• 03Jan

    How to NOT Waste Money

    In such difficult financial times of post-economic recession and mild austerity, the last thing we want to be doing is wasting money. However, there’s a thin line between money well spent and wasting money. Furthermore, there are times and circumstances when money wastage is simply inevitable. However there are a few tricks that when executed can prevent you from wasting a good bit of money.

    Spend More Time Shopping

    Advising someone to spend more time shopping in order to save money may seem rather contradictory. Surely, the last thing someone looking to not waste money will want to be doing is spending more time shopping. However, here’s the trick; in advising you to spend more time shopping, it is meant that you should spend more time browsing around for the best deals before reaching for your wallet.

    We often rush into buying too early on, when on a day out shopping, and as a result needlessly spend money on a product; only to find out about something else much cheaper or superior. What’s more is that our inability to resist the superior product (why wouldn’t we buy the superior product after buying the initial inferior one?) causes us to overspend.

    By browsing around and taking a good scour for cheaper or superior products, we’re most likely to spend our money on better deals. Rushing and panic buying is never a financially healthy way of shopping.

    Remember Tax Refunds

    Thousands of Brits throughout the country annually forget to claim back their tax refunds and consequently miss out on thousands of pounds each year.

    There are many circumstances by which one would be owed money by the HMRC.

    For example if you’re self employed and working in construction and have to travel to temporary sites via either public or private transport, the chances are you’ll be owed a tax refund of around £2500 by the HMRC.

    Furthermore, contractors and subcontractors in mainstream construction work could very well be eligible for a CIS (Construction Industry Scheme) tax refund.

    Developers and owners of commercial properties can also claim for unused allowances on any alterations, upgrades or extensions made to the property.

    These are just some of the ways by which one would be owed money by the HMRC. If it all seems rather confusing, it is advisable to seek out the services of a specialist firm (such as RIFT CIS) who’ll discern whether you’re owed anything, how much you’re owed and also claim that money back for you.

    Never Food Shop on an Empty Stomach

    Food shopping on an empty stomach will cause you to overspend; it’s as simple as that. The more hungry you are, the more enticed you will be by foodstuffs and therefore the higher chance there’ll be that you’ll needlessly overspend on food.

    Richard Hughes is a British freelance finance writer.