5 Ways Umbrella Company Contractors Can Save Money!

Its no secret that contractors, freelancer and temporary workers have to deal with

a higher degree of uncertainty in terms of where there next job/contract will come. This uncertainty means that saving for a rainy day whilst making your money work harder for you is crucial. There are some simple ways umbrella contractors can become more efficient with their money and we have outlined 10 areas for consideration;

1.Reduce your current bills...Just ask

Sometimes by simply picking up your phone or searching online for better deals, you can actually put yourself in a position to barter with existing service providers, whether its your mobile service provider, gas & electricity provider or something else. E.g. I wasnt happy with my current mobile provider (not service related) simply because some of my colleagues were offered upgrades, additional prizes and a generally better tariff. In the end I finally allocated the time to call up my provider and put forward my issues...I hung up with a 20 a month discount on my tariff with a new blackberry being sent to me within 3 days.

2.Spend less and save more... Have you considered an ISA account?

Making the most out of any cash left over at the end of the month should become a priority for contractors and freelancers. Fixed rate ISAs can pay better interest rates than those available on other savings accounts. For example, the Post Office offers a two year fixed-rate ISA at 3.1% while the Halifax is currently offering a rate of 2.8% on a variable rate ISA with unlimited withdrawals.

3.Recycle

Im not just talking about reusing tinfoil or using your milk cartons as small flower pots. There is actually ways to reuse many other things that wouldnt even pop into your head. Look here for some great examples.

4.Cut your food costs

This is something you can save some money on. We all need to eat, however could you plan out your meals more effectively? Sometimes making a big dish then freezing or chilling the left overs for tomorrows lunch or dinner will save you nipping to the shop and buying a sandwich, some crisps and a soft drink (e.g. if you spent 5 a day on lunch it would amount to 1200 a year if we base it on 240 working days a year!).

5.UK PAYE umbrella companyor Limited Company contractor

Have you ever pondered on how much better off you could be working through your own Limited Company? Well if you are a contractor earning more than 16 per hour it could certainly be a much more tax efficient way for you to work. It is definitely worth getting some free expert advice from a specialist contractor accountant like Danbro, who can assess how much better off you could be.

Danbro are a firm of regulated Contractor Accountants and can give you some great advice.

By Gerry Gregoire Marketing Consultant at Danbro

by: Alex Askew

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