3 Money Saving Tips Which Just Don't Work

Whether you're using IVA help to manage your debt or just want to economise now to avoid that whole debt spiral, there are some common financial pearls of money-saving wisdom out there which are a load of nonsense. In this article we'll be taking a look at some of the worst offenders to make getting by on IVA help or living on a shoestring a little easier. Save yourself some major money pain by reading on...

1. Buy BOGOF
Supermarkets and big stores are there to turn a profit, not to help you with your budget. Buy One Get One Free deals might sound great, but often they're a load of nonsense. Loads of money-saving gurus will tell you to keep your eyes-peeled for these 'bargains' but, with some frequency, BOGOF prices are inflated to account for the difference.

Of course there are savings to be made, but unless you actually need two of the same product, it's better to look for individual items at a lower price. If you're really savvy and you have your calculator with you it's worth working out the individual price of the items if you're not sure if the deal is a good one. The same goes for 3 for 2 offers and their ilk, which, if anything, are even worse!

2. Instant Frugality
Much like yo-yo dieting, going financially cold turkey is a dreadful move which could leave you living like a pauper for weeks but then splurging on something you don't need 3 weeks later. The problem is the sense of entitlement that living like a monk can create. Equally, the daily grind of living on next-to-nothing can get impossibly gruelling - an impulse buy becomes more and more tempting until you've wasted all your hard work on a fancy frock you just didn't need.

If you're trying to get by on IVA help or just looking to put some extra money away every month, don't go cold turkey. Get a solid plan in place, work at it steadily, don't deny yourself a few reasonable little pleasures and reassess your expenditure regularly to make sure you're being as savvy as you can in all areas.

3. Skimp on Maintenance
You and your possessions need looking after and often these are the first things people try to cut corners on when they are trying to save. From dental appointments to fixing chips in your windscreen, not spending on these is complete false economy as, without attention, the problem will get worse and worse and ultimately cost a helluva lot more than it would have in the first place.

In conclusion - be smart - think carefully about every 'great deal' you come across, look after yourself and your property and take a 'slow and steady wins the race' approach to frugality. By ignoring those that tell you otherwise you'll enjoy financial stability much sooner with less pain in the process!

IVA help is one way to gradually handle your debts. If you're struggling with mounting debts, IVA help can get them under control so you can repay them at an achievable rate. To find out more from the insolvency experts visit the IVA Service for help today.