Imagine you have agreed to buy a second-hand car from your friend and having negotiated a price you head down to your bank and draw out £3,000 in cash.
With such a large sum of money, you instictively take extra precautions to ensure you don't lose it - misplacing £3,000 is enough to give most people quite a shock. Now imagine losing £3,000 a year, every year, but without even realising it. Sounds strange doesn't it - how could anyone misplace all that money and not even notice it has gone?
Unfortunately though, many of us do lose signifcant sums of our hard-earned cash and are completely oblivious to the loss. This is because it is constantly leaking away in dribs and drabs, a little bit here and a little bit there.
If it all went in one go, we would sit up and do something about it - but because it is silently dripping away behind the scenes, we simply don't notice.
Here are some classic examples of places where our money leaks away and with each example, the potential savings that could be made by plugging the leak:
Gas & Electricity - Potential savings of £250 - £300 per year Telephone & Broadband - Potential savings of £200 - £250 per year Home Insurance - Potential savings of £110 per year Life Insurance - Potential savings of £90 per year Mobile Phone - Potential savings of £200 - £300 per year
So with just these leaks alone there is the potential to make savings of at least £850 and these are just a few of the many money saving opportunities available.
This guide aims to help you identify potential savings and advises you on how to achieve them. The aim of the Money Saving Challenge is to achieve monthly savings of £250 (£3,000 per year), without making substancial changes to your lifestyle. Depending on personal circumstances, some people will make bigger savings and some smaller, but every saving counts...
...so get ready to start the challenge!!!
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