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Cut your groceries bill by £1,404

Here is a simple way to save over £1,000 on your food shop

  • Do your weekly shop online, never in-store
    • When you buy online, you can stand in your kitchen and see what you need. Just buy what you need, not what looks tempting or is in a 'discount bin'. It won't cut your bills to buy things you don't need even if they are on offer. Online, you can also pull up your regulars and just pick from those. Shopping online in this way cuts average weekly shopping bills by 20%!
  • Switch to a cheaper supermarket
    • moneydog looked at the supermarkets with an estimated 96% online delivery coverage, and in a fiercely competitive market, Asda was the cheapest supermarket for branded groceries three times, while Tesco was cheapest twice in the last 6 months.
      • Asda will give you a voucher for the difference if your ‘comparable grocery shopping’ isn’t 10% cheaper than at Morrisons, Sainsbury’s, Tesco and Waitrose. 
      • Tesco checks prices on branded products against Asda, Morrisons and Sainsbury’s. Tesco will deduct the difference from the price of your shop before you pay at the till or online. 
    • So even when Morrisons is cheaper you will be saving at Asda and Tesco.
      • Sainsburys no longer offer a price match scheme, and Waitrose and Ocada only promise that they monitor match the prices, not to compensate you when they are not.

ACTION: Join Asda or Tesco today and shop weekly online, save £25 a week and that is £1.404 saved this year over last!

LED Lights Save You Money & Brighten Up Rooms

There are many advantages to LED lighting. LED lights will not only save you money but can also make a decor statement in your home.

Here are the important things about LED lighting that this blog covers:

  •        Getting started: how to choose the right money-saving LED lights?
  •        How LED lights can save you money and last longer?
  •        Why they are fashionable and how they can make a room look brighter and cleaner
  •        Which LED lights are good for growing plants?
  •        Which LED lights are good in the bathroom and kitchen?
  •        Which LED lights are dimmable?
  •        How you can fit LED lights to your existing light fittings
  •        How much they cost to buy and to run
  •        The LED equivalent of a 60W bulb, and all common sizes

 

 

 

How LED Lights Save You Money and Last Longer

 

The average LED bulb costs £2.25 -£3, which is 2-3 times more than the cheapest incandescent bulbs. However, the cost of running LED lights in your house is a LOT less.

LED lights save you money overall because they use less electricity and wattage than conventional incandescent bulbs.

 

Cut Your Electricity Bills by £240 a Year

 

If you have 10 x 60W incandescent bulbs on for an average of 10 hours a day, the total electricity cost will be 86.22p per day (assuming 14.37p per kWh). This is equivalent to £6 per week, £24 per month and £288 per year.

The cost of 10 x 10W LED bulbs is £89.90 approximately. If you replace all 10 incandescent bulbs with 10W LED bulbs, the total electricity cost will be 14.37p per day. This is equivalent to £1 per week, £4 per month and £48 per year.

So you can save £5 per week, £20 per month and £240 a year, which will help you recover the purchase costs within five months.

BUY ONLINE: Buy the right money-saving LED lights here today

The expected lifespan of this size LED light is 25,000 hours, whereas standard light bulbs will only last 1,200 hours. So LED lights  can also last up to 21 years and save you a fortune over traditional bulbs.

Follow these 2 tips to make your LED bulbs last longer.

  • Make sure that you keep them cool and let air flow freely.
  • Switch off the lights when not in use.

 

What size or power bulb do you need?

 

LUMENS

INCANDESCENT

LED

2600 lm

150W

25-28W

1600 lm

100W

16-20W

1100 lm

75W

9-13W

800 lm

60W

8-12W

450 lm

40W

6-9W

wattage here

 

LEDs are Fashionable

 

Fashionable LED light fittings

“Fashion changes, but style endures”

– Coco Chanel

Home designers have more advantages than ever with LED lights to design great light fittings.  The small size of LED lighting tube means designers have more artistic freedom when creating lighting fixtures. They can create all kinds of colors, shapes, and sizes with LED lights.

 You can shop for fashionable LED light fitting here right now

 

LED Lights Change the Appearance of a Room

 

LED lights can change the appearance of a room by giving off a warm, soft glow which makes the room look brighter and cleaner.

