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Page: 4 Ways to Outsmart Your Peers and Save Money

How to Outsmart Your Peers and Save Money

Beat the cost of living with these four ways to save money

The good news is that productivity has been rising steadily in Western countries. This means that more goods and services are sloshing around the economy than ever before. The bad news is that regular families aren't feeling the effects. Why? Because most of the increase in income has gone to the top ten percent.

It seems like it's a trend that is going to continue for some time. And as a result, many people are getting creative with how they spend and save their money. The idea is to spend as little as possible on life's essentials so that the money people do earn can be spent on the things that make life worth living.

So what should you be doing to save money and outsmart your peers?

1. Give Up Smoking

../images/Quit-smoking.jpg
Owing to rising cost and increasing taxes, quitting smoking habit will immediately
start
putting some money into your pocket.
(Image by commons.wikimedia.org)

It's partly thanks to government policies that median incomes haven't risen over the last two decades. The last thing you want to do is give the very institution that created the problem more money.

But that's exactly what you're doing when you go out and buy a packet of cigarettes. The tax is usually more than half of the price of the box. And that means that on top of income tax (20 percent in the UK) and income tax, you're paying even more.

Save yourself some money and kick the habit.

2. Consolidate Your Debt

../images/Money-saved.jpg
If you have various debts, it might pay you to consolidate them and simplify it
by one
fixed repayment each month
(Image by Pixabay.com)

Loans for debt consolidation are an attractive alternative to paying individual creditors. You get to deal with one agency and one fixed repayment each month.

But not only are the payments more manageable, they usually work out to be a little less than what you were paying before. That's because they allow you to pay off high-interest rate loans first. And this reduces the overall amount of interest you have to pay over the life of the loan.

3. Make A Profit On Your Wedding

../images/Wedding-kiss.jpg
Being a very expensive, find ways to reduce your expenses and to
make the most
of your wedding gifts.
(Image by commons.wikimedia.org)

Weddings are one reason why young couples end up in debt. The cost of a wedding can put such a strain on the marriage that you end up ruining your relationship.

It's time to say no to the cultural obligation that means that we have to spend money we don't have on weddings. Scale back the wedding so that it becomes about you and your partner. After all, that is what the wedding should be about.

And furthermore, ask for gifts to furnish your home. You never know, you could ultimately end up making a profit from your wedding if you keep costs low enough.

4. Save On Travel

../images/Cycling-to-work.jpg
Commuting daily to your work can be expensive when done by car,
so save money
by using alternatives, such as cycling.
(Image by Pixabay.com)

If your work is within five miles of your house and you don't cycle there, you are wasting a fortune. Asking a car to do the daily commute is something that costs the average motorist GBP4,800 a year. That includes all the petrol, servicing, tax and insurance and car loan payments.

Cycling obviously eliminates this cost altogether, especially if you get rid of your vehicle. But even if you take the train you could be paying a lot less. The average train fare on commuter routes tends to be around GBP2,000 a year cheaper than making the same journey by car.

These are but a few examples on how to save money. You can easily think of a few more ways to save money and outsmart your peers by keeping more of what you earn.

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