3 Ways to Save Money

3 Ways to Save Money

This article will show you 10 ways you may never have thought you could save money. Some ideas may perhaps be a little boring - but they work; other ideas are ones you may never, ever have thought of. Let's get started...

1 - Don't Buy Into Extended Warranties

Electrical item get more and more reliable every year. If you buy lower quality electrical goods then you can't really expect them to last as long as better ones. Extended warranties are generally quite expensive relative to the cost of the item you purchase. There is a chance your extended warranty will save you once or twice - but if you get one for every electrical good you buy then over the long-run you will be wasting money. There is also sound reasoning here as well as probabilities - and this is: If an electrical item (or almost any other item for that matter) does not break-down within the first year then it will generally last a while. Why? Because within the first year the item could break-down due to a manufacturing flaw, but after that it's general wear-and-tear, which should usually see the item lasting several years.

2 - Shop Online

Okay, nothing revolutionary here, but many people want something in an instant. They go to the local store, and while it is good to support your local stores, it can be a lot more expensive. Sometimes even double the price for many items - not just small items either - items that have significant price-tags. If you can wait for a day or two for an item to arrive through the mail then ordering items online can ultimately have you saving a lot of money over the course of a year (or in some cases even on a single item).

3 - Avoid Loan Payment Insurance (or 'Payment Protection')

Companies who lend money (banks and lenders) always try to 'upsell' you insurance on your loan. The main selling point is that if for some reason you are unable to pay your loan for a period of time (ill health, loss of job, etc.) you will have insurance against this and will have the payments paid for you so you don't slide further into debt. Two things: firstly, most people don't need this at all; and secondly, if can be VERY difficult to actually successfully claim on this insurance should you need to - it can be long and drawn out and almost impossible get (especially if you never read the small print - there can be many get-out clauses for the lender).

Perhaps this article was not revelationary to you (and maybe a little bland) - but many, many people do not realise they are get mis-sold things. These people generally will not understand the economics of the situation, or what they are being sold, either.

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