10
Ways to Balance the Books for a Better Life
1. Remortgage
your house - you may be paying more for your mortgage than you
need to. You might save thousands moving from a standard variable
rate to the best discount or fixed rate - shop around.
2. Pay off the balance on your credit card. If you are
carrying a balance of £2,000 on a standard credit card, you may be paying £358
(17.9% a year interest) If you converted that into a bank loan you
would probably pay £200 less.
3. Change your credit card. If you are with one of the other
high charging cards, ask yourself why. Try a company with a interest
free period for transferred balances and for initial use of the card.
When the introductory deal comes to an end, consider moving the balance
again - or pay off the balance every month.
4. Clear out the overdrafts - never go overdrawn without authorisation.
If you have to borrow regularly, use a bank loan, not an overdraft.
5. Move your bank account. The big clearing banks pay next to
nothing on their current accounts. Put the money into a savings account
or move to an offset account, where your credit balances are counted
against your mortgage to reduce your interest charge.
6. Switch gas, oil and if possible in your area, electricity
suppliers. Check the prices from competitors.
7. Switch phone company. Your local cable company may offer
a cheaper deal than British Telecom. Check you’re getting the
right mobile tariff for you.
8. Sell
surplus assets. You may have valuable property sitting somewhere,
but get a professional valuation first.
9. Shop around for insurance on motor, buildings contents, travel,
whatever. Two hours on the phone could cut the car insurance dramatically.
10. Re-evaluate your investments - this is not a good time to
sell stocks but a careful buy could pay off.
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