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Home Finance Money Saving Tips

Do You Need It?

It may seem obvious, but how much of what you buy would you miss if you didn't have it? Try putting off buying things for a week and then 2 weeks - often you find you just didn't need it!

Can You Buy it Second Hand?

It's well worth checking your local paper and Ebay. We picked up a freezer that would have cost £150 for just £30 in our local paper. 6 months old and as good as new.

New Technology

Have you noticed how prices of electrical goods drop? DVD players started out at £300 and we've seen one for just £15.00 in the shops.

Extended Warranties

Whenever you buy anything electrical they try to sell you an extended warranty. Well most electrical and electronic appliances fail, if they are going to, within weeks. After that they'll tend to keep going for 4 or 5 years without problem. If they do die in 3 years or so, the chances are the replacement will be better and cost a lot less. We never buy extended warranties.

Credit Cards

If you can't afford it, then don't buy it is the golden rule. Credit cards are very expensive forms of credit. Watch out for deals where they give you money interest free for 6 months or so. They can be worth while but miss a payment, even by accident, and you will pay through the nose.

If you owe money on credit cards, then do everything you can to pay them off. It may pay you to use an interest free deal from one to pay another if you can get one but the real answer is to take control and never owe them.

Mortgages

Once you've paid off those expensive credit cards and loans, start overpaying your mortgage. You need to talk to your provider about the best way to do it but paying an extra £50 per month could save £12,000 on a 25 year £100,000 mortgage

Bank Statements

Do you just ignore them or do you check every line? You'll be surprised to learn that mistakes in your favour are as rare as hen's teeth. Mistakes in the banks favour are more common. Check!

Mobile Telephones

Do you really need the latest new phone? Thought not. Why not use a pay as you go instead of a contract phone. You can pick up newer phones (when your brick becomes embarrassing) off Ebay for your pay as you go SIM card. Then see how long you can make it last. We put £10 on our phone 2 years ago.

Solid Fuel & Oil

Time when you buy and save a load. Usually at the lowest cost in early summer. The prices usually go up about August time when there's a mad rush for the autumn and winter.

Electricity, Gas & Phone

Check at least annually you are getting the best deal. You can do this online with web sites like Energyhelpline.com They help customers save money on their gas & electricity, home phone and heating insurance through a price comparison service. The service is only available for UK residents.

Home & Motor Insurance

Never just renew your insurance - check out what the others have to offer. Then ring your provider to cancel and I bet they magically match whatever price you've been quoted elsewhere or even beat it.

Saving Money by Taking a Break!

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