Saving money is not only about budgeting. Quick Loans Express explores 6 different unnecessary things you should stop paying for now.
In this article, we will look at the following things that you should stop paying for now:
We all like to save a bit of money here or there. We all look for different way to budget that combats our spending habits. So, what’s, is the first thing that we look to change in our lives? Cancel our gym membership of course! That, together with walking instead of wasting unnecessary money on petrol, writing grocery lists to cut spending and planning your meals properly are all good ways to save your pounds.
But the best way to save money is to realise where we are going wrong and where our money is going. A gym membership might cost £20, but that’s once month, we could be spending that unnecessarily daily. The key to saving money is to stop paying now for unnecessary expenses.
6 Things To Stop Paying For Now
Don’t believe us? Quick Loans Express, a instant payday loans lender, looks at 6 different areas that we spend money when we shouldn’t be. Acknowledging these 6 areas will create a lot more disposable cash at the end of the month.
How Do You Withdraw Cash?
You need some cash; your local cash machine charges you £1.75 per transaction, will you take the bother and walk to the nearest free one? If the answer is no, you have just thrown your money away. As the need for tangible cash dwindles, and contactless payments become more popular, don’t waste £1.75 on just taking the money out. Use a card and save the money for something that you want.
If you don’t have a free cash machine near you, the least you can do is take out more less frequently. Instead of taking £20 and paying £1.75 every time you need £20, take out £100 and pay this fee less frequently. Make the fee percentage worth it.
Is Your Bank Account Account Really Free?
Your ‘free’ bank account might be costing you unnecessary cash. That’s rights! Bank accounts offer perks when choosing them, but these may come with a fee. For example, the club Lloyds account offers a 2% AER variable credit interest on balances between £1 to £5000 plus other benefits. Sounds good? However, they charge £3 a month if you deposit less than £1500 per month. So, you may only lose out if you earn less than that.
Before applying for a bank account, evaluate whether its really worth the perks, or it just leaves you worse off. Better yet, find a completely free one. There are no perks, but you don’t pay anything either.
Do You Need to Tip?
Paying a tip has long been a matter up for debate. At the end of a meal or taxi ride – do you pay the standard 10% or just give your loose change? You may equally downright refuse to give anything – after all, they are being paid to do you the service.
Previously, people would look at people who didn’t give tips as ‘tight’. However, currently, prices are rising, and restaurants often automatically add the tips to the bill, and it is perfectly acceptable not to pay on top of that. Giving a tip twice a month can add £10 – £20 to your monthly expenditure.
If you still consider it rude not to pay, you should consider two things before tipping. First of all, did the waiter/waitress or taxi driver go above and beyond their call of duty. After all, they are getting paid to bring your food and take the dirty dishes away. Secondly, is there a service bill on top your food bill? Don’t be tricked into paying a tip twice.
Paying late fees is another thing that can add a lot to your monthly bills, and it can be very frustrating. You can’t always manage to pay your bills off on time, and it is likely that you will incur a late fee because of this. However, just because you can’t pay today, does not mean you will not be able to pay tomorrow.
These extra charges can hit your budgeting badly. The reason companies charge late fees is to ensure people don’t take advantage of them by not paying. However, they’re not there to punish honest customers and if you have a problem meeting the payment deadline then contact the company. Let them know you are having difficulty and most of the time they would want to help you. After all, you are their customer, and they want to keep you happy, so when you can pay, you do!
Do You Need to Pay Interest On Your Credit Cards?
Many money experts like to talk about this! Credit cards often have large charges but, it is possible to transfer your money to interest-free credit cards. In this way, you will be saving on the interest, and you can pay off what you owe much faster. However, it is like any credit card; you must pay a minimum every month. Let us show you an example of this;
You have a £750 balance on a 5% interest card, and you pay £75 a month. Do the maths, the interest plus the balance will take you at least 14 months to pay off and that if you don’t continue spending on that credit card.
Alternatively, an interest-free credit card will only take ten months to pay off, if you don’t continue spending and only repay the minimum payment. You will be saving almost £300 on interest alone.
Take control of your finances
Finally, the tricks to making the most of your money is to budget and keep on top of what you are spending. If you go through everything you are paying for like your ordinary expenses, bills, UK cash loans, you are sure to find avoidable fees. You may also learn to change your spending habits once you know where your weaknesses are.
Conclusion: Stop Paying For Now!
In this article, Quick Loans Express, offering fast loans in the UK, have described six instances of things you should stop paying for now. Before doing anything, you need to ask yourself, how much does it cost me now, how much will it cost and what are the expenses I need to look out for. If we do this, we may notice pointless places that we spend money. If we know where we fall, we know where to fight! So don’t delay – think of other things to stop paying for now!