Now the kids are back to school, it is time to think about getting back to a routine and a fresh start! Why not start by clearing away those financial cobwebs and polishing your pounds with these top money saving tips? Check out the following 6 ways to declutter your finances.
1. Re-evaluate Your Energy Plans
4 out of every 10 households are owed money by their energy supplier, with the average overpayment standing at £85. Give them a call, get a refund and while you have them on the phone see what deals you can move to! Don’t be afraid to switch energy suppliers to get a better deal.
2. Do Your Research!
Sometimes you can get caught out with price hikes in your council tax, water rates etc. Do your research – are you in the right council tax band? Use ccwater.org.uk to calculate if you would be better off using a water meter if you are not already. What about prescriptions? Do you regularly collect them? If so you may want to consider buying a NHS prescription prepayment to help reduce the cost.
3. Are you using the right accounts?
Review all your accounts and cards – current, savings, credit, store, ISAs etc. Are there any with promotional rates coming to an end? If so, get ahead of the game and transfer any outstanding balances.
Are there any promotional offers on new current or savings accounts, where you could move your money to and benefit from? www.moneysavingexpert.com is a great research tool for this.
4. Don’t Auto Renew!
Never let your insurance policies auto renew. Insurers often ramp up the renewal premium hoping you will be too lazy to switch. Shop around, check cashback websites such as Quidco or Top Cashback which will pay you if you take the insurance out through them (over the years I have made hundreds of pounds from doing this from buying insurance to buying holidays!)
5. Detox Your Direct Debits
Online bank statements are not riveting reads by any means but don’t neglect them. Make sure you are aware of what is coming out of your account and regularly review and cull any
subscriptions, memberships and direct debits you no longer need. By doing this you can saves hundreds over the year!
6. Consider Paying More Now to Save Later
Your mortgage is your biggest financial commitment you are most likely to make. You should consider overpaying even by a little a month. If you paid an extra £42 a month on a mortgage of £150,000 it can save you £4,650 in interest and save your term from 25 to 23 years! Huge benefits if it is possible to do so.
What other top tips do you have to help save money and declutter your finances before the Christmas period?
If you are looking to start a family budget, check out this post here.
Simple Joy was founded by Hayley Forster, a Professional Organiser & Lifestyle Coach. Hayley is an advocate of intentional living, with a passion in helping others simplify their lives in order to find their ideal lifestyle full of contentment, creativity and authenticity!