We're all looking for a way to gain a little more control of our outgoings, so I've come up with some ideas that I try and practice myself to do just this. Here are five of my ideas..
1. Don't just automatically renew
We all take out different types of insurance policies to cover us for many different things like our cars, our health, our home and contents, etc etc and every year most of these policies come up for renewal. We're usually sent a letter or we'll receive a phone call from the insurance companies telling us the cost of another years insurance. Sometimes the policies would have gone down in price and whilst that's great, it may be that doing a little online comparison would reveal that a policy with the same or very similar terms from an alternative insurance company would be quite a bit more cheaper than our renewal. So it's always worth shopping around using comparison sites.
2. Centralise your debt
Many of us have all kinds of different debt, from mortgages to credit and store cards to car payments - it can mean that your bank account is already almost empty the day after payday, and that you have difficulty keeping track of what’s going out when. Try to get a loan with a reasonable repayment rate that will allow you to pay off as many of your debts as possible and so you know you only have one large payment going out on a set date.
3. Compare deals
Look into if it's possible for you to get a better deal for your TV/Internet/Phone package. If you've been with a provider for a long time ring them and tell them, ask them if they can offer you anything better for being such a loyal customer. Compare your deal or your package and what you're paying with your provider to that of an alternative provider before you do ring. If you can get a better deal somewhere else, tell them and see if they'll be willing to match their competitors offer.
4. Cut what you don't need
Take a look at your outgoings - is there anything that you don't really need? Have your circumstances changed? Do you need quite as many channels on your TV package? Do you need that mobile phone insurance? - Check whether or not your mobile phone is covered under your contents insurance or even by your bank account.
5. Be careful of the rising cost of the weekly food shop
Shopping for your groceries online usually works out cheaper then going into store as you won't be tempted by so many 'treats'. Always try to shop around at different supermarkets to see which of them works out best cost-wise for you and your family.
I hope that these ideas are somewhat useful :)
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