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Five Money-Saving Tips Which Might Not Work

There are lots of money-saving tips out there - but some of them could end up costing cash. Here are perhaps five of the worst offenders.

When searching for money-saving tips online, you’ll find a variety of articles containing advice related to cutting costs. In fact, we’ve published posts on the matter before. Yet, not all information available should be taken as gospel.

Here’s five money-saving tips which may do more financial harm than good:

  • Buy value packs;
  • Shop during the sales;
  • Choose the cheapest option;
  • Buy in bulk;
  • Take out a store card

If you’re searching for a solution which can save you cash, why not consider debt consolidation?

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01. Hunt for bargains during sales

When a business is having a sale, it seems like a no-brainer right? You can get the products you wanted at a fraction of the cost. However, due to all the tempting offers on display, it’s very hard to walk out of a sale carrying just one purchase.

Although a sale can be great value for money if you have amazing self-control, these events can become quite pricey if you’re not careful.

02. Always buy the cheapest option

If trying to save money, it makes sense to be more economical with your cash. However, there are some products which you just don’t cut the cost on – as they can result in consequences further down the line.

For example, a £10 pair of shoes sounds like a great idea but these may be completely worn out within a matter of months. Assuming you need to replace them every quarter, that’s £40 just spent on replacing shoes within 12 months.

A £30 pair, on the other hand, might last a year or more.

If you buy cheap, you usually sacrifice quality – which can harm your finances in the long run.

03. Buy food in bulk

There are times when it makes sense to buy in bulk but, sometimes, this strategy isn’t value for money. If you’re not careful, products may expire before you get a chance to use them. In this situation, you’re not only wasting food, you’re wasting money as well.

There needs to a balance between what you think you need and what you’ll actually use. Finding that middle-ground is the key to saving money.

04. Buy value packs

When fulfilling your grocery order, you’ll have spotted items claiming to be ‘value packs’ or similar. On the packaging, these usually advertise great prices but some detective work is required to make sure you’re getting the best deal.

Instead of looking at the price, take a look at the cost per unit. This usually breaks down the value of a product by weight and illustrates how much of a bargain something really is. You might discover the ‘value’ item is just as expensive as a premium brand.

05. Take out a store card

Businesses often advertise store cards as a great way to save money on frequent purchases. This product also regularly comes with special offers, introductory deals, or periods of no-interest. However, start missing payments on store cards and you could find this type of debt becomes very expensive indeed.

Store cards are a common form of unsecured debt and something we deal with on a regular basis. Learn more about store card debts

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Want a debt solution?

Money-saving tips are all well and good but if you’re struggling with unmanageable levels of debt, advice just won’t cut it. In this situation, you may need a debt solution to help you get back in control of your finances.

A debt consolidation loan could be one such option. Potentially repaying your creditors in 24 hours, you could be left making one affordable monthly payment. For more information, and to identify if you’d qualify, click the button below:

Consolidate My Debts
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Unsecured Loan Representative 69.9% APR

Borrowing £7,500 over 36 months, repaying £502 per month, total repayable £18,083. Total cost of credit £10,583. Interest rate 69.9% (variable). The lenders on our panel offer loans for 12-60 months, with rates from 5.8% APR to 89.9% APR. The Representative Example is based on all loans paid out by lenders between 19th Apr 2022 and 23rd Dec 2022.

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If you choose to add fees to the loan: Assumed borrowing of £25,000 over 120 months, plus a broker fee of £2,500 and a lender fee of £250 would result in monthly repayments of £345.55, the borrowing rate is 8.6% (variable), the APRC is 11.7% (variable), total charge for credit £16,466.00 and the total amount payable £41,466.00. You can opt to pay the lender and/or broker fees upfront, your adviser will discuss these options with you.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. All rates vary subject to loan amount, loan type and status. Repaying your debt over a longer period of time may increase the amount you pay.

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