If you are urgently looking for some ways to save some cash this year, then here are a few essential tips of simple money saving pointers that you might like to consider for your own finances.
Review Your Credit Card
How much balance do you have outstanding on your credit cards? Are you paying the balance off each month or is there a balance rolling over each month to the next month? If the latter, then you are paying interest on your outstanding balance and this could be costing you a small annual fortune.
Of course, the most efficient response would be to pay the card off in full and to be incurring no monthly interest at all. But what if this is not possible with your finances? Well the next step is to review your card interest charges. Are you on a low promotional balance, or are you paying standard credit card rates? Whichever, unless you are paying no interest then maybe it is time to review your credit card and see if you can move the balance over to a cheaper credit card.
Speak to your bank and see what cards they have on offer and what the monthly cost would be if you transferred your balance over, not forgetting the cost of any balance transfer fees. Many credit cards are offering introductory rates of 0% balance transfers for 12 months or so at the moment. Even just moving the current balance over and paying the monthly minimum fee might be an answer, whilst you keep using your existing card and paying that off in full. Remember that some credit cards will allocate payments to balance transfers before purchases, so be careful if you start spending on the card. Whilst you might not be paying interest on the balance transfer amount, you might be paying on purchases.
Review Your Borrowing
How much have you currently got borrowed in your mortgage and what it’s costing you and with the recent collapse in mortgage interest rates is your mortgage serving you as best it can? Have a quick word with a local mortgage broker who can understand your financial circumstances and ask them to compare mortgage rates for you. Is the current mortgage deal you are on the best available to you and what would it cost to move to something cheaper on the market? It may be cheaper for you to stay put if you have high exit penalty charges, but if there aren’t penalty fee or they aren’t too great, then you might save yourself a tidy sum by moving. When your mortgage advisor compares top mortgage rates for you, they should also be able to look at your current mortgage to tell you how much it will cost to move to a cheaper mortgage.
That’s just two simple ideas to save you potentially hundreds per year and there’s more along the same lines. But if you want to save some money in the short term, then you can start saving straight away with these tips.
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