Additionally, different shapes, designs, and colors of LED lights allow you to decorate the room, or light under cupboards, or around photos or even up staircases.

Check out how to enhance a room in your home with LED lights

 

LED Lights For Bathrooms

 

Bathrooms need to feel clean and brights, so LED lights are a perfect choice.

In the bathroom, you want to use a LED light that has a total brightness level of 4000-8000 Lumens, Color Rendering Index (CRI ) of 90 or above and color temperature of 2700k to 3000k. Lighting below this range can make certain tasks like shaving and applying makeup very difficult. Also, lighting above this range can consume more power.

 

 Lights For Kitchens

 

LED lights are great in the kitchen because they can be used to light up the whole kitchen with ceiling fittings and add a warm glow to certain areas, like under the cabinets, that would otherwise be dark.

Although you can try different lumens under cupboard, it is important to stick to a single color temperature throughout the kitchen.

In the kitchen, use a total brightness of 4000-8000 Lumens, Color Rendering Index (CRI ) of 90 or above and color temperature of 2700k to 4000k.

Lighting below this range can help you save energy but make your kitchen too dim. Likewise, lighting above this range gives you more realistic tones, but is not good for your pocket.

To get the perfect LED light for your bathroom and kitchen, shop here

 

You Can Fit LED Lights In Existing Fittings!

 

You can buy LED filament lights that fit into traditional bayonet and screw cap light fittings. You can easily replace a range of different halogen and incandescent bulbs in your home or workplace with these LED filament bulbs. 

 

LED Lights Can Be Put On A Dimmer!

 

Many LED lights are dimmable. But check the advert for each bulb because there are still a lot that aren’t compatible with certain dimmers due to their low wattage.

Always check the package of the fittings and bulbs before buying to check they are compatible with a dimmer.

Find  LED light dimmers here |  Find LED lights that work with dimmers here

 

Growing Plants

There are special LED bulbs called grow lights that are used to grow plants.

Using LED lights means that you can grow bigger and healthier plants. Healthier because growers are relying on LED lights to make them bigger instead of growth hormones.

They are also cheaper to use than the traditional lights used.

For growing plants, you can use a LED light that has a total brightness of 1000-5000 lumens, CRI of 70 to 80 and color temperature of 2800k to 3200k.

Do you need LED lights to grow your plants? Check them out here

 

 Want to control your lights from your phone? You need a smart home

Cheapest and Smartest Way To Own A Smart Phone

Many people think that the only good smartphones are Apple or Samsung.

In this blog we tell you how you can have a smartphone that is every bit as good as the top makes, for a fraction of the price.

In this blog we tell you:

  • The cheapest (and smartest) way to own a smart phone
    • Buy one of our top 5 cheap sim free phone picks
    • Buy your sim and calls bundles through Giff Gaff
    • Don't take the contract for the expensive free phone
    • Is a Refurbished iPhone A Good Idea?
  • Top 5 Smart Phones Reviewed - Scroll our table left to compare each phone to the iPhone
    • Cheapest smart phone review
    • Value smart phone review
    • Smallest smart phone review
    • Big screen smart phone review
    • Rugged (unbreakable) smart phone review
    • Fast gamer's smart phone review
    • Best all rounder smart phone review

 

The cheapest (and smartest) way to own a smart phone

 

Apart from Apple's iphone, all the top smart phones, including Samsung are powered by Google's  software, called Android. 

Android is better than Apple because it doesn't tie you into expensive Apple TV, storage or software to do the things you want to do.

With Android there are almost all the same Apps available, including things like Amazon and Netflix, plus if you use Google's equivalent to Excel, Word or Gmail, you can access it easily from other devices.

Here's the best part - Android is used by less well known phone developers who make phones that are almost as good as Samsung, but at a fraction of the price.

 

Buy one of our top 5 cheap sim free phone picks

 

Here are 5 top smart phones, that are far less than the £280 iPhones start at (they can be over £400!).

