Letís face it, weíre all bored of hearing about the recession, the rising cost of petrol and inflation; but it affects us all everyday and the helpful team at MoneyExpert.com thought we would give you some quick and simple tips to follow that will help you to make real everyday savings.
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 if you have the option to do so.
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.
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Car insurance and home insurance premiums are rising, placing more pressure on the cost of living. To reduce these expenses, compare quotes 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.
Shop around for travel insurance, youíll be surprised how much you can save when you compare cover online.
3) Compare Balance Transfer Credit Cards
If youíre repaying a credit card balance with interest you could look to move to a credit card that offer 0% interest when you move your balance. There may be a charge to move your balance so keep this in mind when comparing rates. Barclaycard have the market leading offer with 20 month 0% interest (with 3.2% handling fee).
4) Pay 0% Interest on your Purchases with a Purchase Credit Card
If youíre looking to make a purchase and would like to benefit from paying 0% interest you could look for a deal of up to 13 months interest free. Compare purchase credit cards and keep an eye out for the additional offers, such as points and rewards to collect as you spend.
5) 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.
6) Seek Advice if you have Debt Worries
If you have debts hanging over you, such as credit cards, store cards, loans or winter utility bills that youíre struggling to pay off, a debt management plan could be an option for you.
Whatever your debts, seek advice and consider how a personal loan and debt management company could help you manage your repayments.
7) Gas and Electricity
Although weíve enjoyed some high temperatures recently and summer is fast approaching, 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.
Compare Gas and Electricity providers today
8) 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 Current Account 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.
9) Protecting Your Family with Life Insurance from just £1.15 per week
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.
Get advice on Life Insurance today
10) Look out for Cash Back Deals
A great way to get a bit of extra cash is by earning cash back as you spend on everyday products, insurances and those little treats! MoneyExpert.com offer £25 cash back on their car insurance, £40 cash back on vehicle warranty and many more offers.