Make do and mend - stain removal

On this week's make do and mend we're going to be looking at how to remove stains from fabrics.

How many clothes and sheets have seen a premature departure to the rubbish tip because of a stain? By learning how to deal with such stains you can make your fabrics last longer and this will save you money in the long-run.  
 
There are plenty of commercial stain removal products on the market, but these are often very expensive and rarely deliver as promised. Instead, where possible, we will be looking at tried and tested home remedies that won't hurt your pocket. 

Using less of toiletries

How many times have you used an entire handful of shampoo only to wash it all out just a few seconds later? How many times have you used enough body-wash to bathe a hippo? How many times have you drawn an inch-long strip of toothpaste over your brush?
Whatever toiletries your bathroom rituals are composed of, chances are good that you use far more of them than you really need to.

Money for gold

The value of gold is higher than ever before, so there's never been a better time to rummage through your jewellery box. The market, however, is saturated with companies grasping for your gold, and some of the more unscrupulous of these will take advantage of the unwary.

This guide looks at how to track down your gold, and how to sell it for the best possible price. 

Penny's Security Tips #6

Penny's Bright Ideas #2

Making money online - product reviews

With the recent surge in online shopping, it's becoming increasingly likely that a customer will never actually see a product in the flesh before making a purchase. As a result, more and more people are turning to independent product reviews to help them to make the right buying choices.

Product reviews are big business, and they can have enormous impact on a product's success. 

The rules of shopping

The high-street and the internet are packed with temptations and devious psychological tricks in an attempt to part you from your hard earned cash. The rules of shopping are there to make you stop and ask questions before you make purchases on an impulse.


The Rules
Whenever you're shopping and you see something that you want to buy, ask yourself the following questions:

Can I afford it?

Do I need it? / Will I use it?

Is it value for money?

When you ask yourself whether or not you can afford a particular purchase, you should be thinking about your necessary expenses like food shopping, bill payments, and any loan/credit card repayments. If you need to borrow money to do this, the answer is: NO!

When you ask yourself whether you need it or are likely to use it, try to be realistic. The item might not work as well as it claims, or might not last as long as you expect it to. Also think about what else you could afford to do with the same amount of money. There are also specific considerations dependant on the kind of product; for example, if you're attempting to body-build or lose weight, spending a lot on clothes that might not fit you for long is not a good idea. 

When considering whether something is value for money, think about similar items offered by competitors and what advantages are offered over them. Try to be objective and don't just look at the label. Designer clothing is particularly notorious for being poor value for money, because the quality is often (though not always) no better than much cheaper generic brands - even designer products are sometimes made in sweat-shops!

If your answer to ANY of those questions is 'No', walk away and don't look back. Congratulations, you've avoided an impulse buy.

If you answered 'Yes' to both of those questions, ask yourself:

Can I get it cheaper somewhere else?

Is it reasonable to buy a cheaper make / brand?

Can I get a discount?

What did other buyers think?

Where possible, you should price compare before committing to buy. You can find out how to do this by looking at our how to price compare article.

When considering whether it is reasonable to buy a cheaper make or brand, it's important to take an objective look at the advantages and disadvantages of one product over another. Try not to be swayed by superficial qualities if it is actually the function that is most important. For more information on cheaper brands, take a look at our going down a shelf article.

It is always worth asking yourself whether you can get a discount. The approach will obviously vary depending on the type of product you're looking to buy. 

• For grocery items, there may be coupons available either online or in supermarket magazines.
• For most other items there may be exclusive online prices available that are cheaper than those found in stores.
• For fairly expensive items (over £50), it is not unreasonable to attempt to haggle for a lower price. However, this can only be done face to face or over the telephone and does not typically apply to online purchases (with the exception of private sales).  Never be afraid to haggle: the worst they can do is say 'no'.
  

Finally, it's always worth taking a look at what other buyers thought of the product you're considering. There are an increasing number of forums and websites where customers can  leave reviews detailing their experiences with a product: from cans of soup to luxury holidays, you can find reviews on just about anything. These reviews vary in quality and it will usually be quite easy to see which you should be paying attention to and which should be brushed aside. Of course, not everyone has the same experience with a particular product, but be on the lookout for patterns such as common defects.

Conclusion

Think before you buy and don't be tricked into spending more money than you want or need to. Consider all the other options and find out what experiences other buyers have had. If you do decide to make the purchase, consider whether you can get it somewhere else or if you're entitled to a discount.

Penny's Bright Ideas #1

Today Pennysitter introduces Penny's Bright Ideas. These are quick and easy money-saving ideas that didn't have anywhere else to go, but which Penny was keen to share.

The penny jar

After a hard day of shopping your coffers are likely loaded with copper and silver that will wear their way through even the toughest pockets and make you sound prematurely Christmassy as you jingle merrily along.

These coins, once unloaded, have a nasty habit of disappearing down every nook and cranny, so it can be useful to have a jar or other container that you can dump your coins into without really having to worry about them.


What can I use?
Some people use jars, some use empty giant whiskey bottles (no, making a penny jar is not a good excuse for buying one!), some use traditional piggy banks or tin cans. It doesn't really matter what you use as long as it's big enough to hold all the shrapnel that your favourite stores so enjoy landing you with.

