Become rich by less spending This App gives you more than 50 ways to sav…
Become rich by less spending<p>This App gives you more than 50 ways to save money: Simple steps to cut what you spend that could clear your debts or seriously boost your savings<p>American credit card holders owe an average of $2,000 on their plastic.<br>To clear a debt of $2,000 on a card with an interest rate of 17% will take two years assuming a monthly repayment of $100.<br>To clear that $2,000 with a monthly payment of a more affordable $30 (at 17%) will take 17 YEARS.<br>But people are turning to other ways of borrowing, including payday lenders, friends, family, store cards and other loans for cars – even day-to-day living costs.<p><p>According to one survey, average household debt now stands at around $13,000.<br>To clear a debt of $13,000 at a modest 6% interest with a monthly repayment of $100 will also take around 17 years to clear. We’ve run out of money.<br>There are, however, plenty of simple ways to make significant savings on your regular spending that could clear your debt in less than a year. Here are…<br>This is Money's top 50 – updated – money-saving tips<br>These tips may appear light-hearted but are deadly serious.<p><br>1. Change your attitude to your mortgage<br>Unless you make the mistake of buying a train ticket in Britain on the day of travel, the most expensive item you are ever likely to buy is your home. If you're not in the privileged position to pay cash, make sure the loan you use to finance it is the best available. For example, if you are paying your lender's full standard variable rate (SVR) you are probably paying hundreds of pounds a year more than you need to. There are thousands of deals to choose from and while it is vital to check the small print for hidden catches, this is a relatively easy way to save a lot of money. Remember: loyalty to your bank benefits your bank, not you.<br> <br>Even better, if you can afford to make overpayments on your mortgage, you'll clear your debt several years early and make massive savings. For example, if you borrow $100,000 at 6% over 25 years, you'll pay it back at $643 a month. The total charge for credit will be $93,000. But if you can overpay by $100 a month you'll clear the loan in less than 19 years, giving you 6 years of mortgage-free living and saving a staggering $25,000 in interest. <br>Saving: $1,000s<p><p>2. Clear your credit card debt<p><br>One of the golden rules of financial planning is to clear your most expensive debts first, in other words your credit cards. OK, credit cards offer a convenient way to pay for goods and services but if you can't clear the balance every month, consider a low-cost loan as an alternative. Do the sums: a credit card debt (APR 16.8%) of $2,500 over five years will cost $1,212 in interest. A loan at 7.8% will cost $527. A saving of $685.<br>Saving: $100s<p><br>3. Cut the cost of your fuel bills<br>Because official inflation calculations don’t include the price of things that go up, energy companies are allowed to increase bills by 10.4% whenever they feel like it. They try to do it every time you blink. Average gas and electricity bills now stand at around $1,500 a year. In exchange for one fifth of a state pension, you get completely incomprehensible bills and guff from the chief executive about how everyone else is to blame. But that doesn't mean you need to be ripped off. If you’ve never dumped your original supplier you can still save more than $300 a year. If you have switched before, you can, as a result of this flawed privatisation, switch again to any number of companies that will charge you about the same. If you believe that gas and electricity prices won't fall in the near future, you can fix your bills for up to four years. It is very easy to switch. You can do so with a few clicks of the mouse. Your new supplier will take care of the formalities.<br> <br>Saving: $100
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