Cheapest smart phone review

DOOGEE X10 SIM-Free Smartphone

 

  DOOGEE X10 Iphone 6S
Price £41.99 £585.40*
Screen Size 5 inches 4.7 inches
Dimensions 1 x 14.7 x 7.3 cm 0.71 x 6.71 x 13.83 cm
Weight 190 grams 143 grams
Memory  8 GB 16 GB
Operating System Android iOS
Wireless data 3G 4G
Camera 5MP 12MP
Customer rating 3/5  4/5
  Learn More  Learn More
  BUY ON AMAZON  BUY ON AMAZON

 

Value smart phone review

Huawei Y6 SIM-Free Smartphone

 

  Huawei Y6 SIM-Free  Iphone 6S
Price £99.00 £585.40*
Screen Size 5 inches 4.7 inches
Dimensions 0.8 x 7.2 x 14.3 cm 0.71 x 6.71 x 13.83 cm
Weight 150 grams 143 grams
Memory  16 GB 16 GB
Operating System Android iOS
Wireless data 4G 4G
Camera 13MP 12MP-
Customer rating 4.5/5  4/5
  Learn More  Learn More
  BUY ON AMAZON  BUY ON AMAZON

 

Smallest smart phone review

Samsung Galaxy Trend Smartphone

  Samsung Galaxy Trend  Iphone 6S
Price £79.99 £585.40*
Screen Size 4 inches 4.7 inches
Dimensions 1.07 x 6.29 x 12.4 cm 0.71 x 6.71 x 13.83 cm
Weight 126 grams 143 grams
Memory  512 MB 16 GB
Operating System Android iOS
Wireless data 4G 4G
Camera None 12MP-
Customer rating 5/5  4/5 
  Learn More  Learn More
  BUY ON AMAZON  BUY ON AMAZON

  

Big screen smart phone review

Samsung Galaxy Note 8 SIM-Free Smartphone

  Samsung Galaxy 8 Iphone 6S
Price £569.90 £585.40*
Screen Size 6.1 inches 4.7 inches
Dimensions 7.5 x 0.9 x 16.3 cm 0.71 x 6.71 x 13.83 cm
Weight 195 grams 143 grams
Memory  64 GB 16 GB
Operating System Android iOS
Wireless data 4G 4G
Camera 12MP 12MP
Customer rating 4.5/5  4/5
  Learn More  Learn More
  BUY ON AMAZON  BUY ON AMAZON

 

Rugged (unbreakable) smart phone review

CAT Phones S31 SIM-Free Smartphone

  CAT PHONES S31   Iphone 6S
Price £248.99 £585.40*
Screen Size 4.7 inches 4.7 inches
Dimensions 1.26 x 7.44 x 14.6 cm 0.71 x 6.71 x 13.83 cm
Weight 200 grams 143 grams
Memory  16 GB 16 GB
Operating System Android iOS
Wireless data 4G 4G
Camera 8MP 12MP
Customer rating 4.5/5  4/5 
  Learn More  Learn More
  BUY ON AMAZON  BUY ON AMAZON

 

 

Best all rounder smart phone review

 Amazon's Top Selling Value Smart Phone - Can all these buyers be wrong?

Huawei P8 Lite SIM-Free Smartphone

 

  Huawei P8 Lite SIM-Free  Iphone 6S
Price £126.23 £585.40*
Screen Size 5.2 inches 4.7 inches
Dimensions 0.7 x 7.2 x 14.7 cm 0.71 x 6.71 x 13.83 cm
Weight 147 grams 143 grams
Memory  16 GB 16 GB
Operating System Android iOS
Wireless data 4G 4G
Camera 13MP 12MP
Customer rating 4.5/5 (300+ reviews) 4/5 (100+ reviews)
  Learn More  Learn More
  BUY ON AMAZON  BUY ON AMAZON

 

*New price. Used and refurbished examples are available from £149.00.

If you buy with Amazon, should you join Amazon Prime?

 

Buy your sim and calls bundles through Giff Gaff

 

Giff Gaff uses the same phone mast network as O2, so has the same coverage as O2. But they strive to cheaper than the top brand networks of Vodafone, EE and O2. Here is their 2018 pricing compared:

Giff Gaff don't tie you into contracts, but you can set up regular monthly payments and automatic top ups, so you have the convenience of a contract (and wont forget to top up) without being tied in.

