Money Talk
SUE’S GUIDE TO Fixing Money Mistakes
Why waste money when some simple tweaks can get you back on track? Here’s five common mistakes and how to fix them…
Going for the minimum monthly repayment on your credit card can take you years to clear your card and cost heaps more in interest. That’s because most of it is interest and only a tiny slice goes towards what you owe. Pay off as much as you can each month. If you’re paying interest, look for a card with a 0% balance transfer deal to save money.
Last minute travel cover means you can be out of pocket if you have to cancel your holiday due to illness. Buy travel cover when you book your trip. No need to buy from the travel agent or holiday company – you can shop around.
Staying loyal and sticking with the same company means you can lose out if new customers get the best deals. Stick a note in your diar y before deals and policies end and shop around.
Living life on the edge and spending ever y penny you earn means that one big bill can tip you into the red. If you can, set up a standing order each month to transfer something to a savings account, no matter how small the amount.
Signing up for auto-renewal is a sneaky trick that insurers are keen on. It means policies get automatically renewed so you don’t always get the best deal. Say no to this and double check your policy isn’t set up this way when the renewal quote comes in.
SUE’S TIPS:
◆ We waste £500 a year paying for stuff we don’t need with direct debits. Once you’re beyond the minimum contract cancel them.
◆ Some companies shop around and switch you to the best deal without you lifting a finger. Check WWW.LOOKAFTERMYBILLS.COM to save on energy.
◆ If you owe money, you can get free debt advice from Citizens Advice, StepChange and National Debtline.