Browsing "Money Saving Tips"

Morrisons to offer huge cuts on petrol

Feb 23, 2012   //   by Keith McDonald   //   Money Saving Tips  //  6 Comments

Supermarket chains are waging price wars by offering eye-catching discounts on petrol for customers who spend in their stores.

Following Asda’s petrol price cuts in November and Tesco’s fuel offer last month, supermarket chain Morrisons has raised the bar by offering a record 15p per litre discount off petrol for customers spending £60 in store.

Supermarkets clashed over the issue last year. In April 2011, Morrisons’ Fuel Britannia scheme offered 6p off a litre of petrol for customers spending over £40 in store. This was branded no more than a ‘gimmick’ by a disgruntled Asda, upset that its below-average fuel price longevity was being supplanted by a rival’s deal that required high levels of in-store spending.

But campaigners have little care about favouritism, it would appear. Having voiced their concerns at the soaring cost of fuel, they are preparing to take a stand early next month to demand lower fuel duty ahead of the budget. Oil prices forced the price of diesel to a record high last week, while unleaded petrol currently sits within reach of the record high reached in 2011.

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Are Your Children Future Debtors or Savers?

Feb 20, 2012   //   by Daniel Morris   //   Money Saving Tips  //  Comments Off on Are Your Children Future Debtors or Savers?

Does that £20 note that was neatly tucked away in little Stephanie’s birthday card get spent as soon as possible? Do you children have little regard for the value of money? Ask yourself a more personal question, “Do they have a bad teacher?”

Your children mimic you in more ways than you care to accept. If you’ve dug yourself into a financial hole then it’s not only time to sort out your own mess but it’s also time to teach your child about money.

Here are 7 tips that will set your little angels off on a path of money moderation:

1. The Money Matching Plan:

For every pound your child saves, match it e.g. if your child gets a £10 note as a birthday present and saves £5 in their piggy bank put another fiver in. Starting this plan off when they are young will help to teach them the value of money from an early age. As they get older you can cut down the amount you put into the kitty in order to encourage them to save more.

2. Savings Account:

My parents opened a savings account for me when I was a baby (a longgggg time ago). Over the years I consistently added monthly deposits into the account and, by the time I was 18, I ended up with about £6000. Everything bit of spare cash I had went into the account; from pocket money to paper round money. The money I eventually drew out went a very long way.

3. Goal Setting:

Help your child learn how to plan by setting a goal. If they have decided to buy something expensive but can’t afford it yet it’s time add a little fun into the mix. Draw a picture of your favourite shape or animal. Now mark out target amounts of money e.g. if they’re aiming to save £10 then you’ll need to have 10 marks running up the side of the shape, each one labeled: £1, £2, £3, etc. Now ask your child to colour in the section as they hit each target. Visual progress tracking made easy.

4. A Picture Paints A Thousand Words:

Many entrepreneurs have said that we should have a picture of our deepest desires front and centre. Put a picture of what they want all over the house; in their bedroom, in the bathroom, in the kitchen, etc. This will give them a constant reminder of what they’re saving for.

5. Wish Lists:

Wish lists are a great idea. Similar to having a picture in front of you, lists encourage your children to visualise what they want. If they have a number of ‘must have’ items on the list get them to prioritise the list.

6. Monkey See, Monkey Do:

Or, to put it another way, lead by example and let your children see you practicing what you preach. Have your own piggy bank at home. Alternatively, take your child with you to put money in the bank and tell your child why you’re doing this. Simple yet very effective.

7. Spend Their Money:

I don’t mean raid their piggy bank for a new pair of shoes! Sometimes children forget. My youngest was so focussed on saving that, over the space of about 6 months, she saved up over £100 but didn’t spend it! Obviously, we don’t want them to spend it all but a little purchase here and there can be used a way of teaching your child how to buy in moderation.

Other Helpful Tips:

Regardless of how much money your child saves, praise them.
Give them constant encouragement even if they are a little reckless with their spending.

Future debtors or money savers? You can stick your head in the sand or you can teach them how to save money and give the a good head start in life. Which option do you choose?

 

This article was written for Which4U by James, co-author for moneysavingzone.co.uk, a site that prides themselves on offering their readers a selection of ideas and tips to help them save money on just about anything you can think of.

Making a Budget Plan For The New Year

Feb 9, 2012   //   by Daniel Morris   //   Money Saving Tips  //  1 Comment

The new year is always a good time to look over your budget and make sure your spending is in order. If you ran into some problems last year then today is the today to fix that problem for 2012. Repeating the same mistakes will leave you in a constant debt hole with no way out.

If you’re learning how to budget money as an adult that may mean your parents didn’t have good money habits either. This is dangerous because children often inherit these ways of spending and repeat a cycle that isn’t good for anybody.

The first step is to take a look at your after tax income for the year. Evaluate this and make sure you’re taking home as much as you think you are. If you’re paying too much in taxes you can change your deduction with your employer. Read More »

Christmas Is All Wrapped Up – And For Less Than You May Think!

Dec 6, 2011   //   by Daniel Morris   //   Money Saving Tips  //  Comments Off on Christmas Is All Wrapped Up – And For Less Than You May Think!

How much can you have an acceptable Christmas for? If new research carried out by the charity Family Action is to believed, it could be less than £200.

This survey, conducted by the charity, has shown that the poorest families will spend around one-third of the amount that the average family will during the festive season.

The average family in the UK will spend between £530 and £690 on items related to Christmas including; gifts, decorations, food and drinks. However, when questioned, the majority of families with a smaller income said that they would be spending around £182.

This breaks down as approximately: £34 on food and drink, £28 on decorations, £6 on cards and £114 on gifts, for a basic Christmas.

Many of the parents asked felt that there was an increased level of pressure on them to provide gifts for their children that, normally, would be more expensive than they can afford. Read More »

“Waste not, want not”: How Much Could You Be Saving?

Nov 16, 2011   //   by Keith McDonald   //   Banking and Savings Accounts, Money Saving Tips  //  Comments Off on “Waste not, want not”: How Much Could You Be Saving?

This may prove an interesting week of parallels. A recent post on our sister site’s Finance Blog in Australia compared details of how fee-driven banking products have come under scrutiny in both countries.

Another area of comparison is to be found in what we might call household efficiency or discipline savings. How much could we be saving by organising our food shopping more carefully to reduce wastage, or by switching off our electrical devices rather than leaving them on standby? Quite a lot, as it happens.

[Read more at Which4U]

Credit Cards for Christmas Shopping Overseas

Nov 10, 2011   //   by Keith McDonald   //   Credit Cards, Money Saving Tips  //  Comments Off on Credit Cards for Christmas Shopping Overseas

Christmas shopping trip to Paris, Brussels, Cologne, Vienna, New York, anyone?

We could all do with taking some of the stress out of the Christmas shopping period, which only tends to add to an already manic list of commitments.

A trip to one of Europe’s finest Christmas market towns might be just the ticket.

Anyone planning to shop overseas for Christmas, though, even from the comfort of their own homes, should note the duty-free limits, which have been amended slightly in November.

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