Don’t rely on your boss to give you a pay rise, you can make yourself wealthier this year with these clever tips and you can do it in less than an hour.
1. Gas And Electricity
If you’re on a variable rate tariff you could save a couple of hundred pounds a year by switching into a fixed cheap rate.
Don’t rely on promised energy price caps from providers or the government you have the potential to save more by switching providers yourself.
Ideally, you want your savings to earn at least 3% to keep up with inflation (the speed prices are rising) or your money will buy you less over time.
This is easier said than done so shopping around is important.
If you’ve got spare cash in savings think about using it to pay down your mortgage or credit cards you’re paying interest on, just remember to keep enough money aside in case you get an unexpected bill or any kind of emergency.
If you’re on your lender’s variable rate it’s worth looking at switching to a cheap, longer-term fixed rate speak to a broker if you’re not sure.
You could typically save around £5,000 in two years and own your home outright sooner.
4. Credit Cards
If you’re paying interest then using a balance transfer credit card will save you loads of money in interest fees and you can spread out your payments over your interest-free period.
You can check your chance of getting accepted for most credit cards before you apply.
These can be a really expensive way of borrowing money, so if you often find yourself dipping into your overdraft a money transfer could help you to pay your way out of it.
You can shift the money you owe on your overdraft to a 0% interest-free credit card and pay it off in regular instalments.
6. Broadband, Landline And TV
Check what you’re using and which channels you’re watching most and shop around for a better deal.
If you want to stick with the same company, call them up and seee if they can lower your charges.
Telling them you plan to leave can be a great way to drive down what the charges.
It’s also worth looking at whether getting a bundle deal could save you money overall.
7. Mobile phone
If you own your handset or aren’t tied into a fixed contract look at switching to a SIM only deal, these can be less than half the cost.
If you’re not on a meter but have fewer people living in your house than your bedrooms you could save money by having a water meter.
It’s worth checking whether you were mis-sold PPI (especially as the deadline has been announced) because you could be owed money.
If you’ve had a flight delayed or your train hasn’t turned up on time you could get some compensation.
You can easily check if you’re owed so avoid paying a company to do it for you and save money.
It’s worth comparing the cost of your regular shop at each of the major supermarkets near you.
Mysupermarket.com gives you an easy way to do this.
Over a year, switching supermarkets could save you a lot of money.
If you’ve stuck with the same insurance company for years it’s likely you’re paying too much.
Loyal customers don’t always get the best premiums so shop around from other insurers .
Even if you want to stay with your current provider, it’s worth checking what you’d pay for the equivalent cover elsewhere and then using this to compare with your existing provider.
This article was written by Hannah Maundrell who is the Editor in Chief of Money.co.uk.
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