If they are lucky enough to be able to afford it, they will buy everything they need, perhaps a few treats and then save the rest as they just do not feel the need to spend it all. We are all different and some people do enjoy spending and want to spend everything that they have, this can very much depend on how much we earn but also what type of person we are.

Reasons why Saving May not be Good

If you have debts then saving money, rather than paying off the debt may not be a good idea. You will make more money paying off the debt than saving, in most cases. This is because debt has high charges and using savings does not cost you very much money apart from the small amount of lost interest. This means that you might be much better using spare money that you have paying off your debt compared with saving it.

There is also some advantage to spending money that you have. If you spend it locally, then you help your local economy and that can help to boost the area that you live in. This can be really advantageous to you in the long run as it will make the area that you live a nicer one and will provide more employment for you, your family that love locally and any local friends and neighbours that you have.

How do I Reduce my Phone Bills?

Most of us have a phone. This could be a land line or a mobile or both and we will have to pay for any phone that we use. The way the charges are made can vary and it is important to make sure that we understand how we are charged and then we can decide whether there might be ways to reduce those costs.

Line Rental

With a land line, you will have to pay a line rental charge. This is a fixed amount and is not determined by how much you use the phone. Some people choose not to have a land line phone because of this charge and the fact that they have a mobile phone that they use a lot more. However, some people feel that it is well worth paying because they use their land line a lot and are grateful for the service. Getting rid of your land line could save some money, but only if you rarely use it. If you replace all of the calls you normally make on it with mobile calls then this could cost you a lot more money. You would need to do the calculations to check for sure.

Cost of Calls

The cost of phone calls can be a significant amount. The phone providers tend to have different ways of charging for calls though. For example, on a land line you may find that calls are cheaper in the evening. You may be able to pay a monthly fee so that you can get free calls after a certain time in the evening, at weekends or even all of the time but you are often limited to an hour for each call. If you use a mobile phone then the cost of calls an vary depending on what provider you are with as well as the terms that you have with them. If you ‘pay as you go’ then you will pay per minute and you will normally pay the same whenever the call is made. If you have a contract then things are different.

Contracts

With a contract you will be able to choose what sort of deal you want. Often you will get some free call as well as free texts and minutes of data. This means that you will be able to choose a package that suits how you use your phone. You will be able to make sure that you get the phone minutes that you need. However, if you tend not to phone much but use lots of data and texts, then you could find you are paying for calls you do not use. Or, if you do not use much data or send texts but call a lot you may decide to have a cheaper contract that only allows minimal amounts of these but then pay extra for the calls. It can be quite confusing at times to work out which one will be the cheapest as it is likely that you will not find one that matches your usage really well so you may have to pay for things that you do not need.

Reducing the Bill

This means that you will need to think about how much you use the phone to figure out how to reduce the bill. You could get rid of the land line if you do not really use it and then you will save on line rental. You could use the phone less and then if you are charged per call, you will pay out less money. You could consider changing to a different contract to one that will better match the way that you use the phone.