Five money-saving tips from the 1950s
1. DON'T BUY WHAT YOU CAN'T AFFORD
It's a simple rule but it works. If there are expensive items you want, make a list of them and work out if you really need them, and how you can realistically afford them.
2. AVOID DEBT
Debt is much more common in 2012 but if you rack up a lot of money on credit cards and loans you're probably going to have to pay out a lot in interest.
If you're in this situation try a balance transfer card to lower interest payments and if you're coming close to missing your monthly payments ask your provider if it will lower the interest or agree to an interest holiday.
3. GROW YOUR OWN
Growing your own fruit and vegetables can save money but it takes a lot of planning.
Start small, with pots of herbs for example, and try to grow products you know you'll use. The website vegswap.co.uk helps you to swap your homegrown or homemade produce.
4. USE COUPONS
Money-saving vouchers, coupons and codes can save hundreds of pounds off nearly everything you buy.
Today, all these are available online so if you sign up to specific websites, such as vouchercodes.co.uk, you can get a weekly email of the best deals. Newspapers, magazines and supermarket leaflets are also packed full with money-off vouchers.
5. HELP YOUR FRIENDS AND FAMILY
In the 1950s people knew their neighbours. Be it babysitting, dog walking or gardening, by getting to know the people who live on your street you can create a network of people who can help each other out.
The website streetbank.com, which you can register with and list the skills you have to offer, is a good place to start.
Also known as discount codes, promotional vouchers or promotional codes, online coupons or discount vouchers, are codes that can be entered at the checkout of many online UK retailers that gives you a discount against the item/s you are purchasing. The codes are generated by retailers and sent to certain members of the public to encourage sales.
Used by the holder to buy goods and services, credit cards also have a monthly or annual spending limit, which may be raised or lowered depending on the creditworthiness of the cardholder. But unlike charge cards, borrowers aren’t forced to pay the balance off in full every month and, as long as they make a stated minimum payment, can carry a balance from one month to the next, generating compound interest. As the issuing company is effectively giving you a short-term loan, most credit cards have variable and relatively high interest rates. Allowing the interest to compound for too long may result in dire financial straits.
Moving money from one account to another, whether switching bank accounts or more likely transferring the outstanding balance on your credit card to another card that charges a lower – or 0% – rate of interest. Some card providers may charge a transfer fee that can be a percentage of the balance transferred.