Money’s tight, but there are ways to save cash
RISING living costs are putting a squeeze on household finances, but there are ways to snip away at your outgoings. Here are our tips...
Could a Lifetime ISA help?
These accounts are available to the under-40s from April.
They’ll help you save for your first home, or for your retirement, in the same pot, with a Government bonus thrown in.
How about NS&I’s new bond?
It was confirmed in the Budget that a new three-year bond from NS&I (National Savings and Investments) will launch in April, with a rate of 2.2%.
The deal will be available for 12 months from April and it will be open to savers aged 16 and over who want to save between £100 and £3000 over the next three years.
Claim for mis-sold PPI
A deadline for claiming back PPI has just been set by the Financial Conduct Authority – and consumers have until August 29, 2019 to get their complaints in. Which? has a free guide at which.co.uk/ppi
Switch your mortgage
Ultra-low interest rates have sparked a series of mortgage price wars and home owners can take advantage of cheap deals available.
Swap current accounts
Many current account providers are offering cash or other perks to switch – and the typical saving to be had from switching to a more suitable deal has been put at £92 a year.
Details about the switching service can be found at currentaccountswitch.co.uk
Set a budget
Research has found writing a budget really works.
And old-fashioned pen and paper works just as well as high-tech budgeting apps.
Consider a Help To Buy ISA
If you’re saving for your first home, a Help To Buy ISA could help you build a deposit faster, with a maximum Government bonus of £3000 available on £12,000 of savings.
Calculate the bonus you could receive at helptobuy.gov.uk/helpto-buy-isa/how-does-it-work
Shop around on utility bills
Ofgem lists accredited energy price comparison websites at goenergyshopping.co.uk/ energy-tariffs-and-deals