Join Giff Gaff by ordering a free Sim Card, and then activate it by choosing a bundle of calls and data that suits you. You get regular updates on your usage, and can change every month so there is no risk of having a big shock bill or not enough data or minutes. 

Plus they let you use any phone - so all of the phones reviewed on this page work with Giff Gaff.

TO DO: REQUEST YOUR FREE SIM CARD TODAY

 

Don't Take A Contract For The Expensive Free Phone

 

When one of the major phone companies offer you a free iPhone (or similar) worth £300-£800 for 'free' as part of a contract 'deal,' don't be fooled. 

The cost of that phone is built into the monthly direct debit, which is why you have to stay with them for two years. If you break the phone or lose it, you have to continue to pay for it.

You are much better off buying a cheaper phone, that is every bit as good, and being able to replace it without penalty, rather than be tied into a contract. 

 

Is A Refurbished iPhone A Good Idea?

 

Apple admitted that as iPhones get older, they get slower. Their software deliberately slows the phone's performance as it gets older to prevent the batteries getting too hot and damaging internal components. 

So if you buy a refurbished phone, it is still an older phone that has been used, and will be slower sooner than a new smartphone. 

 

If you buy with Amazon, should you join Amazon Prime?

Budgeting In 7 Simple Steps

 

If you try having a monthly budget, you will be amazed at the impact it has on your wealth. It is so simple but so powerful!

 Try this process just once and you won't look back.

 

7 Step Budget

 

1 - Put 1 hour in your diary at the end of each month to review your spending against the budget you set.

2 - Take your net pay...

And deduct essential household bills:

a) rent or mortgage (Remortgage every two years to the best deals)

b) gas and electric (keep these as low as possible by comparing and switching once a year - set a reminder in your account area) 

c) rates

3 - Save 10% of what you have left

If you don't do this at this point all your money will just get spent before you get round to saving. 

Put the money in a separate savings account NOW

4 - Prioritise what to spend the rest on and set a budget for each category

 

For example if you have £500 left, you might spend it like this:

a) Food: £300 - shop online to make your money go further 

b) Clothes: £50

c) Hobbies: £50

 d) Socialising: £100

5 - Open a second account

Get a pre paid card or a second current account and put your spending money in there each month. When it's gone it's gone, but the money for all your bills will still be in your main account.

6 - Invest your savings

Once you have cleared any debts and saved 3 months expenses, start to invest the rest.

7 - Bring in more money

Save For Holidays

Saving for holidays is easy - there are only three things you can do:

1. Cut The Cost Of Your Holiday

 

Use our guide to cutting the cost of the holiday and actually have a better time! 

2. Cut your household bills

 

It's easier than you think to save over £2,000 a year - see how in our guide to cutting your household costs through the year to save more.

 

3. Try Budgeting For A Few Months 

 

Our simple 7 step budget planner makes it easy to save money every month - try it for a month and see how it makes a difference. Read our budget planner here.

Cut Holiday Costs

How can you afford to go on more holidays, more often, without spending more?

Pick from our tried and tested ways to cut the cost of your holidays and save more money for spending when you get there.

Websites and Offers TO AVOID

There are websites and holiday companies that advertise fantastic prices "from..."

But you have to call them to agree a deal.

Their boiler room-type sales staff are on commission to increase how much you spend. For example, they will ask what time you like to fly (perhaps you have children or just hate early mornings) and they will not let you have a flight at that time for the advertised price, it will be more. 

The same goes for anything else on your wish list... a sea view, all inclusive. Everything has strings attached. Avoid these sites and their offers.

If you read the ad above carefully, it says "What's included? Speak to a travel expert"

Almost everything you want or need will be limited availability, so you will have to decide now, and it will be more money.

Avoid these high pressure sales companies and you will  save a fortune.

Here Are The Big Savings

Go Direct - Avoid Packages

According to research by Asda Money, the average European family package deal costs £1,200. With All Inclusive packages costing more.

But a week in a hotel can be as little as £500 and renting an apartment can be even cheaper at just £375.

Even if flights cost £500, and will be much less if you book in advance (see later), you have saved £200 in this example. 

