1st – Pay off your debts with your savings.
What?! I hear you ask.
Consider the amount you are receiving in interest on your savings… somewhere between 1p and £70, pretty poor right?
Now, consider the amount you are paying in interest and charges on your debts… pretty extortionate.
Now consider the last time you actually had to pay out for an emergency expense… ever thought about claiming on your insurance rather than use your savings?
Now think about how good it would feel to have your debts paid in full… feeling relieved?
If you are not saving up for anything in particular, use any savings to make extra payments towards your debts. The quicker you repay them the less interest you will be charged and the happier you will feel.
2. Pick up that phone and swap, swap, swap.
If your current provider can’t give you a better deal swap!
We challenge you to contact the companies that you pay the following for and get a better deal:
Top tip- When speaking to your current provider always ask for the retentions team and state clearly that you are thinking of leaving if they can’t reduce the bill and give you a better deal.
3. Get cash back on the items you purchase.
Sign up with a free cash back company and start getting money back on the things you buy.
4. Sell what you don’t need.
Your wedding dress will be sentimental but you have pictures to remember the day and what are you actually going to do with it? Rather than it gathering dust in the wardrobe sell it. It will make someone else extremely happy, provide you with some extra cash and free up some space in your wardrobe.
5. Get a lodger.
Did you know you can earn £7,500 per year tax free by taking on a lodger?
It’s called the Rent a Room scheme, check it out on www.gov.uk.
6. Claim the benefits you are entitled to.
Go on www.turn2us.org.uk or www.entitledto.co.uk and enter your details to determine which benefits you can claim.