5 Ways to Save Money by Reassessing Your Utility Bills
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3. Pay Off Your Credit Card Debt
Credit card debt can quickly rack up if you aren’t paying off the balance in full each month. Interest can quickly get out of hand if you’re only meeting the minimum payments, and it’ll take years to tackle it. If you aren’t already, take advantage of 0% APR introductory rates on balance transfer cards. Put all of your credit card debt into one place so it’s easier to manage. This way you’ll feel more organized and hopefully be more motivated to pay it off.
Lots of the leading credit card companies now offer a free eligibly checker that won’t mess with your credit rating. This is a great tool to use so that you can compare different interest rates and credit cards. Try to get a card that has the 0% rate for as long as possible.
4. Switch to a Better Mortgage Deal
If you’ve already been paying your mortgage for quite some time, then you should see exactly how much you are paying in interest, compared to the capital balance. If your mortgage is fixed-term, and the initial period is at an end you should consult a mortgage broker to find a cheaper deal. Even if you aren’t all of the way through your fixed-term, you still might be able to switch to something more attractive. However, make sure you weigh up interest rates. Even if your monthly payment is smaller, you might end up just paying off the interest and not tackling the actual balance.
Mortgages are scheduled to rise soon after the past 7-years of low rates. So, it’s time to lock down a better deal while you still have the chance.
5. Switch to a Different Car Insurance Provider
Just like mortgages, insurance prices will also be on the increase soon. Now could be a great time to switch to a different car insurance provider. Even if you need to pay a cancellation fee. If you weren’t already aware, most of the time the new company you want to use will actually pay the cancellation fee for you. You won’t lose a penny by switching.
Additionally, to cut down on your car insurance costs always try to pay the balance annually in full. This will help to save money rather than accumulating interest fees on the monthly rate. However, if you can’t afford to do that, instead pay off each balance monthly using your 0% APR credit card.
