Learn more about penny auctions

Unlike other auctions, like eBay, the penny auction site itself posts the items in the auctions. While bidding on eBay is for free, bidding on a penny auction site costs. Typically, you first need to buy a bid package. Once you have purchased a package of bids, you are free to place your bids on the items you’re interested in. The first step is therefore to buy a package of bids. Then place their bids on the items you wish, each bid increases the price of the product with a penny. Then, just wait for the timer to reach zero to find out if you were the person who won the auction.

It is important to carefully choose which site to join, some of the sites are clearly more serious than others. If the quality of the site is high, the chances increases that you will have fun and get a good experience.

We’ve all done it; let out that little gasp on receipt of our monthly statement. Particularly at that £100 withdrawal at 2am in the morning when inebriated – you know, you just needed to make sure you had enough cash in case you got stuck or couldn’t re-buy a round. Unsurprisingly, the money got spent and the hangover is somewhere up to £100 worse than if you’d just left it at the £50 headache you’d already paid for. You vow not to do that again. The problem with the statement is that it is too late, your naughty withdrawal merges into all the other necessary withdrawals and you forgive yourself. Perhaps rightly so, you deserve it. However, what would you see if you had a ‘beer money’ section on a spreadsheet that you filled in weekly? I suspect a whole list of naughty ‘just in cases’ that are slowly but surely breaking your bank and prohibiting your ability to save. You may not let yourself off the hook quite so easily.

Monitor your spending

Rather than endure the post-statement gasp, it is far better to keep track of your outgoings as you spend. Start a spreadsheet where you can clearly see all of your basic outgoings; rent or mortgage, council tax, car insurance, weekly shop etc and categorise the additional expenditure into clear groups i.e. eating out, clothes, alcohol etc. By documenting your spending in black and white, it will not only highlight to you exactly where the easiest savings can be made but it will make you think twice before you purchase some of the surplus items you’ve become accustomed to. It might even encourage you not to take your credit card drinking with you!

1. Downsize. Do you really need the 2.0 litre engine? Or the family estate now the kids have left home? Consider your requirements and weigh up the cost saving a smaller car would have on tax, insurance, running and so on.

2. Keep your car for longer. The cost of new cars depreciates quickly and rises each year so trading every few years could see you out of pocket. Get a good car and keep it for around six or seven years to make a saving.

3. Watch out for dealer service contracts and extended warranties, they can cost more than anything you’ll purchase directly and are not always fully comprehensive. Servicing can often be done by a local garage for half the price the dealer charges so have a look around for reputable local mechanics too.

4. Change your insurer. Apathy will often stop us from switching our car insurance. Too many deals, too many agents. However with the comparison sites available these days, it is easy to find cheaper car insurance online. You could be surprised at how much you save.

5. Combine policies. You could save money by getting your home and contents insurance and car insurance through the same agent. They will often give discounts for multiple policies – just check they are the cheaper option before you go with them.

6. Go for the cheapest petrol station: If you don’t leave it too late to fill up, you can be more picky about the petrol station you use. You don’t have to go miles out of your way; that would be counterproductive, but consider whether there’s a cheaper station in your area. The accumulative savings do add up over the year. Websites like petrolprices.com are cropping up to make it easy for you to find your cheapest local station.

7. Walk once in a while! You may find you don’t need your car for all the trips you’re making. Factor in a little more time for short trips and use your legs instead. It’s better for you and will save you money in the long run.

8. Car pool. If there are a number of you going to the same office or event, take it in turns to drive and all of you will save on petrol and wear and tear.

9. Use petrol offers and loyalty schemes. Supermarket points for petrol schemes and so on are a great way to make your inevitable living costs work harder for you and give you a little something back.

10. Don’t fill your tank: A full tank of petrol will add weight to your car making it less economic to drive. You’ll need more power to maintain your desired speed, burning more fuel, more quickly.

11. Fill up at night! OK, bit of a red herring but you can save a few pence. When they’re cold, petrol pumps don’t register the volume of petrol released as accurately and you tend to get a bit extra for your money.
12. Don’t overfill. If you reach the click, you’re full. Don’t put anymore in as it will only overflow when you park on a hill or if it gets overly hot.

13. Don’t tick over. Starting the car in the morning to ‘warm it up for 10 minutes’ will waste valuable fuel for no reason. Your engine will warm up faster when you’re driving it and your fuel will be used towards your journey not wasted.

