How you can save money in the New Year

At this time of year, with 2011 almost upon us, there will be many people working out what they want to do for their New Year’s resolution. Of course, there are some resolutions that are more common than others, and this includes saving money over the coming year. With finances tight for many people it is likely that a huge number of people will be making a promise to save money next year.

However, making a resolution to save money is easy enough but actually saving money is a different matter altogether. You need to be able to find the means to save cash, and this involves going through your income and outgoings to see where cutbacks can be made.

Often, people overlook the fact that they can quite easily cut back on the cost of their bills and shopping simply by making a few changes. With so many people in debt now officials are urging consumers to focus on putting any spare money towards paying off debts, and by cutting back on the amount that you spend you can get more disposable cash to put towards things like credit cards, catalogues, store cards, and other types of debt.

One thing that is well worth doing in the New Year is checking whether you can find better deals on services such as insurance, energy bills, and broadband. By seeking out more competitive deals you could save a fair amount of cash each month, which could be put to better use clearing off your debts – or if you are lucky enough not to have any debt to put into savings for emergencies or for a rainy day.

Going online and comparing prices of services such as these couldn’t be easier these days thanks to the Internet, and you will find that switching involves nothing more than the click of a button and maybe a phone call. Competition in the market means that you could get some great deals on your services, and you can compare them with ease when you go online.

Also, it is worth taking a look at your shopping habits to see if you can cut back on the amount that you spend. Resist the temptation to go shopping without a list, as otherwise you end up buying stuff you didn’t really need, and go a little further afield to find discount supermarkets that offer a range of goods at far lower prices than the supermarket giants. Also, consider shopping online – although there is a delivery charge you are less likely to start buying things randomly even though you don’t need them just because they are displayed temptingly in front of you.

Tags: saving, Business Finance, New Year, disposable cash, outgoings, store cards, savings, money

Increase seen in debt consolidation loan enquiries

According to a recent report the number of enquiries relating to debt consolidation in the UK has been rising, as consumers struggle to cope with their debt and look for solutions to try and ease the financial strain. Over the last couple of years debt problems have become a major issue for many people, with the global financial crisis and the recession taking their toll.

There are a number of options that are available to those that have unmanageable levels of debt these days, and one of these is to consolidate their debts. A debt consolidation loan is designed to allow borrowers to wrap all of their different unsecured loans, credit cards, store cards, etc into one more convenient, lower interest loan.

By consolidating their debts borrowers can enjoy reducing the overall amount of interest that they pay, will only have to deal with one creditor and one repayment each month, and can greatly reduce the amount that they are paying out each month by taking out the consolidation loan over a longer period so that repayments are smaller.

The report claims that over the past couple of years many people have accrued high levels of debt through having to borrow money to manage their day to day costs and even through having to use their credit cards for essentials, bill payments, and in some cases mortgage repayments.

Many of the enquiries that are being received by lenders who offer consolidation loans are from homeowners who want to use some of the equity in their homes to borrow money and repay their smaller debts. Consumers that are looking to consolidate their debts are being advised to compare a range of loans from different lenders to boost their chances of getting the best deal.

Tags: loan, longer period, lenders, store cards, finance, debt, crisis, debt consolidation

Store card customers to be penalised for being in credit

These days more and more people are wary of spending too much on credit, and this is why so many people have decided to cut back on spending on their credit and debit cards, which is a sensible decision given the mounting levels of personal debt in the UK. Read more

Tags: GBP, house of fraser, debts, end, store cards, mothercare, Credit Cards, plastic