Top 10 Tips On Saving Money

December 16, 2005 by Nicola Cairncross
Filed under: Wealth Coach Diaries 

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1.    Cut out one cappuccino a day - £1.85 a day saved (and then invested) gives you a 100% chance of becoming a millionaire in your lifetime
2.    Change your mobile message - ask people to email or Skype you instead (still got your mobile for emergencies but you can then call them back on Skype for free)
3.    Instead of giving the kids pocket money, pay them interest on their savings instead (teaches them good habits too)
4.    If you take more than one trip abroad per year, buy your travel insurance annually, saves ££££££££
5.    Shop online - you can stick to a budget much more easily and check if you need those extra tins of canellini beans!
6.    Visit www.moneysupermarket.com to find out which are the best 0% credit card deals, then move your debts.
7.    Buy your books from www.Amazon.com - books are much cheaper in the USA than here
8.    If you use any stores online regularly, check at www.cj.com or www.affiliatewindow.com to see if you can join the store’s affiliate scheme and earn commission when you buy
9.    Open a SIPP (self administered pension fund) now, as from next April you will be able to put all sorts of things into your pension fund - residential property, wine, art - and any gain is tax free.
10.  Think about how to make MORE money rather than cutting back - start a part time business, do some babysitting or take in ironing.  Find a way to make money from a hobby or interest and have fun doing it!

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3 Comments on Top 10 Tips On Saving Money

  1. Jake on Tue, 20th Dec 2005 1:21 pm

    2. I think your number 9 comment is a little out of date given the Chancellor’s pre-budget review on 5 December. Residential property will not be able to be put in a SIPP tax free.

  2. Nicola Cairncross on Thu, 29th Dec 2005 12:31 pm

    3. Jake, the Chancellor has not decided definitively yet what can and cannot be put in……nobody knows. In the meantime, I am trying to alert people to the possibility (and to the fact that you can already put commercial property in a SIPP) Cheers Nicola

  3. Jake on Wed, 4th Jan 2006 1:11 pm

    4. Actually he did state pretty categorically that residential property will not be allowed in a SIPP - although until 5 April it is not set in stone. Your point did not mention commercial property at all - it only mentioned residential property - and I was just alerting you to the fact that you might be misleading your readers with this advice when the waters are so murky. Here’s a link to avoid this confusion. http://business.timesonline.co.uk/article/0,,22329-1910130,00.html. Cheers Jake

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