There are some shocking statistics about the state of the economy today and the amount of debt that people have accumulated. All this goes to show just how important it is to save money and here are five top tips for saving and a little debt help for those that need it.
1. Review you mortgage facility
A home is generally the most expensive purchase you are ever likely to make and therefore your monthly mortgage payments can represent a significant slice of your monthly income. It is therefore imperative that you try to find the best possible loan available and there are plenty of deals to choose from with banks and building societies competing with each other for your business. By shopping around you could find a lower interest rate, which would result in major savings.
2. Rid yourself of credit card debt
Credit cards may be convenient and it is easy to get lulled into the offers of six months interest free deals but the reality is that credit cards are very often a more expensive option than a low cost loan. If you are failing to clear your balance each month then it’s not unusual to be paying in excess of 15% interest, which adds up to a large amount very quickly.
3. Reduce your utility bills
Water, gas and electricity bills seem to be rising each year but there are an increasing number of new companies entering the market and offering lower prices than the regular suppliers that have dominated the market for so long. By researching online you could easily save hundreds of pounds a year by switching to a lower cost supplier.
4. Combine your communications
Nowadays almost every home in Britain will have an internet connection, as well as a standard landline for the telephone and any number of mobile phones. A lot of telecommunications suppliers are now offering all these services, along with offers of free calls and texts. These companies are also encouraging customers to use them for all these elements and are offering substantial discounts for those signing up. This is another way to reduce costs and save money.
5. Use Price Comparison Sites
Price comparison sites are bigger than ever these days, as can be seen by the number of them advertising on the TV. They offer you the chance to compare the prices of thousands of products and services, from car insurance to holidays and a huge variety of retail products. You will be surprised by how often the difference in price varies, especially when purchasing online as opposed to in the major high street stores.
So if you’re looking to reduce your monthly expenditure and save some of your hard earned cash, then follow these five simple steps and you will be amazed at how much you could save, which will not only give you peace of mind in an uncertain world but allow you to treat yourselves to those little luxuries every once in a while.