Need to know money based facts
We exist in times when the financial future remains somewhat uncertain given recent economic changes and the outcome of the Brexit vote. This means as consumers we are waiting to fully understand what is next as far as our finances are considered. As widely reported in recent news our ability to save and gain a ‘decent’ return from it is quickly reducing and the cost of housing continues to increase which means for the average consumer like you or I, it can be a little disheartening. That said there are always ways, as individual consumers, we can look to save money, understand our finances better and place ourselves in a secure financial position going forward. Today then, let’s look at some simple ‘must know’ financial facts which just might mean some money back in our pockets.
Many consumers confess to not knowing what their own personal credit rating amounts to. This means that they are not aware of their score or what impact this may be having or will have in the future. The great news is there are now several great services which allow you to view your credit score and credit file absolutely free of charge. This means we can access this information as and when we want without needing to pay for the service. By regularly checking our credit files we will be able to keep on top of our score and furthermore, should there be any discrepancies, will highlight what action should be taken. Currently both Experian and Noddle offer free services and whilst they also both offer a paid for service, the extra benefits are somewhat open to individual judgement. Generally speaking, the free services which are available will be enough to provide the basic level information each and every one of us should be aware of. Whilst you are in the process of signing up to a free and fuss-free review of your Credit Reference File, why not also consider taking a review of the APR being paid for your credit card. The interest rate charged can vary for credit cards quite considerably and shopping around for a better deal is absolutely worth doing. There are even a number of comparison sites who will do the digging around for you. This means you can provide your requirements and in a matter of moments a selection of providers will be suggested for your consideration.
A lot of the simplest and most straight forward money saving tips are based around the requirement to be organised and this means keeping on top of your finances in every sense. Take for example your purchase receipts. Although this seems almost too simple to be true, keeping your receipts, especially in the case of electrical goods, could make a situation involving a faulty product or poor service that much easier to rectify. Why not automatically store all your receipts in one location, then should they be needed, they will be easy to find. The same logic can be applied to the number for your bank, car insurance provider and household insurance provider. Keeping these numbers readily available and to hand may prove incredibly useful should an unexpected expense be faced. Why not then, store all important numbers in both your Smart Phone and a separate place; with your receipts perhaps. Another example where being organised can save time and more importantly money is being aware of the time when your local supermarket reduces its items. Not all of us will be aware but at certain times during every day, supermarkets reduce the price of fresh produce in order to sell it before it ‘goes out of date’. Laws surrounding food produce are tight and as such supermarkets are bound to dispose of items after specific time scales. This means before this time is reached, they will reduce the cost to buy and as such, there are lots of deals and savings to be made.
To highlight a very simple but often over-looked money saving tip, lets touch upon car insurance. Although it has been said time and time again, I cannot stress the importance of shopping around for the cost of your policy each and every year. This means being aware of the options which are available and making a selection based of choice and research. At the very least do not automatically accept the renewal price you are quoted; you will be able to get this figure reduced. Equally have you considered the annual mileage provided to your car insurance supplier, because if this figure has reduced, you may be able to save some money off your premium. Last but not least, consider adding someone else to the policy. Depending on who this is, a mother or father or even partner, may just be able to reduce the total cost of the policy for the year.
Representative Example: Representative 1286.98% APR on a loan of £300.00 with 5 monthly repayments of £101.03 Total amount repayable £505.13 Annual interest rate (fixed) 290%
Warning: Late repayment can cause you serious money problems - For help, go to moneyadviceservice.org.uk
This article is not intended to contain information about, or advertise, products offered by us but is intended to contain information, give opinions or discuss generally available products/services.
Author: Internal Customer Services Agent