Our research shows that the best deals can be found via these comparison sites:

Best Hotel and Apartment Deals

Best Villa and Cottage Deals 

 So only go for a package if it's a genuine special offer that will live up to expectations. 

Self Cater & Eat Out - Avoid All Inclusive

Al inclusive packages can be fantastic if you buy an expensive one, and the cheaper packages can seem enticing. But the drinks are not usually as available as you expect, and the food menus tend to lack variety.  

So All Inclusive is either a great disappointment or a great delight - but its never ever the cheapest way to holiday on a like-for-like basis.

For most people, All Inclusive is appealling because they worry about the cost of food and drink abroad. 

Here are three ways to eat out on holiday without busting the bank:

1. Buy a coffee and a croisant for breakfast, and eat it on a bench in the park or at the sea

2. Pack a blanket. Buy rolls and salad from the supermarket, and have lunchtime picnics

3. Don't drink (too much) with the meal - its the booze that pushes the price up - and pick from the fixed price meal deals

Travel Money - Why You Need A Pre Paid Card 

 

We recommend We Swap

Here are three reasons you should get a free pre paid travel money card:

1. Security - if your holiday cash is stolen or lost, it's gone for good. With a card, you can stop the card from the web, or a phone app, and get a replacement card.

2. Exchange rates and fees - you will get better exchange rates (and lower fees) than on the high street or at the airport. 

3. Buy back - if you have money left when you get home, it won't sit in a drawer. It can be swapped back or will be there next time you go away. 

Remember: using your normal cards abroad usually attracts fees and won't get you the best exchange rate

Our research shows the best card in the market is We Swap.

You can compare pre paid travel cards here, and if you join moneydog before you sign up, we will put the first £10 on the card for you.  

Hire Cars - Compare For Value - Avoid Cheap Cons

 

If you need a hire car, then this is the best comparison service to use.

Here's how to avoid the the cons that cost: 

- Excess: don't be intimidated at the desk into buying expensive excess protection. Buy a separate policy before you go and then decline all the upsell a at the desk.

- Fuel: Don't pay extra to return the car without fuel, top it up before you return it. Just be careful not to overfill it.

- Not in terminal: watch out for hire car firms not in the terminal, they can be much less professional.

More Quick Top Tips: 

 

Try these tips to cut holiday costs more:

  • Fly On The Right Days - 
    • Not in school holidays
    • Not Monday, its usually cheaper on Tuesday's,  but do check lots of flights to see what you can save 
  • Check Several Airports - many cities have more than one airport,  and one will often be cheaper than the other. Think Luton to Rome Ciampino, not Heathrow to Rome Centocelli. 
  • E111 Medical Protection - make sure you apply for this free card so that you can get NHS treatment abroad
  • Travel Insurance - you must buy this if you carry valuable jewellery or gadgets, if you have serious medical issues or are over 50, or are going to do any sports activities. In all these cases, value insurance makes more economic sense than living with the risk. 

COMPARE TRAVEL INSURANCE HERE, Plus earn a £10 cash reward. 

 

How to cut household bills

We reveal the Top 10 big  household savings     

Cutting household bills is easy. Research shows that British households waste between £300 and £1,980 a year by overpaying on household bills.   

Don't be one of them! Put aside one hour a week and you can avoid that mistake. In that hour, work through each of these proven money-saving tricks.  

In this guide we show you have to save on all these household bills:

  • Groceries
  • Utilities: gas and electric
    • Home maintenance
  • Broadband and phone
  • Household Insurance
    • Car, motorbike, van
    • Home
    • Pet
    • Life
    • Travel
  • Holidays 

