Get wise with your money

We all know that turning out the lights when you leave a room, and taking left overs to work in a tupperware box are good ways of saving cash. But there are bigger fish to fry in the quest for cut-price living. We explore ways of making big savings.

You may think you’re being responsible by renewing your insurance policies for another year, but think again! Insurance companies usually charge more for renewals than they do to first time customers. If you want a deal get shopping and forget loyalty!

Mortgages can be a big monthly expense – perhaps your biggest. But when your current mortgage package ends it pays to hunt out the best new package. When your fixed-rate deal ends, borrowers are often put on the standard variable rate – which is not particularly competitive at all. So, hunt out a good deal and remortgage!

You could also save on debt repayments. Paying the absolute minimum on a card means that the overall interest increases and you’ll basically be treading water - perhaps for years! To reduce the amount of interest you pay, apply for a 0% balance transfer card (always check your credit rating before doing this) or use an interest-free overdraft to pay off an expensive loan.

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