1. With most mortgages being for 25 years, a substantial portion of your repayments will simply be the interest. Even if your mortgage provider penalizes for overpayments, it could still be worthwhile putting a bit extra into your payments when possible and saving on the interest.
2. If you’ve had your existing mortgage for a while, you could easily save by switching providers and securing a better deal. Just keep an eye out for any exit fees that you might have to pay.
3. Keep an eye on when contracts for any utilities or services (such as your phone or insurance) are ending. As long as you’re out of any minimum term, you could save by changing suppliers. Equally, if you’re happy with your existing supplier, why not tell them? Companies want to keep your business so they may be able to offer you a special renewal deal.
4. If you’re looking for any insurance type, comparison websites are a quick and easy way to look for the best deal, but don’t forget that some companies don’t list themselves – so you might need to look some insurers up individually.
5. Supermarkets are designed to get money out of your pocket and into their tills. All those special offers sure are tempting, and soon you’ve spent a lot more than you planned. So, make a shopping list. It sounds simple, but if you stick to it, you’re only going to get what you need, and not be seduced by clever marketing.
6. Don’t be tempted by every special offer in the shops. Three-for-two offers sound great, but if you were only going to buy one anyway, you’re still spending more. Equally, don’t be seduced into buying something just because it’s on sale. Ask yourself if you really need it or are going to use it, or it could still be a waste of money.
7. If you’re going on vacation, investigate where you can get the best currency exchange rates. Just because one company’s rate is commission-free, doesn’t necessarily make it the best value. Remember that the airport usually has the worst exchange rates.
8. If you’re planning on using your debit or credit card on holiday, check your bank’s charges for use abroad and their exchange rate. These can be surprisingly high, so it could be worth not using it at all, and just taking some extra cash.
9. Credit cards are a great way to spread costs if you’re careful about repayments, but remember – making the minimum payment each month means it takes much longer and costs more to pay off your original borrowing, so always pay as much off your credit card as possible each month.
10. Don’t forget to prioritize your debt; so, if you have a credit card debt at a higher rate of interest than, say, an overdraft, pay off the credit card first as you will save more money on the interest.