Nichols & Meyer Capital Partners Give Five Top Tips For Making The Most Of Your Cash

Nichols & Meyer Capital Partners Give Five Top Tips For Making The Most Of Your Cash

Whether you're battling credit cards repayments and dodging bank charges or struggling to spend the interest from your pile of riches, there's always a reason to make the most of your hard earned cash. If you're flush, give the added income to someone in need; if you're struggling, use the money to help pay off your debt. If streamlining your finances serves only to give you a little extra spending money each month, it will be worth the minimal effort for a few extra drinks come Friday night. Though this advice was given in regards to the United Kingdom, the advice remains sound regardless of your physical location or base currency.

ONE: Credit cards

Credit cards can be one of the worst ways to rack up debt with sky-high interest rates adding to your overall debt, but they don't have to be. If you are clever at juggling your money, you can live a relatively interest free life. Obviously, the aim of the game is to get into credit, but if you cut your interest rates you will have more money with which to pay off your total debt.

Many credit card companies offer 12-18 month's worth of 0% interest on credit cards. The trick here is that once you start paying interest it will be very high. If you transfer the balance from your existing card to a 0% card (for a small free, usually about 3% of your debt) then you won't pay any interest on your debt for up to 18 months. If you haven't managed to repay all your debt in that space of time you can switch to another 0% card ad infinitum, until the debt is clear.

TWO: Price comparison sites

It is easy to want to avoid price comparison sites with the cheesy low budget adverts they offer but they really can prove useful. If you want to quickly browse the cheapest deals they will lay them out in front of you to save you having to trawl through hundreds of sites finding the best deals. However, be mindful to additionally check sites that aren't listed on price comparison sites so you don't miss out on the best deals. Even if you think you already have a good deal on your home and car insurance, phone bill and utilities, the sites are worth a quick look and you could save a packet.

THREE: Vouchers

You are probably thinking that vouchers sound like a pointless exercise. Saving 20p on a packet of potpourri is hardly the deal of the century. There are, however, some pretty good deals if you shop around on the internet. Numerous high street restaurants including Dominos, Gourmet Burger Kitchen, Yo Sushi and Strada put an almost endless stream of meal deal vouchers on the internet. Don't worry; it's not a scam, just a cracking marketing scheme to top up midweek business. Use a search engine to look for your favourite restaurant and see if they have any deals. The phrases 2-4-1', two dine for 10' and buy one, get one for 1' can be helpful.

FOUR: Saving?

With the end of the recession not in near sight, it can be difficult to see your hard earned savings gather much interest. Shopping around for the best ISAs can help make the most of your money. Switching might seem like a pain but a little pro-active work can do a lot of good for the bank balance.

Another savings option is Premium Bonds. With a Premium Bond your money is not at risk but, neither will you know how much interest it will earn. Each month Premium Bonds are put in to a prize draw with the top prize set at 1 Million. This might sound like a great deal but the chances of winning are extremely slim. You are more likely to win' one of the lower cash prizes starting at 25. If you are willing to gamble your interest rates without risking your cash, Premium Bonds are not a bad option.

FIVE: Budget

It's easy to spend money haphazardly and believe you have a rough idea of your total monthly expenditure. Even if this arbitrary spending is executed in small amounts, it will add up and you may find yourself dangerously close to your overdraft limit at the end of the month.

One way to keep track of your monthly outgoings is to create a budget. It might sound like a dull activity for a Saturday morning but half an hour spent budgeting can make all the difference. Whether you write it on a piece of paper and stick it to the fridge or save it to your computer, it will help to unify spending. When writing a budget, try to come up with categories for your spending. Some helpful ones include: mortgage or rent, direct debits, utilities, loans, food, clothing, entertainment and savings.

It can also be a good idea to take your monthly budget out in cash just after you have been paid. It can be tricky to total how much you are spending using credit or debit cards. Having the cold hard cash physically in front of you, and witnessing how quickly the pile depletes, will aid budgeting considerably.

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