Nine ways the noughties boosted our bank balance
We're probably all agreed that the noughties were a disaster for the world's economy. But, just to prove it isn't all doom and gloom for our finances, I've rounded up nine positive changes to come out of the past decade.
Despite credit crunches and bank bailouts, the post Millennium years saw some fantastic financial innovations and much-needed improvements in our attitudes toward money management.
Read on to see how you could reap rewards from the events of the last 10 years.
1. Being frugal became fashionable
Ten years ago we used to brag if we could afford to jet off to New York to bag the latest designer labels. Now we're showing off about how much we saved with a staycation or through buying our clothes from the local charity shop.
Two for one restaurant vouchers are the perfect example of our newfound love of thrift. Not long ago, many people wouldn't have been caught dead handing one of these over to the waiter. Now you wouldn't darken the doors of Pizza Express or Wagamama without one.
Check out websites such as VoucherCodes.co.uk and HotUKDeals for the latest deals and discounts.
2. We've learned our lesson about debt
During the boom years of the noughties, plenty of people didn't think twice about getting into debt. If something went wrong, we'd just apply for another loan or credit card.
The financial meltdown of the past few years has taught us a harsh lesson about the dangers of living beyond our means and we're starting to mend our wicked ways.
People are taking an honest look at their finances and starting to pay back what they owe. This means looking for more sensible ways to manage our existing debt with 0% balance transfer credit cards and long term low rate deals.
3. Some of us are starting to save
According to research from high street bank Santander (formerly Abbey), the average Brit increased the amount they saved each month by more than 20% during 2009. This is excellent news as having a nest egg could make all the difference if something goes wrong in the future.
If you are trying to stash away some of your salary each month a tax free ISA could be a great starting point. Check out Serena Cowdy's article 'The New Year's resolution you really should keep!' to learn more.
4. We're actually earning more
Thanks to inflation you might feel as though you have less spending power than a decade ago. However, according to the Office for National Statistics, the average weekly wage actually rose in the noughties - to £489 in 2009.
It's a sensible idea to protect your income against redundancy, accident or injury. Having the right income protection insurance will protect your family's finances in case disaster strikes.
5. The growth of online shopping
As the Millennium dawned we were terrified the Y2K bug would wreak havoc with the world's computers. We shouldn't have worried. In fact, the internet revolution has provided us with plenty of ways to save.
For example, clever websites such as MySupermarket - which helps you find the cheapest retailer for your grocery shop - can seriously slash the amount you spend on food.
6. We welcomed price comparison websites
After the internet boom of the late nineties a host of price comparison websites came into being at the start of the decade. You can now compare prices from a range of suppliers and get the best deal in a matter of minutes on almost anything - from mortgage deals to DVDs.
7. It pays to be loyal
Most of us have at least one loyalty card- whether from Sainsbury's, Tesco or Boots. Each time you make a purchase, points are added to your account. When you've racked up enough points you get a discount on your purchases.
Some retailers also offer discounts out of store. Tesco Clubcard holders, for example, can exchange their points for a trip to the cinema. Try not to let these cards languish at the back or your wallet and whip them out as often as possible.
8. The rise of cashback
If you're clever, you can earn hundreds of pounds a year with cashback credit cards and websites. A cashback credit card gives you money each time you use it to make a purchase. Likewise, cashback websites feature links to retailers. You get paid whenever you purchase something based on a referral from the site. It's a shopaholic's dream!
9. We're getting paid to protect the planet
Lots of utility companies and banks offer financial incentives to convince customers to switch to paperless statements and bills. Many of the most competitive deals are only available to online customers. If you have easy access to the internet, it might be worth checking to see how much you could save by going green.
You can check out Victoria Bischoff's article 'Get paid £200 for your old TV: How to turn waste into wealth' for more top tips.
**This material is for information purposes only and should not be considered financial advice. We strongly encourage our readers not to rely solely on this content, but to seek independent advice when making financial decisions.**
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