You are here: Home - Saving & Banking - News -

Five simple money wins on ‘Blue Monday’

0
Written by: YourMoney.com
15/01/2018
Today has been dubbed ‘Blue Monday’ as Brits are down in the dumps over the weather, failed New Year’s resolutions and a Christmas debt hangover.

You may not be in the mood to tackle piles of paperwork but saving money can start with some simple steps – here are five to get you started:

1) Cut up the credit card: as well as being therapeutic, it should stop you spending any more on credit cards. If you have an outstanding balance on your card, consider shifting the debt to a 0% balance transfer credit card to help reduce the cost of paying it off. It’s best to check your eligibility before applying so a footprint isn’t left on your credit file. If this feels like a step too far, at the very least, stop putting any other spending on it.

2) Could you be a Premium Bond winner? For the more than 20 million Premium Bond holders, there’s more chance of winning a prize and the fund rate also recently increased to 1.40%.

But NS&I reports there are many Premium Bond holders who may have forgotten about the products. Typically, when you sell your holdings, you should receive an alert if there are any unclaimed prizes. But for any older bonds that have been cashed in a while ago, you should write to NS&I with your name, address and holder’s number so it can check your prize draw history. In total, there are over 1.4 million unclaimed prizes worth more than £57.5m. You’ll need the address it’s registered to and the holdings number to claim.

3) Carry out a direct debit purge: analysis has found that consumers pay an average of £160 on unwanted services and subscriptions such as gym membership and online streaming services, in just three months. Go over your bank statements, cancel what you don’t need or make sure to cancel a service before a free period expires.

4) Check your mobile phone contract: many people take out a mobile phone contract where the cost of the new handset is included in the overall price of the fixed-term deal such as over a two-year period.

At the end of the fixed-term deal people have the option to stay with their network on the same contract, take out a new contract or move to another provider altogether. But charity Citizens Advice recently warned that customers of EE, Three and Vodafone who choose to stay on the same plan after their deal’s up, don’t get the bill reduced.

In fact, those who stay on the same contract with their provider after their fixed term deal ends are still charged the same amount as when they were paying for the handset – an extra £22 a month for a phone they’ve already paid off.

If your phone’s still in good working order, consider getting a sim-only deal which should work out cheaper.

5) Switch energy: around 188,000 households will be automatically switched onto more expensive ‘default’ tariffs in the first three months of 2018, according to Comparethemarket. This means billpayers will face an average near £200 price hike. Take five minutes to compare and switch energy to save.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
New to self-assessment? Why you should start your tax return this week

There are less than three weeks to submit your tax return but if you’re new to self-assessment, you need to...

Close