8 Useful ways to save money
- July 31, 2018
- by Chris
Most people would agree that the more money you have the better, we would all like to earn more money but it can be equally beneficial to save money. It’s a good idea to have a plan in place to help you with your finances. It is possible to dramatically increase the amount of money you have left to spend on the more important things in life by taking that first step in order to get your finances sorted. Here’s a list of 8 ways Utility Saving Expert recommends to maximise how far your money can go:
Transferring your debt
It’s possible to transfer debt to a credit card with a 0% balance transfer, this can be helpful if you have large interest payments on loans and credit cards and may make financial sense in the long term. 0% balance transfer credit cards will not charge you any interest on any debt transferred for a specific period. This allows you to pay back the money with no additional costs. Make sure you try to pay off any balances before the promotion period ends as the interest rate will likely increase dramatically at that moment in time.
Arrange a free overdraft
Depending on who you bank with, some will charge customers higher fees for any unplanned overdrafts. If it is likely that you go into your overdraft regularly, it will be beneficial to switch to a bank that provides a free authorised overdraft limit.
Tax bill reduction
You are able to claim against any tax relief you are eligible for, this can help you hold onto a larger amount of your money. Not everyone is aware of the different tax reliefs available to them such as AIA (annual investment allowance), rent a room relief and PETs (potentially exempt transfers). These can help you save money.
Price comparison websites
A price comparison website such as Utility Saving Expert allows you to instantly compare many different products and services to ensure you are getting the best value. If you’re looking to compare energy tariffs, car insurance or even specialist insurance products such as motor trade insurance, Utility Saving Expert will help you find something that meets your needs at the most competitive price.
Supermarket loyalty cards
Many supermarkets, retail stores or restaurants reward customers every time they make a purchase and allow them to save points to a loyalty card, giving them access to discounts and various promotions. Supermarket loyalty cards are the most useful because you will shop there regularly and these points can be built up quickly over time.
Non-essential direct debits
Check your bank statements regularly to make sure you don’t miss any unnecessary direct debits. This only takes a few minutes but can help you stop paying for products or services that you no longer need, these can sometimes go unnoticed for months. It’s a good idea to access your bank account online at least once a week to see where your money is going.
Getting the best mobile phone deal
It can be difficult finding the right mobile phone deal, especially because there are so many different phones and price plans to choose from. Mobile network providers are not always helpful in offering existing customers the best deal available to them. It’s a good idea to check your online account for information on your monthly data and minutes usage. This can help you upgrade to a better tariff if you’re a heavy user or lower your price plan at renewal if your consumption is low. Often, sim only deals will provide the best value for money.
Plan expenditure in advance
Sometimes you can save money by paying your car insurance premium or gym membership annually rather than monthly. It’s a good idea to see what discounts may be available if you choose to pay in advance. Also, there are many products that will cost less in specific months. If you are planning a large purchase, it’s a good idea to research when that product will likely be discounted. Amazon Prime Day, Black Friday, and Boxing Day sales are a good opportunity to save money.
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