30 tips to ride out the recession
With the economy on the brink of complete collapse, now is the time to stop and find ways out of this financial rollercoaster.
1. Take a break from your mortgage – If you find yourself struggling to pay off your mortgage, find out if your lender will allow you to defer on your payments for a few months.
2. Negotiate cheaper rent – With the demand for rental property on the increase, now is the time to negotiate cheaper rates with your landlord.
3. Move to a county where the house prices are falling – These counties include Oxfordshire, Hertfordshire, Isle of Wight, Berkshire, Buckinghamshire, Kent, Hampshire, West Sussex, Surrey, and Wiltshire.
4. Property is not always safe – Don’t throw away your money on property you think may be an investment. Do proper research beforehand.
5. Beat higher fuel prices – There are always ways to save money on petrol costs. Things you can do to minimise your fuel consumption include pumping up your tyres, turning off your air conditioning, and changing your oil regularly.
6. Appeal all parking tickets – If you feel a parking ticket was unfairly distributed, appeal the ticket. You should do all you can to save money, and that includes saving on unnecessary parking mishaps.
7. Save on car insurance – Look for the cheapest car insurance that offers the best value for money.
8. Start a lift club – Instead of travelling to and from work/school alone and spending money on petrol, start a lift club and pick up other people in your area or en route. You can then split the price of petrol and save you some pounds in the process.
9. Get advice on your finances – Get professional advice regarding your finances and how you can budget your lifestyle.
10. Minimise your profits – There are numerous ways you can avoid capital gains tax. Do some research and find out how.
11. Claim a council tax rebate – There are probably millions of homeowners out there who could be owed rebates worth hundreds or even thousands of pounds because their homes are in the wrong council tax band. Find out if you fall into this category.
12. Cut costs on electricity – With gas and electricity prices rising, there are ways to reduce energy consumption in your home or office. These are pretty straightforward and include turning off unnecessary lights and electrical appliances.
13. Stop paying for calls – Talk is cheap on the net. Find out about making phone calls over the internet using Voip technology.
14. Sell your items for profit – Go through your attic and find things you could sell. You never know how valuable your old toys and furniture is.
15. Become a film extra – This is not only a great way to make some extra money, but its fun as well.
16. Get 7% on your savings – For those who have been saving you are in luck as the interest rates have soared, with savings rates shooting to a record-breaking 7%.
17. Profit from the falling market – Learn how to cash in on the losing value of shares and how to get absolute return funds to work for you.
18. Save without noticing – Sometimes you are able to put money away without it having an effect on your bank balance. Why not keep a piggy bank and collect all loose change you find laying around and make sure you claim on those cash back rewards.
19. Save – Saving is not as difficult as you think it is. There are many things you can eliminate from your budget that will allow you to save more.
20. No harm in being prudent – In this day and age, there is no shame in bargain shopping. The UK’s top bargain retailers include Aldi, Primark, Premier Inn, Oxfam, Ikea, Ryanair, and Poundland.
21. Save in the kitchen – When it comes to cooking, there are numerous ways to save. Groceries have become the most expensive monthly expenditure. Try out exciting new recipes that allow you to stretch your ingredients, and learn how to cook in bulk.
22. Cash in on items that have fallen in price – These include mobile phones, digital cameras, flat screen TV’s, Apple MP3s, DVD players, fridges, camcorders, washing machines and dishwashers. None of these purchases are necessities, but if you are looking to buy, now is the best time.
23. Shop at flee markets and learn to haggle – There are great places where you can find bargains, including flee markets. Also, these places allow you to barter and haggle, so learn the skill and save money.
24. Cash in on your reward card – If you going to be spending anyway, you may as well get some rewards for it. Take advantage of loyalty and reward cards.
25. Get music online – Purchase music at cheaper rates online with iTunes and Napster.
26. Budget – As boring as it may sound, budgeting, along with saving, is the only way you can even think about riding out the recession in one piece. Start today.
27. Improve your credit rating – Getting loan approval is harder than ever, so having a bad credit rating will not help the situation much. Improve your credit and soon you may be able to get approval for that much needed loan.
28. Be positive – Don’t fall into a pit of depression if you are struggling with finances. Realise that it will soon be over and work hard to save and budget.
29. Don’t get sunk by debt – Don’t panic if you are having financial difficulty. Learn how to deal with your debt and become financially savvy. Harrington Brooks can offer you advice about your debt problems and may be able to offer you a solution to reduce your monthly creditor payments.
30. Smarten up – Learn about the financial industry and find ways you can invest and make money in the long run.