Debt Advice
20th February 2010
... Comments




For getting out of debt


Making more from what you have.



KNOW WHERE YOUR MONEY GOES:-  Most people in debt do not keep a record of how their money is spent each month.  Once you know you can cut the wasted money!



Landline and mobile phone*

Electricity, gas and water



Broadband and or Sky

Insurance – car, house, vehicle recovery etc.

Gym or other club memberships


*Mobile phone contracts vary dramatically; when was yours last reviewed?


AIM TO REDUCE YOUR BILLS EACH MONTH:- Are lights, mobile phone chargers televisions and computers etc always turned off?  Can you use less water?  Could you use the car less – ride a bike or walk? Do you always fill the kettle full when you boil it? Do you talk on your mobile when you could text Etc.  



INSURANCE:-  shop around and find the right cover at a lowest cost. If you have bought insurance via your bank then you might be able to buy the same cover for less.


CHECK THE INTEREST RATES:-The difference between interest rates can be enormous.  Are you repaying the most expensive creditor first?  Rates can be as low as 0% or as high as 187% or more even; by paying off the highest first you will make a big saving.  Before taking out any credit always look carefully at the rate.  The APR is designed to be a guide for you to compare different rates. Don’t borrow if you don’t have to.


CHECK YOUR STATEMENTS:- Is everything as it should be?  Are you being charged for things that you are not aware of?  Is the bank adding charges?  Can you cut your interest rate?


SHOP AROUND:- Shop around, there are bargains to be had. (However ensure that it does not cost you more money i.e. fuel in order to do so). Remember online shopping can often return healthy savings, but don’t forget to check how much the postage will cost.


STORED VALUE:- What is stored in your loft or garage?  Do you need it?  If not could it be sold?  Car boots, Amazon, E-Bay etc are good places for turning unwanted goods into cash.


THERE WILL BE MORE:- well I can’t think of everything can I?  Have a go and send me any money saving ideas you have come up with.


If all else fails and you need help then get in touch.


Kind regards




Popular Categories