Making your Money go Further

In these cash strapped times we’re all looking to make the income that we have stretch that little bit further. It can sometimes seem like a huge challenge to try to squeeze a few extra days or weeks out of the monthly budget but there are some clever ways to take the pressure off your finances to make the cash that you have work harder. Here are five ideas on how to make your money do more for you.

1. Opt for the 0% deals. Credit card interest is something that regularly cripples us all, as the extortionate interest rates mean that you really pay for those purchases if you can’t clear the balance each month. If you get into a situation where you can’t clear the balance at all over a significant period of time then high interest rates on your credit cards can make life very difficult indeed.

Whilst the best solution is probably to stay away from credit cards altogether, if you are going to get one, opt for a card with 0% interest – and if you already have one then try to transfer to a 0% card. There are numerous deals around at the moment for upwards of 12 months at 0% and what you save on monthly credit card interest payments can go towards making your finances more effective.

2. Handle your mortgage. If you have something like a tracker mortgage that is currently providing super low interest rates then take advantage of the situation to pay back as much of the mortgage as you can before the rate rises again. Whilst this kind of saving is more of a long-term option, it can make a huge difference to your financial position further down the line.

3. Switch your suppliers. We all know that energy companies have not been kind to the consumer with their prices rises in recent times but there is still money to be saved from shopping around and switching to the cheapest gas and electricity providers. Compare the prices for the options out there that best suit your situation and don’t be lulled into a false sense of security by the arrival of summer – it’s worth doing this now rather than waiting for the colder months and missing out on the best deals.

4. Look to the future with cash ISAs. Particularly a tracker ISA – because when the base rate begins to rise again in the coming months or years, so will the interest rate on your savings in the ISA. Try to avoid making the same mistake that many do and using the ISA as a bank account – once you bank the money in there, leave it alone so that you can enjoy every penny of the tax free interest on it.

5. If you’re struggling then ask for help. If you go on and on getting in deeper to financial woes then the damage when you do finally admit defeat can end up being much higher. Whether this is a case of cutting your losses and selling your property in order to clear debts before they become out of control, or seeking to negotiate with creditors rather than waiting for the red letter, proactive decisions now can save you money, time, a bad credit rating and the stress of negative debt management in the future.

These are just a few ways that we can all make our money go further. If you are facing financial problems, and would like to speak to one of our advisors in confidence, please call Jemima Poppy today on 01908 232879.