Tighten your spending for next year

With all the uncertainty over the economy and job losses many people will be stressing over their finances and for many people sorting out their finances for the New Year will be a priority. It is always a good idea to start the New Year with a streamlined budget, as it means that you can focus on your finances and try to get them into some sort of order over the course of the year.

With this in mind it is a good idea to start now when it comes to trying to sort out your finances, and there are a few simple steps that you can take, which could help you to organise your finances more effectively, make your budget more manageable, and even reduce the amount of money that you pay each month.

The first step is to go through your finances with a fine toothcomb. You need to make a list of all of your income and all of your outgoings so that you know exactly what is going into your account and exactly what is coming out of it each month. This will allow you to see where you can make cutbacks and what changes you can make to benefit you in terms of your financial situation.

Many people have a variety of payment that they make for things that they do not even use, such as gym memberships even though they never get time to go, magazine subscriptions for magazines they no longer read, and various other payments that they may have forgotten about. Take the time to cancel anything like this, as it could mean big savings each month.

Once you have gone through your finances with a fine tooth comb it is time to see whether there is anything that you can reduce payments on by switching. Many people switch services such as their utilities, broadband, insurance, credit cards, and even mortgage in order to save money, and shopping around for a better deal could make a big difference to the amount that you have to pay out each month by reducing the cost.

Finally, look at any debt that you have and consider whether consolidation might reduce your repayments and get you a better deal. You could consolidate all of your debt such as credit cards, overdraft, and loans, into one, which would save you time and hassle each month and reduce your monthly repayment.

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Consumers looking to remortgage could experience problems

With lenders raising the borrowing costs on their standard variable rate interest mortgages, and many people due to come of cheap mortgage deals, there are many homeowners that may be thinking about remortgaging in order to ensure a more affordable deal as their existing mortgage deal draws to an end. However, some industry officials have said that many of those looking to remortgage could experience real difficulties. Read more

Tags: Insurance, tighter credit conditions, interest mortgages, Interest rate stays, bank, uncertainty, future interest rate, remortgage

Insurance industry improved customer experience, says survey

Up to 85 per cent of consumers claim that their insurance provider ‘treats customers fairly’, according to a new survey.

Findings from a customer impact survey from the Association of British Insurers (ABI) shows that 53 per cent of respondents agreed that the insurance industry has an excellent reputation, a figure up from 48 per cent last year.

Maggie Craig, the ABI’s director of Life and Savings, said that the results show that the insurance industry is making improvements in its treatment of customers, despite the overall dip in customer confidence due to recent economic uncertainty.

“The industry recognises that the customer impact scheme is a long-term undertaking and that it will take time for the full effect of the industry’s work to be seen,” she added.

However, she also stated that the survey showed that there is still room for improvement, particularly in the handling of complaints.

Only three per cent of respondents had reason to complain to their provider, but 57 per cent felt their complaints had been handled poorly.

Meanwhile, the ABI has warned that tougher planning controls need to be in place for new homes.

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