There is nothing more frustrating than realising you have unnecessarily given away your hard-earned money. Yet most of us are guilty of throwing money at unwanted Netflix subscriptions and clothing you didn’t need because you have failed to organise your finances. However, when you spend a couple of hours fixing your finances, you can dramatically increase the amount of money you have to spend on the necessary yet fun things in life - like holidays or a new car!
Here at PIWoP - a price drop alert tool that allows you to watch the prices of items you want, our experts have provided their top five money saving tips for quick financial fixes:
1. Eat in restaurants during their ‘off-peak’ times.
No matter where you go, restaurants are typically busiest on Friday and Saturday because people are meeting up with their friends and family for the weekend. However, if you’re flexible, you could save a huge amount of money by going during the week or on a Sunday. This is because restaurants offer special offers and discounts to entice customers to visit their establishment during their slowest times.
2. Stick to the 30-day rule.
The most important rule of personal finance is avoiding the instant gratification you get from purchasing. In order to do this, you need to wait at least 30 days before making a purchase. You will find that after a few weeks the urge to purchase has passed and you will save yourself some money by not making an impulsive purchase. If you were on the fence about buying the product anyway, giving yourself some time will help give you a better perspective on whether it’s worth your money. PIWoP can help with this if you PIWoP something you can go back to your lists to check if the items you did "want" you still do! Added to the fact that you get notified if they are reduced!
3. Repair and repurpose clothing - don’t throw away!
Don’t just chuck away a new shirt because a button has popped off - instead sew on a new one with some thread. You will find yourself saving lots of money when you decide to fix it yourself, instead of buying new clothing. However, if you lack the basic sewing skills necessary to fix your clothing, why not repurpose your old clothing into items for around the house? You can find plenty of inspiration online; from shirt pillowcases to denim draft stoppers.
4. Switch off your television.
Did you know turning off the TV can drastically cut down on your spending? Not only are you less exposed to spend-inducing adverts but a lower electric bill (and sometimes a lower TV package if you decide to downgrade your subscription) will give you more time to focus on other things in life. For example, putting down the TV remote means you can spend more time improving and marketing your side business, meaning you can make money rather than losing it.
5. Use price comparison websites.
There are many price comparison websites out there - and for good reasons. They help you as a customer to find the product you want at the cheapest available price. Whether you’re looking to find the best deals on electronics or discounted designer shoes, it’s worth utilising these websites to find the best offers. Price tracking tools like PIWoP are different. They tell you when items you want, get reduced in the future to lower levels than a price comparison site will show you, as they just look at current prices.