Top 7 money saving ideas

If your outgoings have crept up over the months, you need to identify ways to save money. If you're wondering how to save money, documentating all of your expenses in a spreadheet is fundamental to identify any excess. You can then scrutinise your expenditure and employ these money-saving tips.

Don't automatically renew insurance policies

You may think that loyal, existing customers are offer the best deals. This is not always the case. You must compare prices to get a quote, and you're likely to find that new customers are paying less. Contact the call center and ask them if they're prepared to match that quote. Insurers don't want to lose your business. So, they'll usually price match that deal.

Refinance your mortgage

If you're no longer tied to a specific lender, refinancing your home mortgage could be one of the best saving money ideas. Interest rates aren't going to get any lower. So, now is a great time to lock yourself in to a fixed-rate mortgage deal. It could reduce the amount which goes towards paying your mortgage by hundreds of dollars per month, especially if your credit score has improved since you last remortgaged.

Carpooling

If you drive your car to work every day on your own, this isn't very thrifty. Carpooling involves taking it in turns to collect a few of your colleagues, and this helps to reduce how much you spend on gas. If you carpool with three people, you'll pay 75% less of work-related transportation costs.

Avoid impulse buying

If you find it hard to resist temptation, leave your credit cards from high APR issuers at home. Seeing the money you're spending provides you with a greater understanding of its worth. This means less debt on your credit card debt and debt interest to pay.

Move to a new gas and electricity supplier

The cost of gas and electricity has risen over the last years. Compare sites to make sure that you're still getting the cheapest deal. If this isn't the case, consider switching your account to a new supplier.

Interest-free credit card balance transfer

If you have a good or excellent credit history, you're able to move your balance to a credit card with no interest. You'll pay a 3% to 5% transfer fee, but will normally pay over 10% less interest per annum. If you have a $3,000 balance, you'll save about $300.

Switch from branded to generic groceries

It's natural for people to choose brands they recognizs. However, recognition comes at a price. Unbranded goods are a lot cheaper because companies spend less money advertising them. Buy a couple of test items. Don't just fill up your shopping cart. You need to make sure that you like the substitute purchase because all generic groceries were not created equal.