If you are enjoying low mortgage repayments on a tracker mortgage as the base rate remains low, try and pay back more than the minimum each month.
The more of your mortgage you can pay off at a lower rate of interest, the less your mortgage will amount to over its life span. It will also ease the burden of higher repayments when the base rate eventually rises.
If you are worried about how to meet repayments when this occurs, now is the time to get professional advice. You could consider moving to a fixed rate mortgage, or stick with a variable rate mortgage until fixed mortgages reduce their rates again.
Car insurance and home insurance premiums are rising, placing more pressure on the cost of living. To reduce these expenses, compare the market to see if you could make savings by switching providers.
Be honest with your insurance providers, giving them the true value of your belongings that you want to insure otherwise you will not be able to claim them back to the amount they are worth. Do not under-insure yourself to save on premiums as you will lose out in the long term and your insurance could turn out to be a waste of money.
Only take out financial products which suit your own needs however. If you have travel insurance that provides you with cover that is surplus to your requirements, then you are spending more than you need.
3. Cash Back Credit Cards
A good way to make money to take the edge off the high outgoings many personal budgets are experiencing is to invest in a cash back credit card.
While every consumer will be spending throughout the month, even if it is just on the essentials, a cash back credit card can enable you to earn cash or points on your spending. These points can go towards flights or hotels, or exchanged for vouchers to get money off food and petrol prices.
4. Cash ISAs
If you have any spare cash to put away in a savings account, a cash ISA is the one to invest in. While the base rate is low, savers are losing out as the interest currently being offered on savings struggles to beat the effects of inflation.
However, if you invest your money into a variable rate cash ISA, when the base rate eventually rises, your money will earn interest in line with this rise. To make the most out of a cash ISA, try to resist the temptation to make a withdrawal as this could see you lose some, if not all of the tax-free interest you have made.
5. Consolidate Debts
If you have debts hanging over you, whether itís the cost of Christmas 2010 still burdening your credit card, or winter utility bills you are struggling to pay off, debt consolidation could be an option.
Whatever your debts, consider a personal loan and how a debt management company could help you manage your repayments.
6. Gas and Electricity
Although summer is fast approaching, and the warm weather we have been enjoying this spring has meant people are less worried about their gas and electricity bills, make sure you are not paying more than you should.
Compare the market for the best rate for your own personal consumption, even in summer, it is important not to forget about these bills ñ the more you can save when usage is low, the most ready you can be for when you need the heating pumping away during the winter months.
7. Current Accounts
It is never too late to switch current accounts, and the process may even make you money. If your current provider is not rewarding you for being with them, now is the time to move.
Santander for example is offering £100 cashback just for switching ñ and customers can gain 5 percent interest on the cash they have in the account if they deposit their salary each month. Terms and conditions apply.
Protecting Your Family with Mortgage Life Insurance
If you have a mortgage, monthly bills such as energy bills, mobile phone bills, internet costs, and food shopping, have you ever thought about who would pay these bills should you die suddenly?
Dealing with the death of a loved one is hard enough without having to worry about how you are going to pay the mortgage with no substantial income. So you may want to consider life insurance to protect your family after your gone.
There are several different types of life insurance available depending on what you want it to cover, and when you want it to pay out.