Cut your groceries bill by £1,404  

  • Do your weekly shop online, never in-store
    • When you buy online, you can stand in your kitchen and see what you need. Just buy what you need, not what looks tempting or is in a 'discount bin'. It won't cut your bills to buy things you don't need even if they are on offer. Online, you can also pull up your regulars and just pick from those. Shopping online in this way cuts average weekly shopping bills by 20%!
  • Switch to a cheaper supermarket
    • moneydog looked at the supermarkets with an estimated 96% online delivery coverage, and in a fiercely competitive market, Asda was the cheapest supermarket for branded groceries three times, while Tesco was cheapest twice in the last 6 months.
      • Asda will give you a voucher for the difference if your ‘comparable grocery shopping’ isn’t 10% cheaper than at Morrisons, Sainsbury’s, Tesco and Waitrose. 
      • Tesco checks prices on branded products against Asda, Morrisons and Sainsbury’s. Tesco will deduct the difference from the price of your shop before you pay at the till or online. 
    • So even when Morrisons is cheaper you will be saving at Asda and Tesco.
      • Sainsburys no longer offer a price match scheme, and Waitrose and Ocada only promise that they monitor match the prices, not to compensate you when they are not.

ACTION: Join Asda or Tesco today and shop weekly online, save £25 a week and that is £1.404 saved this year over last!

Cut Gas & Electric Bills by £302 - £490 a year

Follow these simple 5 steps:

  • Switch once a year
  • Switch to a fixed rate
  • Set a reminder
  • Its easy to switch

ACTION: Compare ALL the top suppliers and earn £17 in cash rewards when you switch with moneydog 

Ways to cut gas and electric use

  • Turn off spare rooms: If you have a spare room, turn off that radiator, and close the door. 
  • Buy draft excluders: Check round all doors and windows for drafts and then find the right gadget to block that draft !
  • Timers and thermostats:
    • According to energy experts at the Energy Saving Trust, the idea that it's cheaper to leave the heating on low all day is a myth. 
    • Thermostats are the best way to keep the house at a comfortable temperature and then turn the boiler off once the temperature is where you want it. You can fit thermostats to your existing radiators very cheaply.
    • Timers can help turn the boiler off when the house is empty too.

Broadband and phone

Follow these 4 simple steps:

  • Switch once a year to get the latest offers and best speeds
  • Set a reminder so you don't forget
  • Check if you can save money by bundling all your household's phones and internet together
  • Think hard about how you use the internet :
    • You need a fast connection for streaming TV and movies or games 
    • But if you only use broadband for email and web you can save money

ACTIONCompare the top broadband and phone deals and collect £10 cash rewards when you switch 

Household Insurance

  • If there is a flood (even its just from your washing machine) or a break in you will have to spend far more, in most cases, putting things right than you will spend on even 10 years of value contents insurance. So its a smart move, provided you don't pay too much for it.
  • Building insurance is a requirement of your mortgage, but you can by it from anywhere, and it will be cheaper to compare and buy through moneydog than through any mortgage broker or bank.

Follow these 5 simple steps:

  • Switch once a year 
  • Set a reminder so you don't forget
  • Check if its cheaper to buy contents and building together or separately
  • Take a bigger excess to reduce premiums, because you only want to claim on this kind of insurance when there is a big problem. 
    • E.g. If your washing machine ruins £1,000 of carpet and furniture by flooding, paying £200 excess, having saved that over the last three years from having cheaper insurance, makes sense.

ACTIONCompare home buildings and contents insurance deals, plus collect £10 cash rewards when you switch  

Keep all insurance cheap

Follow these steps to save money on 

 Finally, when you have done all that, read these blogs to cut holiday costs, and save more for great holidays.

 

How to get rich

Apart from luck, like winning the lottery, there are only five routes to getting rich:

 

 

1. Invent something ground breaking

 

In today's high-tech world, if you are not a scientist or engineer (by talent, not necessarily qualification) then this is unlikely to happen for you.

But even if you have a genuinely great idea, that no one else has spotted, the path to riches is still very long and difficult.

Nothing summarises the challenge with getting rich from an invention better than the film, Flash Of Genius. 

Watch inventor Robert Kearns battle with the Automotove industry and ask yourself, "is this the route that is going to make me rich?"

 

2. Build a big business

 

Building a big business is probably just as hard as making millions from an invention.  

In most cases you have to spot the rarest of things; a fast growing market, with low competition, and low cost of sale. 

You have to be extremely focused on the business almost all of the time and know that your time isn't your own - you can't switch off on holiday like an employee because there may not be a business to come back to if you do.

A great book to read about the realities of building a business is Ray Kroc's Grinding It Out.

