subject: 5 Money Saving Tips for 2011 [print this page] 5 Money Saving Tips for 2011 5 Money Saving Tips for 2011
In 2011 many people are worse off financially than they have been in the past. That is why it's important to think about ways that you can save money even if it's only a few pence here and there. It's a clich, but they do all add up.
1. Consider where you save
Interest rates are not what they once were. Check to see that you have the best interest rate for your savings and don't be afraid to switch to another bank or building society in order to save more. The interest rates on fixed-rate bonds are climbing and so if your financial position is secure, then this is something to consider.
2. Avoid Credit Card debt
Try not to overspend on your credit card! The interest rates are normally high, and so consider switching to a 0% APR credit card it may mean that you're charged for transferring the balance, but this will be nothing compared to the continuing interest that you will pay should you continue to rack up costs on your original credit card.
3. Think about your overdraft situation
Many banks will charge you for being overdrawn. Shop around to find a bank that will not charge you a fixed fee or interest for being overdrawn. If you can't find one, work out whether a fixed overdraft cost would be cheaper for you than paying interest on your overdraft.
4. Avoid renewing contracts without shopping around
This applies to phone, internet, and TV right through to insurance renewals. Customer loyalty is not always rewarded and so don't just renew your contract assuming that you will be offered the best deal. Shop around and you may just find something better quote this to your existing provider and they may just match or better it!
5. Look for special offers, discounts and coupons
It's an obvious point but one that so many people ignore. When shopping for food, clothes and whatever else be sure to shop around and see what is on offer. Many stores compete for your business and will offer buy one get two free' and other great offers. Collect coupons too, and search online for vouchers and discount codes!
If you do find yourself in financial difficulty consider approaching someone with a reputation for effective money management and asking for help. Only use a reputable company and check online for any reviews. They will be able to talk to you about such things as IVAs - individual voluntary arrangements, bankruptcy and debt management. This can include debt consolidation and remortgaging. Don't let debts spiral out of control - as soon as you think you could be struggling talk to a professional.
