If you do your weekly food shopping while hungry, you are more likely to make impulse, non-essential food purchases
Shopping after lunch has a second benefit as you may loose a few pounds of weight if you’re better able to resist such temptations.
Archive for August, 2007
Do the weekly shopping on a full stomach.
Tuesday, August 7th, 2007Considering an IVA? Benefactor of a Will?
Monday, August 6th, 2007If you are you are the benefactor of a will and inherit some money or property while you are in an IVA or while an undischarged Bankrupt, your inheritance may have to be made available to your creditors to repay your debts.
It is an offense not to disclose such information to either your IVA supervisor or Trustee in Bankruptcy.
This is more relevant in the case of an IVA which normally lasts 5 years, which is longer than bankruptcy, normally lasting 12 month.
Consider getting the will changed to the name of someone not currently involved in insolvency procedures or get the money put in trust until such a time your IVA or Bankruptcy will have completed.
Make a list before your weekly supermarket shop
Saturday, August 4th, 2007…and more importantly, stick to it.
Many people with a finance and debt management problem have a needless over spending problem.
One place to cut down on this is in the supermarket. How many times have you bought food on impulse only to throw it in the bin when it’s gone off?
Make a list before you go. When arriving at the checkout, anything in the basket which is not on the list, get rid of. If it’s stuff you just want, then you can’t actually need it as you didn’t know you wanted it unitl you saw it.
If you’re feeling brave, budget how much you’ll need to spend and take cash only with no other means of payment.
Exceptions can be justified if the item is on offer and by making a calculated, non-planned purchase now, there is reduced planned spending at a later time, and hence a net saving.
Another example of turning planned spending in to overspending is doubling up when clothes shopping.
How many times have you gone out to buy for example a jumper, and come home with having bought two from the same shop. You couldn’t decide which you prefered so you bought them both. Worse still, they are the same, except in colour. What always happen’s is that you will prefer one over the other and that one you will wear more and get better value from it.
Branded Credit Cards? You must be crazy.
Friday, August 3rd, 2007There is a growing trend in branded credit cards. American express do a BMW branded card and many football clubs have their own branded card.
If you use a branded card because you think it is cool or it enhances your status to be associated with a luxury brand then you are a mug. The only reason to use a particular credit card is the service that comes with it, ie interest rate, balance transfer discount etc. Buy yourself a branded wallet instead.
Never buy a sandwich in a shop.
Thursday, August 2nd, 2007The raw ingredients to make a sandwich costs about 25p, so why pay £2 for one from a shop?
If you buy lunch at work everyday, think how much you could save if you bothered to make yourself a packed lunch. I know lunchboxes are very un-cool, but could easily save £50 plus per month, and eat a lot healthier at the same time.
Make a Budget – and stick to it.
Wednesday, August 1st, 2007Sit down and work out how much you spend each month. List essential outgoings and all other non-essential spending.
Most people are surprised at how much that can save if they were more disciplined with their money. When I did this, I realized I had a £25 per month magazine and a £17 per month chocolate habit. So not only did a save some money, I lost a few pounds also.
You can use this handy income and outgoings calculator to see where all your money goes.
