As the tax year turns, The Best You has 7 ways to save you cash in the financial year ahead.
1. Pay yourself
Once your salary drops in to your account, make sure it’s not frittered away. Set up a direct debit for a set amount and have it transfer to a deposit account each month – it’ll soon mount up and provides a nice rainy day fund that’s ready when you need it.
2. Shift it
If you owe money on your credit card, shift it to an interest free balance transfer option and save hundreds of pounds in interest while you clear the balance. Alternatively, if your balance is cleared, look for a card that rewards you for spending with points, vouchers or cash back.
3. Be a deal seeker
Know those letters from your energy provider, insurance company and favourite store, make sure you read them before they hit the recycle bin – it could save you money. When your contract or policy is up for renewal, be sure to shop around as switching could save you pounds. And those loyalty points and money-off vouchers are worth checking out too!
4. Put it in a book
If your end of month statement makes for an eye-watering read, try tracking what you spend as you go along. All you need is a notepad and pencil in your bag, and before you know it you’ll see where all that ‘missing’ money goes…
5. Be a cash king (or queen)
It’s strange but true that shopping with cash may make you more careful with what you spend. Debit and credit cards easily take care of paying at the checkout, but research shows we are more likely to restrain ourselves from needless purchases when we’re paying with the hard stuff. 6. Drive carefully It’s not just good for your safety, it can save you money too. Ensure your tyres are pumped to the right level, relieve your boot of any excess luggage and remove the roof rack when it’s not in use. Drop your speed 10mph and turn off the air conditioning when it’s not really necessary, and you could find you do more miles for less.
7. Spend and save
Now here’s a goodie. According to the experts if we pay an extra £50 on our mortgage each month, we can save up to £10,000 on a 25-year £150,000 mortgage – and clear three years off the term. Obviously you need to check there are no penalties in place for overpaying or finishing your mortgage earlier than expected, but you could be quids in.