Cassiefairy – My Thrifty Life

Cassiefairy's thrifty lifestyle blog – Saving money every day with DIY crafts, sewing projets, low-cost recipes & shppping tips


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Guest post: 3 ways to free yourself from debt for good

For many people, getting into debt is a necessary evil. With the cost of living constantly on the rise, the majority of people these days are finding it impossible to buy things such as houses, cars, and more necessities without first borrowing money. Although the ability to borrow money when needed can be extremely helpful, having a lot of debt can often cause more problems than it is worth. Once you are in debt, it can be very difficult to get out of it, especially if you are paying interest and other fees each month along with your repayment. If you’re looking to free yourself from debt for good, here are some of the best methods of doing so.gold glitter piggy bank savings

DIY this piggy bank with instructions from Dwellings by Devore

 1. Pay off More
If you’re in debt and not particularly struggling with it, paying off more than the minimum payment can help you to clear your debts for good as quickly as possible. Rather than putting spare money towards savings, it actually makes more sense to make payments towards clearing your debt. The more that you pay towards them, the less that you will have to pay in interest. Even if you can only afford to pay just a few pounds over the minimum payment each month, doing so can certainly pay off in the future and enable you to clear yourself of debt as soon as possible.gold glitter piggy bank savings money

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How to save: Taking control of family finances

As a thrifty gal who runs a blog on saving money in all walks of life, you can imagine how interested I am in financial affairs. Okay, perhaps not as interested as you might think but I DO still take an interest in my own money, my savings and the property I hope to investing in. After watching every penny and saving for years to scrape together a decent amount of savings, I’m very keen to learn more. While my 9am Monday morning financial accounting module in the first year of uni was a nightmare (ironically it was my best grade that year!), learning how to manage money and set up budgets in real life was almost fun. Even though at the time I couldn’t imagine why I’d ever need to know how to do a Balance Sheet, it turns out that I DID need that accounting module more than it needed me. I’ve done my own accounts and tax returns throughout all the years I’ve been self-employed and I’ve probably saved a lot of money in accountant’s fees by doing so! Spending Diary challenge for 2014-1While it might seem dull, it’s a great idea to at least look at your bank account every once in a while. Business guru Marie Forleo says that checking in on your accounts daily is a sure-fire way to keep on top of your finances and stop any issues before they turn into money problems. These days I can probably tell you about every single pound that enters and leaves my account. Geeky, right?! The fallout from the Brexit vote last week has already been intense, and looks set to continue for a very long time to come. Already we’ve seen the pound fall off a cliff (although, because I’m sometimes paid in dollars for my US writing, I am actually earning a little extra now – silver lining etc), the economy is in turmoil, and it’s left many of us concerned about where this leaves our families, and what the future holds for us. Everywhere you look there is talk about values of pensions being wiped out, and real people losing real money.Cassiefairy's spending diary 2014So how safe is our money?

The important thing to note is that for those of us with savings, nothing has changed. That’s because everyone in the UK is protected by the Financial Services Compensation Scheme, which covers every individual for up to £75,000 per institution they have savings with. Banks and building societies have also been regulated far more tightly since the last recession, meaning they are obliged to keep higher levels of reserves to avoid crises like Northern Rock from 2007. The bottom line is that, if you have savings, you don’t really have much to worry about.

In fact, savings and current accounts may well become even more appealing in the months and years to come. It may sound paradoxical, given that the interest rates offered by banks have been utterly derisory for a number of years now, and probably won’t get any better in the near future. But certainly for those families with any extra savings to set aside, you’d imagine many will be giving something as volatile as the stock market a wide berth.budgeting money saving finance tips for university freshers students_-2

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