14. Check your tyres. Soft tyres are a key reason for underperformance in a car. It takes more fuel to power a car with low tyre pressure due to the resistance.

15. Stop revving. If you rev your car or put your foot down hard when you pull away or speed up, you will burn more fuel than a gradual acceleration.

16. Check your gear. If your engine is groaning, you’re sapping its power. Make sure you’re in the best gear for your speed and save that precious petrol.

17. Check for junk. If you have half your belongings in your car or a roof rack you never use, get rid of them. Anything that makes your car lighter will make your petrol go further.

18. Air con or plug-ins. Air con and gadgets like portable fridges (for that holiday trip!)etc use an incredible amount of fuel. Check whether you really need the air con on and save yourself some valuable pennies.

19. Regular oil changes. Changing the oil and oil filter can extend the life of your engine saving you money on potentially costly repairs.

20. Ignore premium gas. Premium petrol is not going to make a lot of difference to the running of your car. Unless you are an F1 driver or own a top-of-the-range sports car, save your money and go for the standard gas.

Set up a savings account.

Shop around and find an account that best suits your needs, and with a decent interest rate. Try to put money aside as often as possible. It doesn’t matter how much – just put in whatever spare money you have at the end of the week or month and it will soon add up. Better yet, if your finances are reasonably healthy, consider arranging a standing order from your main account so that a certain percentage of your paycheque goes straight into your savings account. This should remove some of the temptation to spend it because you won’t be able to get your hands on it first. And remember, this account should be purely for amassing money, not something to dip in to when you fancy a little luxury. Perhaps have a certain goal in mind – for instance, a new car or holiday, or even just paying off a bill – to keep you focused on saving.

Shop around for service providers.

Don’t just stick with the company providing your gas/electricity/phone/internet/insurance/mortgage out of familiarity. There are numerous providers to choose from, and you may not currently be getting the best deal. As the time comes to renew contracts, check around. Make use of comparison websites to find the provider that is best for you. As you can see, the list of facilities we make use of in our homes is extensive, and if you can save even a few pounds, euros or dollars on each, it will make a big difference to your bank balance.

Curb your spending; go easy on your credit cards and prioritise

This applies to both groceries and personal shopping for clothes, electronic goods etcetera. Before you go grocery shopping, make a list of what you really need and stick to it. It’s all too easy to wander the aisles and find your fancy taken by treat foods but a list should help you focus. Consider also switching from brand names to supermarket own-brands. There is not a huge amount of difference in the foods, and the quality is always improving, but there is a big difference in price. The same goes for clothes – avoid designer labels and buy from the high street instead. You could save even more by buying from low cost retailers such as Primark, or even supermarket clothing ranges. They tend to mimic fashion trends anyway so you won’t look out of place, but your wallet will be a lot healthier. Only but those things you really need – the latest mobile phone or that must-have dress may leave you drooling, but do you really need them? Shelve your pride and prioritise!

Think environmentally.

All the advice we are given in order to ‘go green’ also works as a means to saving money. Insulate your loft and get double-glazing for your windows – a one-off expense now that will save you money in the long run. Turn down your heating and air conditioning and put on or take off an extra layer respectively. Switch off your lights, televisions, and computers. You can even turn the cooker off a few minutes before your food is cooked because the residual heat will do the job, and save power. Don’t drive unless it is absolutely necessary, or car pool, to save fuel costs. All these little motions will shave money off your bills, saving you money while contributing to saving the planet.

If in doubt, look to the past.

We’ve all heard riffs on the ‘Back in my day…’ speech, but there is something to be said for following in the footsteps of our parents and grandparents. Recessions come and go, and yet people continue to survive them. Now, more and more people are turning to seemingly old-fashioned ideas that saw people through in the recent past. For instance, use a washing-line instead of a tumble dryer (easier said than done in some climates, granted). You could try growing your own vegetables, although this would take some time to yield money-saving results. If you have children, they can wear hand-me-downs. Clothes can be sewn or patched to enhance their lifespan. Use reusable towelling nappies for babies rather than expensive disposables. Try using home-made cleaning products (e.g. bicarbonate of soda on a wet cloth instead of a cream cleaner, or vinegar for cleaning glass and silver). These techniques may require something of a lifestyle adjustment, but all these simple changes really can make a difference to your finances.