Citizens Advice
This week, CAB’s Tom Togher looks at making money-saving resolutions
IT’S never too late to make a few New Year’s financial resolutions.
There are lots of ways you can improve your financial position and a good place to start getting money wise is on the government’s money advice service website, just go to www.money adviceservice.org.uk.
If you’re worrying about any debt or money problems then give us a ring on 0300 330 1153 and, if necessary, make an appointment to see a money adviser.
This time of the year it can be especially difficult to manage.
Here are some things that you might be able to do to help make your money go further:
Write a budget which lists all of your usual spending, allow for those things that crop up throughout the year and try to include emergencies.
You might be able to get some help with things like school uniforms or school meals.
Ask your local Citizens Advice.
Make sure that you have claimed all the help that you can get.
You can find out more by going to www. citizensadvice.org.uk.
Try to review any borrowing that you have. Be aware of the cost of that borrowing, its Annual Percent Rate (APR) and how long you are borrowing for. These are important things to think about.
Where you can, try to reduce the cost of borrowing.
Don’t forget to review those sorts of less obvious credit, like paying insurance by instalments.
If you are able to, paying these in annual payments is likely to be cheaper.
The rate of interest charged is often more expensive than you could obtain elsewhere.
Beware of insurance auto-renewal, especially car insurance.
When your renewal notice comes through, check if it is still a good deal and always check to see how much it has increased by.
It’s also a good idea to review the sort of cover you have.
Can you reduce the costs of insurance by agreeing to a black box policy or by being more realistic about your annual mileage limit; or, if there is more than one car in your household, is a multi-car policy better value?
The winter is a good time to review your electricity and gas provider – along with your telephone and broadband.
If you switch supplier, especially for the first time, you should save a significant amount.
Don’t forget to check again when any deal comes to an end, in case you end up on a higher rate.
Options that might reduce your costs are going for a dual fuel deal or agreeing to operate your accounts online.
Keep an eye out for any large credits building up on your accounts and, if they do, ask for a refund.
You can speak to our energy adviser if you would like to know more about changing your supplier or any energy saving grants that you might qualify for, just phone on 0300 330 1153.
Very few people change their bank current account.
There are a number of banks paying rewards to people who move to them and you can use the account switching service.
When it comes to operating your account do your best to avoid going overdrawn without agreeing it with the bank beforehand.