Great money saving tips that should help you build up your cash.

Bank Account

Do you have the right bank account? Are you being charged for just going into an unauthorised overdraft? Make a note of all the charges you ineecurred over the past few months and if necessary see if you can get either get an authorised overdraft or change it to a loan with a lesser interest payment. Reputable banks only make one charge a month for going overdrawn. Bouncing a cheque or direct debit can cost as much as £70 as many banks will represent the payment twice. Make sure you are managing your finances. Also check your statements and see if you still need to be paying for something you no longer use, e.g. book club, gym or no longer required insurance.

Credit cards

If offered a 0% rate by another credit card provider then consider this but study the terms and conditions carefully as this special arrangement may only be for a limited period only and may not cover future purchases. Try this link as they search for the best deals, including no interest transfers www.creditcardexpert.co.uk

If you already have 0% interest on your balance with a particular credit card provider then why not enquire if they will accept transfers from other credit cards at the same o% rate.

A telephone call to your credit card company telling them that you are about to transfer a balance may result in them offering a lower rate. Remember not to tell them what your balance transfer rate is. If you have several credit cards, phone them all and ask what the best rate they can offer you and if they will increase your limit to allow a transfer. Once you transfer a balance remember to cancel the old card.


If refused any of the above then at least try, if possible, to pay off the lender/credit card first that has the highest interest rate. Adam note extra spacing in paragraph on this one..

Debt Consolidation Loan, DCL

If you have numerous credit cards and store cards with high interest rates then consider a Debt Consolidation Loan, DCL. This is where you borrow from a new lender at a far lower interest rate and use the new loan to clear all your high interest loans and credit cards. Before you undertake this you must ensure that you can afford the new loan repayment.

Be careful as many of these loans are more expensive in the long term and require security in the form of property. Please take proper financial advice first.

Reduce Outgoings

Complete the budget planner/income & expenditure form every six months to see where else you can make savings to help raise additional money to repay your creditors.

Contact your mortgage provider, if applicable, and ask if they can offer you a better deal on your current loan. Some individuals have saved over £100 per month just by making that telephone call.

See if you can get a cheaper mobile telephone tariff, shop around and examine what other service providers are offering. In most cases you can still keep your mobile number when you change service provider.

Energy Suppliers/Telephones/Mortgages/Credit cards

SimplySwitch

SimplySwitch offers immediate and impartial advice on the most economical and appropriate electricity, gas and telephone supplier in a postcode area. They will also offer the same service for mortgages and credit cards. Their highly trained customer care team will identify where savings can be made and arrange to switch customers' suppliers at no cost to the caller.
Since its launch in 2002, SimplySwitch has helped thousands of people save money on gas, electricity and home phone bills. To this end, the Press Office has access to dozens of case studies of people of all ages who have saved significant amounts of money.

To find out more telephone 0800 781 1212 or go on line at www.simplyswitch.com/

Mortgage

When was the last time you remortgaged? Can you get a better rate? First try your current lender and tell them you are thinking of moving your mortgage and ask them what their best deal is. If you stay with the same lender then you will not need to pay for valuation, surveyor or solicitor costs, possibly only a small admin fee. If you already have another quote from a different lender still go back to your original lender and ask them to match it.

Alcohol

A cheaper bottle of wine from the supermarket with a naf label still does the same as a stunning grape; it will give that feeling of who cares about your debts and still follow up with the hangover, but will cost less.

Tax Credit (CTC)

This was introduced on 6th April 2003, bringing together all the main elements of state support for children. To qualify families will need to have an income of up to £50,000 per year to receive £545 per year. The money is usually paid to the main carer.
For general tax credits help:

In Great Britain (England, Scotland and Wales), telephone 0845 300 3900.

In Northern Ireland, telephone 0845 603 2000.

The tax credits helpline is open from 8am - 8pm seven days a week

If you require the use of a textphone, telephone:

0845 300 3909 if you live in Great Britain

0845 607 6078 if you live in Northern Ireland

For help using the Internet tax credits online service:

If you need any help using the Internet to apply for tax credits, telephone 0845 300 3938.

The Inland Revenue Online Services Helpdesk is open from 8am - 10pm Monday to Friday, and 10am - 6pm Saturday and Sunday www.inlandrevenue.gov.uk/taxcredits

Tax Code

This can vary according to your circumstances which invariably can change as well. Believe it or not bankrupts can actually get a rebate. What your code indicates is that when it is multiplied by 10 you will have the figure that you can earn before paying tax, so the higher the better!
Shopping
Only go grocery shopping with a list and stick to it. Otherwise you will buy what you fancy and go well over budget, also buy in bulk when you can, it can cost a bit more at the beginning but will prove a winner later on.

Internet shopping

Huge savings can be made on the internet, know your product/item to be purchased first, only downside is you have to pay for it by credit card, make sure you clear the balance as soon as you can otherwise you will defeat the object. A web site that checks the web for the best price for most things may be useful, try www.pricerunner.com

Finally, the best tip of them all

If you don't need it, can't afford it then don't buy it!

For much more highly recommended money saving tips visit
Martin Lewis
Money Saving Expert
Television, Print, Radio
www.moneysavingexpert.com