Whether you are saving for a well-deserved summer holiday or trying to get your finances back on track after your winter long overindulgence, spring is the ideal time to bring your personal finances back to life. Stash some extra cash this spring by heeding the following money saving tips:
Negotiate your bills
If your utility bills seem to rise year-on-year, do not just sit there, do something about it! The tariff that looked good when you signed up may well now be out of line with the market.
If you have not changed providers within the last year, there is a high chance that you are paying over-the-odds for your utilities. If this sounds familiar, do not be afraid to contact your provider and negotiate a fairer deal. When it comes to haggling, you do not need to take tips from a bargain hunter at a bazaar. Simply phone your provider and tell them that you are looking for a better deal and thinking of switching to a cheaper provider. If they want to retain your custom, they will do everything they can to offer you a lower rate.
Switch your bank account
Have a look at your last few bank accounts and see how much it’s really costing you. Fees for a small monthly overdraft can really start to add up. Switching bank accounts may seem like a hassle, but it can help you to take advantage of higher interest rates and lower fees. In September 2013, the banking industry launched a new Current Account Switching Service, which enables you to switch bank accounts in as little as seven working days. So if you find a current account that might cost you less, you can switch banks free of charge on a date of your choosing, and let your new bank move all of your in-going and outgoing payments to your new account.
Make the most of your ISA allowance
Individual savings accounts, or ISAs for short, enable you to earn tax-free interest on your hard-earned savings. If you are a basic or higher-rate taxpayer, ISAs may therefore offer you a better return on your investment than standard savings accounts. Each tax year, you are free to save a set amount into an ISA, which will enable you to earn tax-free interest until you withdraw your money.
Consider a short-term loan
By taking action to manage your money, you should be able to stretch your spare cash through spring and beyond. However, budgeting can be one of the most challenging aspects of adult life, and even the best-laid plans can go adrift. If you encounter an unexpected, short-term financial emergency, you may require a short-term loan. This means that if you are over 18 and have a steady source of income, you will be able to rest safe in the knowledge that you will be able to plug the gap left by your urgent financial problem.
Warning: Late repayment can cause you serious money problems. For more advise be sure to check out my blog for budgeting tips you can use the stay on-time.