7 helpful tips that may save you money

It’s always better to have more money, right? Earning a higher wage/salary would be nice, but there’s another way to have more money for the important things in life. You can do this by finding ways in which you could save money. By taking the right steps to manage your finances in the correct way, it is possible to increase the amount you have left over each month by a large sum. Read our 7 helpful tips to find out how you could save money.

Transfer your debts

You could potentially transfer any debt that you may have to a credit card that offers a 0% balance transfer. If your current creditors have large interest fees and charges, this is a helpful tip to save you money over a longer period. Credit cards that offer 0% balance transfer agreements will provide you with an interest free period whereby they won’t charge you interest for transferred debt. Essentially, this means you’re now able to pay back any outstanding balances without incurring any additional charges.

However, it’s important that you remember to pay off the balance before the 0% promotion finishes, otherwise interest rates are most likely to increase significantly.

If you need help with any outstanding debts, call the friendly money advisors at Refresh Debt Services today on 0800 121 48 63 – we’re able to discuss debt management plans as well as a number of different wider financial solutions available to you.

Apply for a free overdraft

Some banks charge their customers larger fees if they enter into an unplanned overdraft. Consider how often you fall into your overdraft, if this happens regularly, it’s a good idea to switch to a bank that doesn’t charge for this. Look for a bank that either provides a free authorised overdraft limit or a larger overdraft before they start charging you.

Stop unnecessary direct debit payments

It’s helpful to check your bank statements online regularly. Aside from having a better grasp of your financial position, you can also check to see if you’re not paying for any non-essential things through recurring direct debit payments.

It only takes a few minutes to do this each week, and will help you minimise paying for a product or service that you no longer make use of. You might be surprised to know that these types of payments can sometimes go unnoticed for months, or in some cases, even years.

Sign up for loyalty/reward cards at supermarkets

Every time you visit a restaurant, the shopping centre, or a supermarket, you’ve likely been asked if you have a loyalty/reward card. If you don’t, you may be asked if you would like to register to take advantage of any promotional offers.

We’re not suggesting you sign up on every occasion, but we do recommend you register for a reward card at the supermarket(s) you frequently shop at. This is because you will be shopping there regularly and it will only benefit you as you build up more points, these points can save you money by allowing you to take advantage of in-store offers.

Everybody has to buy groceries, this is why supermarket reward cards are the most helpful, as you’ll be shopping there regardless, so why not quickly build up points while you’re at it.

Get a better mobile phone deal

Finding the best mobile phone deal isn’t always easy. Sometimes, existing customers miss out on the best deals because mobile networks are focused on winning new customers. This is where you’ll need to be a little savvy. Check how many minutes and how much data you’re actually using each month, you can find this information by logging into your online account. If you have a smartphone, many networks provide their own application which gives you this information.

If you don’t use many minutes or a lot of data, look for a tariff that gives you exactly what you need so you’re not paying extra. If you’re a heavy user, look for tariffs that give you the additional minutes/data you need. If you’re happy with your current phone, sim only deals almost always provide the best value and will save you a lot of money. If your current contract is due for renewal, look for better deals elsewhere. If you don’t want to switch provider, ask your current provider to see if they’re able to price match an offer you’ve seen elsewhere.

Plan your expenses ahead of time

Some car insurance providers or gym memberships may give you a discount if you choose to pay annually instead of monthly. This will also apply for many other products or services you purchase. At certain times of the year, retailers will offer large discounts on some items. Amazon Prime Day, Black Friday, Cyber Monday, and Boxing Day will all offer big discounts. If you’re in the market for something, being patient could save you hundreds of pounds every year.

Use a price comparison website

Price comparison websites like Utility Saving Expert have been saving people money on home insurance, car insurance, and energy tariffs for years. They’re quick and easy to use, simply enter a few details and you can instantly compare a whole range of products and services, ultimately helping you get the best deal.

Check out our blog for more helpful tips on personal finance