IF YOUR finances aren't looking too festive this season, here are a few money-saving ideas:
If you have a credit card already and carry any debt over from month to month you should consider transferring the balance to a lower interest rate credit card.
Remember that if you are buying on a credit card you should always repay the debt before you start incurring interest. The credit card providers are prepared to offer you a grace period as most people miss it and the credit card companies then start charging you interest. Don't fall into that trap. Make sure that you either repay the debt in time. Make a diary note to remind you a month or so before the interest-free period expires.
If you need longer-term finance, consider a personal loan. There are some excellent deals available at the present time. If you are taking out a personal loan, try and choose one that has no early redemption penalties. That way, if you pay it off early, you won't be penalised. Most product providers will also try to talk you into taking out payment protection insurance to cover your repayments in case you are unable to work. Many of these policies are a rip-off with exorbitant premiums.
If you have a mortgage, now could be a good time to consider finding a better deal. It is surprising how much you can save by re-mortgaging to another lender or arranging a new deal with your current lender. In many cases, it is possible to rearrange your mortgage, borrow some additional money and at the same time still end up with a lower monthly repayment.
However, remember that a mortgage is long term and you may be paying back the interest for many years to come. A few thousand borrowed now may seem inexpensive but stretched out over the next 20 years, it could cost you dearly.
Are you making the most of your savings? With interest rates as low as they are and looking likely to be further reduced, it is important that you make every penny count. Many saving accounts offer what can only be described as meagre rates on interest. This is particularly true if you have had your money in the same place for a period of time.
Don't let them abuse you in this way. Keep a regular watch on the rates you are being paid and be prepared to move your money around on a regular basis.
If you're looking for ways to save money, then check your utility bills. By switching supplier for your gas or telephone, you could save money to help with your Christmas expenditure.
If you have a number of outstanding debts such as loans and credit cards, it might be worth merging
all of your debts into a
single debt consolidation loan with more manageable repayments.
