The new year is a good time for a Finance Makeover as we are all feeling the pinch. Instead of getting depressed why not do something about it !
Here are a few ideas to get you started, let us know how much you save !
Get a better energy deal
Unless you are ultra-cautious, it may make sense simply to find the cheapest deal you can, knowing that you can get out of it if prices fall, rather than taking out a fixed rate deal with penalties for moving during a fixed term. If you choose to take gas and electricity from the same supplier (a dual fuel deal), you will pay less if you offer to pay by Direct Debit, and if you choose to take gas and electricity from the same supplier.
By switching from the standard tarrif you can earn up to £500 a year. It is easy to do and you won’t be left without electricity between switches ! Sites such as uSwitch will be able to help you find the cheapest deal.
Review your mortgage
Rates have been at an all time low for some time now. That is bad news if you are in the middle of an expensive fixed-term mortgage rate, but good news if you’ve got some flexibility to move, or are about to come to the end of a deal. Buyers who have significant equity in their properties will be able to get the best deals.
Those who want the security of a fixed rate have several options. There seems little point in fixing for a two-year period when this may be just the point at which interest rates begin to rise. For those who want some long term security there are five-year options, and even longer ones that may be attractive.
Change your Broadband Package
It can be difficult to negotiate the different types of phone contract available. The best way to start is to check where you are in your contract. BT is one of the few companies that still has ”rollover” contracts with termination penalties, so check your contract.
If you can switch, several websites allow you to check landline prices, try uswitch.com for more details. It will definitely be cheaper if you consider a bundle offer with your broadband included. If you look at prices via a cashback site such as Quidco you may be able to find a great deal and a lump sum cashback at the same time. Remember you will have to wait for the money from Quidco so think of this as a bonus.