Some people like to use containers that they can't open until it's full like a ceramic piggy-bank that must be smashed open or a tin can that requires a tin-opener. This can be a useful way of saving up for something specific, but it also means that your cash could be left sitting at home when it could be in the bank gaining interest - however slight.


What to do when it's full
Finding the penny-jar full can be both exciting and daunting. Chances are there could be upwards of fifty pounds in there, but the prospect of counting and bagging it it all up to find out can hardly seem worth it. There are, however, other methods.

The company Coinstar offer change counting machines that are easy to use and are usually placed in convenient places like supermarkets. However, there is a catch: Coinstar deducts around 8% for the convenience: that's eight pence from every pound; eighty pence from every tenner, and eight pounds for every hundred.

Some branches of the HSBC offer coin-sorting machines to account holders. The machines deposit the funds into the elected account without any deduction. After that is done, there's nothing to stop you from deducting your money straight away. Of course, this is only a convenient option if your local HSBC carries a coin sorting machine.

Alternatively, you could purchase a coin sorting machine of your own. Check out Penny's Shop to see some of the models available. All banks offer coin bags free of charge so, once sorted, the coins can be taken straight to the bank. It should be noted, however, that the most functional of these tend to be fairly expensive in themselves, and the idea of spending pounds to count pennies can seem counterproductive.


Bank it
With today's interest rates for online savings accounts, it's not unreasonable to expect 3%: 3p a year for every pound. It may not sound like much, but it's not unusual for people to find that their penny jars contain hundreds of pounds - hundreds of pounds that could have been making something as opposed to nothing. Put simply: don't let your money sit around in jars and shoe-boxes for too long.


Conclusion
Look after the pennies and the pounds will look after themselves. It's surprising how quickly shrapnel can add up into serious money, so do yourself a favour and keep all of it in one place. Once you've collected a fair amount, consider sorting and banking them. 

Guilty pleasures - gambling

Everyone has guilty pleasures, often so named because of the disproportionate effect they can have on your finances. There's nothing wrong with any of these guilty pleasures in moderation, but with small changes to your habits you can make huge changes to your bank balance.

For today's guilty pleasure we'll be looking at gambling.


The house always wins
Regardless of your attitude towards it, there's no denying that gambling is an expensive habit. The odds are inevitably stacked against you and the old Vegas maxim almost always rings true: the house always wins.

The national lottery is no different to this. Remember: "It could be you!", but 13,999,999 times out of 14,000,000 it won't be.
 

Never, ever, attempt to use gambling in an attempt to escape from financial difficulties. In all likelihood, you'll only make the situation worse. Instead, speak to a free, qualified and independent debt adviser such as those offered by the CAB. No debt is insurmountable.

Gambling is addiction forming. Not everyone who gambles is an addict, in the same way that not everyone who has a glass of wine on the evening is an alcoholic. It is, however, important that you're able to recognize a problem if one exists.

The most effective way of saving money would be to stop gambling entirely, but some people enjoy the thrill that comes along with it. Pennysitter is about saving money without taking the enjoyment out of life. For the most part, this article will look at keeping things in moderation, gambling only as much as you can afford to lose, and establishing discipline.

If you feel that gambling is becoming a problem for you, or you are concerned about the gambling activities of a family member or friend, you can visit Gambleaware.co.uk which features useful expert advice on how to better manage a gambling habit.  

Remember, you don't have to stop to save money. In fact, even the smallest change to your habit can have a massive impact on your long-term savings. Every pound saved is a pound earned.


Setting limits
"I'll stop after the next win."
"The next go could be the lucky one."
"I almost had it! Just a little more..."
"It's ready to pay out!"

If these thoughts, or thoughts like them, are familiar to you, it's likely that your self discipline could use a little work. It's all too easy to be drawn into gambling - it's designed and contrived to do just that - but it is important to know when to stop and only spend what you can afford to lose.

This has become much more difficult since the arrival of online gambling. Once upon a time it would have been a case of keeping yourself from entering the casino, but at just a keystroke away the temptations can be more overwhelming than ever before.

Before you sit down to gamble, work out how much you can afford to spend and do not exceed it no matter what happens. If you're gambling online, it can be more difficult to keep track of your money, but be vigilant. Remember: losing does not increase your chance of winning - there is no prize 'waiting' for you. If you are winning, learn to quit while you are ahead.
Always keep a diary of how much you are spending on gambling games, and how much you are winning. At the end of each month, add up each and compare. The figures may be eye-opening. Even if you don't wish to stop or cut down, it is still useful to at least be aware of how your money is moving.


Bargaining
You can still save money by seeing gambling as a form of currency in negotiations with yourself. By making yourself choose between two things you want / want to do, you are still going to save money in one way or another.

No matter what you're doing to cut your daily spend, bear in mind that every pound saved means £365 a year that you can keep as financial security or for treating yourself at the end of the year.


Conclusion
Gambling can be a fun thrill, or it can destroy your life. Find out where you need to draw the line and draw it thick. Remember, you don't have to stop to save money. In fact, even the smallest change to your habit can have a massive impact on your long-term savings. Every pound saved is a pound earned.