Make your Money go Further in 2010

By: Jasmine Birtles, Founder, MoneyMagpie.com

22 Dec 2009 Tell a Friend

It looks like we may be coming out of recession finally but we're not out of the woods yet. Make sure you're a money winner this year by following these simple steps to financial freedom.

Step 1 - Watch the sales

The January sales can be a great time to pick up bargains but they're also a danger area if you're not careful. So:
*    Do your research before the sales and only go to buy specific things. Don't go looking for any old bargain because that's what you'll end up with - something that's marked down that you didn't want and won't wear.
*    Go for big products like sofas, washing machines and so on. If you need to furnish your home, this is the time to do it.
*    Go for Christmas things like cards, wrapping paper and gifts for next Christmas. These goods are often at least half price in the sales. Tuck them away and you'll be pleasantly surprised next December!
*    Remember that your usual rights hold true during the sales which means that if you buy something that is faulty - and you don't know that it's faulty when you buy it - you can get your money back or a replacement. However, shops don't have to refund you if you just don't like something anymore.

Step 2 - Get out of debt

It's more important than ever to get out of debt as fast as possible. If you haven't faced it yet, make January the time to start your way towards freedom from debt. This is the time to look at all your outgoings and see where you can cut them down or switch to a cheaper option.

Look at your various debts and see if you could switch any of them to a 0% credit card or low lifetime balance card. List your debts for yourself according to how expensive each one is (in other words, what their APR is). Then each month, pay as much as you can into the most expensive one and just pay the minimum on the others. Keep doing that until you are down to nothing.

If it all seems too much to bear on your own, get free, professional help from:

*    the Citizens Advice Bureau (www.citizensadvice.org.uk),
*    The Consumer Credit Counselling Service (www.cccs.co.uk)
*    National Debtline (www.nationaldebtline.co.uk)

and join the Moneymagpie debt-busting plan where we send free emails to you to help you get out of debt.

Step 3 - Live a simple life and take advantage of discounts

One of the better aspects of the recession is that it has made us lose our appetite for the rampantly consumer lifestyle we've been into for the last twenty years.