Cheaper Alternatives you Should Consider

We often buy the things we think we are supposed to which leads to the tendency to overspend. If it’s a difficult or emotional situation then this tendency to overspend increases. We’ve brought you some tips on how you can save money if you are willing to consider the cheaper alternatives.

Engagement Rings

Engagement Ring Jewellery is an overspending category in itself but engagement rings are something people are known to really overspend on. Diamonds are one of the most marked up jewellery items but as it can often be an emotional and special purchase, it can make you feel cheap if you try and save money. Diamond prices are often negotiable even at major chain jewellery prices so the biggest lesson you can learn is how to haggle. If the local jeweller won’t come down in price they may be willing to upgrade the setting of the ring for a discount or even free. Consider looking in antique jewellery shops too; they will often have restored rings that look brand new but for a fraction of the cost. It’s also extra special as it’s unlikely anyone else will have the same one.

Weddings

Weddings can often be an expensive affair with the average costing around £20000. You can save thousands of pounds by buying second hand decorations, suits and dresses. Make your own cake to save even more money or see if a friend is willing to do it for you. Choose a wedding location that is close to home to save on transport costs. There are plenty of ways to save money on your wedding. Read our article on ‘How to Save on Your Wedding’ for more tips.

Food

Food is one of the largest expenditures we may have and cannot be avoided – we need to eat to live! When eating out be smart and chose menu items that are worth your money. Search online for any voucher codes before you head out to your meal. Try and cook at home as often as you can. It is cheaper buying ingredients for your favourite meals than it is to go out and eat at a restaurant. Consider growing your own fruit, veg and herbs to save paying over the odds in a supermarket. Visit your local stores just before they close and take advantage of any reduced stickers. Stock up on reduced meats and store them in your freezer for use at a later date.

Funerals

Funeral Card and FlowersThe worst time to shop around for funerals is just after our loved one has died. Grief and emotional state can affect judgement and lead you into making expensive decisions. The best way to significantly reduce the costs of a funeral is to arrange this yourself long before you pass away. Funeral homes can give you written price lists on request and you have the right to buy any of their services separately. Shop around for the best price. Did you know you can even buy your own casket? Cremations are a lot cheaper than burials so also consider that option to cut down on costs.

 

Clothes

We’ve all overpaid for clothes in order to be seen wearing the latest labels. Unless you are absolutely certain you are getting great quality for what you pay for, then avoid the well known expensive brands. Buy clothes that are out of season or in the sales and get a great price. Winter coats are always a lot cheaper in the summer and can be stored away for the colder months. Also consider shopping for clothes in charity shops. You can often pick up new clothes that still have the tags on them for a couple of pounds if you are willing to shop around. Regularly go through your wardrobe and keep an inventory on what you already have. Do you really need another plain black dress?

Insurance

Insurance is something that we all need to buy whether it is for our homes, vehicles or our lives but there is no need to spend over the odds for it. Use comparison sites to get the best deals for you. It is also worth completing quotes online and contacting your current insurance provider to see if they can match it. When your insurance renewal comes through, always try and see if you can get a cheaper deal. A lot of people will auto-renew their policies and never question the premiums but you could be saving a lot of money by doing a fresh quote. If you are insuring multiple cars in your household, look out for great multi-car insurance deals.

Brand new Cars

Pile of CarsWhen it comes to buying a new car, we often head to our local dealership and choose a nice new one. Used cars will save you a lot of money on the initial purchase and is worth considering if you are trying to save some cash. If you’re dead-set on buying a brand new car consider more than just the price. Take into account the resale value, insurance costs and fuel efficiency to ensure you get the best deal. Always take someone along with you for a second opinion. They may notice things that you haven’t initially seen such as scratches and you can barter for a lower price.

Credit Cards

Too many of us sign up for credit cards and pay high interest on balances or large annual fees. Using credit cards wisely can actually help you claw your way out of debt. Balance transfer offers can help to reduce your interest rate to zero for many months giving you even more time to pay off the balance. The problem is finding the right card, make sure you shop around. There are credit card comparison websites that will help you find the best 0% interest deals.

What is the Verdict?

MoneySavingPigWe hope these tips will help you to consider the cheaper alternatives in life. Have you overspent on these? Do you have anything further to add? We love feedback so please use the comment section below. 

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