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Money Saving Tips for Christmas

In previous articles I have discussed the macroeconomic impacts on our finances, whether it be the referendum, rising house prices or falling unemployment. In this article I’d like to continue the themes developed last time about the small behavioural changes we can make that can save cash.

  1. Regularly review the costs of our monthly overheads

Like any company, we as individuals should get used to regularly reviewing the costs of the services we buy. Home and car insurance are regular offenders for keeping their most attractive deals for new customers and punishing existing customers for their inertia.

  1. Overpay your mortgage

Not strictly a money saving technique, of course, however, in the longer term, the amounts that can be saved are staggering. On a £125,000 mortgage taken out over 25 years, paying an overpayment of £100 per month would mean the mortgage is repaid five years early and over £14,000 saved over the course of the mortgage.

  1. Mobile Phones

The number of tariffs available for mobile phones is bewildering. However, there’s plenty of free advice online about what constitutes a good tariff and a bad tariff.  Also, if you’re on a monthly contract, check whether it has expired. If you’re happy with your existing phone, change to a SIM only deal. Equally, if you’re thinking about upgrading, work out whether you can buy the phone outwith the contract. Depending on usage, it might be cheaper to stay on a SIM only deal and buy the phone directly from the supplier.

There are plenty of other money saving tips available, and with Christmas just around the corner, hopefully the tips included here and those available online, will jog all our memories in January when the credit card bills come rolling in!

Brian Milne is a partner in the business recovery practice of French Duncan Chartered Accountants

French Duncan NEW CA WEL BC May 2014