 

So let's look at the things anyone can do to get rich 

 

If you do each of the three things consistently for the next few years, you can become well off, then a few more years and you too can be rich.

Remember, rich people fight for every penny and avoid over spending. They never waste money by over-paying on any bill.

 

3. Spend less - your first step is to get £2,000 in cash 

 

Research shows the average UK household can cut its costs by £1,000 or more every year.

Follow five simple steps to easily cut your household bills.

Once your household bills are cut to what they should be, look at these areas of your spending:

  • Eating out and takeaway - if you love it, then keep doing it, don't make yourself miserable for money. But set yourself a monthly budget

 

  • Coffee and lunches - if you buy lunch rather than make it you will be spending about £1,200 per year. People who make their lunch and take it to work save £800 per year. 

 

  • Clothes - set yourself a budget.

 

  • Gadgets - you don't need them, they break and get out of date. These are strictly rewards for hitting a savings goal.

 

  • Hobbies - if this is your passion then you must keep doing it. That's the point of getting richer. 

 

  • Holidays - Save for holidays - Cut the cost of holidays .

 

  • Cars - No one ever needs to spend more than £5,000 on a car really. Anything over that is because you want to. 

To Do: 

Cut my household bills

Set my personal budget

 

4. Earn more to get to £4,000 in cash

 

It's obvious that for you to be rich, you need to earn more - but don't look for a big sudden increase, looks for lots of small increases and look for them all the time.

Here are a load of ways anyone can earn more:

  • Negotiate a pay rise - keep a list of good results you achieve at work. Book a review with your manager. Present the list and ask for a pay rise in line with jobs you have seen advertised (that pay more). You just have to be brave enough to ask most of the time. 
  • Change companies - if there are similar jobs being advertised that pay more, and your manager refuses the pay rise, apply for the other company's position.
  • Retrain - use your evenings, weekends or holiday to take a  "crash course" or gain a new qualification. But only retrain for jobs that pay more. Search our Job pages by salary for ideas.
  • Start a second income - second income come in lots of different forms. Bake wedding cakes, do admin work from home, or joon Avon, or buy and sell or make and sell things on eBay (it could be anything - our readers have told us that they have got into things from making picture frames to selling imported meat thermometers!).

 

5. Save and invest to get to.... 

 

Once you have cut your bills and increased your income, you can start to save and invest. 

This is where your life starts to change for the better. 

If you cut your costs by just £167 per month, or £5.50 per day, that's £2,000 a year.

Increase your net income by the same then that's £4,000 you can save. 

When you start saving you should put 2-3 months living expenses in the best cash savings account that you can find, so you earn interest, but can withdraw money without notice or penalty. This is strictly for genuine emergencies like a boiler or car breakdown. 

 

...to get to £17,000

 

Next, you should invest that money in something low risk, but with better returns than a savings account.

A Stocks and Shares ISA or lifetime ISA are good places to start. 

You can invest up to £4,000 each tax year in a lifetime ISA and the government will add a further 25%. So for every £4 you save, you get £1 extra - up to £1,000 per tax year. 

But you can only draw it out without penalty to buy your first home or when you are 60 years of age. 

However, if you invest in this for just three years, you will save £12,000 be given another £3,000 for free and could earn nearly £2,400 in interest/growth. 

So you could end up with nearly £17,400! And it will keep growing even if you stop paying in.

Over 30 years you can earn more than £200,000 in interest and growth.

 

Keep Adding To Get To £2.1m!


Keep adding to it at the same rate, and investing it in sensible funds that return 9% growth on average and you will end up with £2.1 million pounds.

 

Invest in a second ISA to get to £4m

 

Once you have used your annual Lifetime allowance you should then look to invest in reasonably low risk finds via a Stocks and Shares investment ISA.

At first, investing in funds (via an ISA for the tax benefits) with good recent track records, is usually how new investors grow their wealth without taking on too much risk or making mistakes.

To Do:

Find an IFA to set up a lifetime or investment ISA for me.

Set up an ISA myself.

A word about debt...

If you have small debts, then you should pay them off before you start to save or invest.

If you have big debts, and are struggling to cope, you should seek debt advice. 

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