7 Claim back money with your name on itįrom forgotten bank accounts to tax rebates and Premium Bonds, you could be sitting on a pot of gold without even realising it. So, talk to your mortgage broker or find an independent mortgage adviser at .uk or vouchedfor. This is the perfect time to take a look at remortgaging and you could save thousands a year. When your fixed term, tracker or discounted mortgage deal has come to an end, you will be switched to your provider’s standard variable rate which will be considerably more than you have been paying. Typical benefits include eye care vouchers, gym memberships, spa access, discount at stores and cinemas near work. Now might be a good time to see what you have access to that could help you spend less (and save more). We’re not talking here about your pension or flexible working but the other employee benefits that your company may be offering that could easily pass you by. So use comparison sites to check whether you could bring down the cost of these regular outgoings by switching supplier. In a survey by Topcashback, those who haggled said they had a 39% success rate, saving £155 per person on average, with broadband (59%), phone contracts (55%) and insurance (50 %) proving to be the most lucrative areas. While it’s not easy to switch gas and electricity suppliers in the current climate, you can still find better deals for broadband and mobile contracts, streaming services and insurance. *Set up a day-to-day spending account with its own card at your existing bank and put a direct debit in place to transfer your weekly disposable income on to it. Watch out as some prepaid cards have a monthly fee. *With prepaid cards, such as Clubcard Pay+, HyperJar and SuitsMe Essential, you load what you have to spend onto the card. If your accounts are with a digital bank, you will have the same functionality, such as Starling’s Saving Space, Chase’s extra current accounts and Monzo which allows you to organise your money with ‘pots’. Check out Plum, Moneybox, Money Dashboard, and Chip. * Money-management apps helps you budget digitally by connecting the app to your bank account, analysing your spending, helping you set and achieve savings goals. This can make it easier to budget, ensuring bills are covered and what money you have goes exactly where you want it to. * Return to cash? Some are using the jam jar method (piggy banking, savings pots, or cash stuffing - as it's called on social media) where you divide your money into separate pots, or envelopes, for different expenditure. There are various ways to make sure each spend registers with your brain - work out which system works for you: It's all too easy to let cash slip through your fingers, especially if you are just tapping a card on a machine. To find the best 0% balance transfer cards, check out comparison site such as Moneyfacts and MoneySuperMarket. Some cards come with a small balance transfer fees. If you still have debt after the 0% period ends, move to another deal. You can achieve the same end result by transferring the debt on to a 0% balance credit card to avoid paying interest for a fixed period (typically two years or more) and paying off a set amount every month within that timeframe. Don't panic if you haven't got a handy lump sum to magic away the full amount. If you've got card debt, sit down and make a plan for how to get rid of it and by when. This split may not work for you when money is tight, so simply adjust the ratios as you go. This means allocating 50% of your take home pay on your needs (bills, food, minimum debt payments), 30% on wants (eating out, leisure, sport, etc) and 20% towards the future you (saving for emergencies, short term and long term goals). If you are struggling, try using the 50/30/20 approach to budgeting. Around 60% of us save money either every, or most, months, according to research. Check out our tried and tested money-saving tips, tricks and tactics and you'll be amazed at just how much you can squirrel away.
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