subject: Money Saving Ideas For Help With Debt Problems [print this page] Many hard-working families are feeling the need to tighten their belts. Inflation is rising, pay increases remain low, unemployment remains high and austerity measures have been introduced, such as an increase in VAT. So how can you ease the burden?
Reducing your expenditure in other areas can provide help with debt problems as it will make your debts easier to service. Consider which of these strategies you can use to manage debt repayments:
Find the best savings rates. With interest rates at a historic low, many savers have seen savings account returns fall dramatically. But there are still good deals - shop around using a price comparison website or by contacting a number of financial institutions. Often an attractive savings rate is offered for a short period only, before the rate drops significantly, so you may have to frequently move your money around, but long-term you are likely to benefit.
Shop around for the lowest prices. Seeking out the best deals on utility or energy bills, or for any form of insurance, is relatively easy. Prices may have risen sharply, notably in the energy sector, but competition is fierce, and there are numerous well-known price comparison websites.
Take advantage of special offers. Considerable savings can be generated just by keeping your eyes and ears open for any special offers. Dedicated special offers websites, company literature and the press frequently advertise special offers on everything from holidays to dining out to family days out.
Look at combined package deals. Consider whether it is cheaper to combine certain services in one package with a single provider, for example for utilities such as water and electricity, or for your television, internet and telephone services.
Improve your own efficiency around the house. A number of simple steps you can take in your own family home could make more of a difference than you think:
Try using less washing powder, unless the garments are very dirty. You may be surprised at how clean the clothes are.
Switch off appliances when not in use, and switch off all appliances at the wall before going to bed.
Buy special insulation sheets to reflect the heat from radiators back into them. And if you and your family wear warm clothes and layers it can reduce heating bills.
Government energy-saving grants. Check if you qualify for government grants for installation of solar panels, gas central heating, loft insulation or cavity wall insulation. These are all superb ways to save energy and hence save money.
Re-mortgage. If you are paying your lender's Standard Variable Rate (SVR), shop around and see if you can save money by re-mortgaging. You will not usually incur early repayment charges if you terminate a mortgage while on the SVR.
