F1 Whizz Kid wont splash the cash

Formula One whizz-kid Lewis Hamilton seems to guard his pennies as closely as his pole position.

The racing ace, who has taken the Formula One world by storm in recent weeks, says he prefers life in the slow lane – saving money by turning down invites to showbiz parties.

Lewis, then, isn’t in quite the same league as Victoria Beckham. On a recent trip to New York, Lady B managed to spend £59,000 on jewellery alone.

For most of us such extravagance isn’t on the cards but whether you hoard it like Hamilton, or spend it like Beckham, MoneyExpert is here to help you manage your finances through the summer.

How to keep costs down

Whether you’re a big spender like Victoria or you have to scrimp and save like Lewis, there are options to make life a little more comfortable. According to MoneyExpert.com one in seven adults has turned to debt consolidation to ease their financial problems, and it’s easy to see why.

Unsecured loans are the most popular way to reduce monthly outgoings, making your wallet feel just that bit bigger. By covering all your credit card and overdraft debts with one loan, you’ll only pay one interest rate and you’ll be committed to paying off your debt rather than just maintaining it.

Best Loan Rates

Provider Typical APR
Moneyback Bank 6.3%
yourpersonalloan.co.uk (Homeowners only) 6.3%
Alliance and Leicester 6.4%

Compare personal loans today

Money for nothing?

If you find yourself parading the plastic on the high street a little too often, make sure you’re not paying over the odds for the privilege. There are plenty of 0% deals out there so there’s no excuse for paying high interest rates on your credit card spending.

Just remember – you’ll get different deals depending on whether you’re transferring a balance or using the card to buy items in the shops. So make sure you check what’s right for you.

Best 0% Balance Transfer cards

Provider Introductory period & rate Typical APR (variable)
Barclaycard Platinum 13 months / 0% 14.9%
Virgin Money 13 months / 0% 15.9%
Halifax One 12 months / 0% 15.9%

Best 0% Purchase cards

Provider Introductory Period and Rate Typical APR (variable)
Halifax One 12 months / 0% 15.9%
Citibank 11 months / 0% 16.9%
Barclaycard Platinum 10 months / 0% 14.9%

Compare all credit cards now

Alternatively click through to MoneyExpert for money saving tips and hints

Leave a Reply

Your email address will not be published. Required fields are marked *