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Spring clean your finances and make some big saving


Spring clean your finances and make some big saving


Here are our top tips on how to have a financial clear-out




PA


Spring has finally sprung, so now’s the time to have a thorough sort-out of your financial affairs and make some big savings.

Here are our top tips on how to have a financial clear-out, from ditching old direct debits to making sure you are on the most competitive utility, borrowing and savings deals.
Current accounts

Nearly one in three of us has at least two current accounts, according to Santander, with 12 per cent of these admitting to having three or more.

And nearly one in five people have a current account they no longer use.

Andrew Hagger, of Money Comms.co.uk, said: “Maintaining more than one account is fine for those who need to keep some money separate or are organised enough to manage multiple accounts.

“But many have stuck blindly with the same accounts since they received their first pay cheque, unaware that there are now more suitable and rewarding alternatives.”

Choose an account that suits your needs and you could be quids in. Someone with £1,500 in an average current account with 0.65 per cent interest could gain £100.25 by switching to a Halifax Reward account.

This pays a monthly £5 bonus provided you pay in £1,000 per month and offers £50 cashback when you switch from another current account.
Direct debits

Go through bank statements and look at every expense, ­including direct debits and standing orders, and cancel those no longer relevant.

Could you be paying for clubs or gyms you no longer go to, or do you subscribe to magazines that go unread?

If you live with a partner, go through all your direct debits together to ensure you aren’t both paying for the same thing.
Energy tariffs

Make sure you don’t pay too much for gas and electricity. According to MoneySupermarket.com, the average standard tariff is £1,343 a year. But if you switched to the cheapest online variable offer, SSE’s Discount Energy Bonus October 2014 deal, costs would fall to £1,145, saving you £198.

If you’re on a fixed-rate tariff, check when it finishes as several of the most competitive deals end this spring.

Npower’s Go Fix 10 costs £1,078 a year for a typical gas and electricity user and ends tomorrow.

Customers with this deal who move on to Npower’s standard plan would pay an average £1,247 a year – £169 more.

One of the cheapest fixed deals available is EDF Energy’s Blue deal, which is fixed until June 2014 and costs £1,182 a year.

Find the best energy deal for your home with Money Expert.
Interest rates

If you are struggling to manage debts, check to see if you can cut the interest on what you owe.

Clare Francis, editor at MoneySupermarket.com, said: “The market-leading credit card from Barclaycard offers 25 months interest-free on ­balance transfers.

“If you were to transfer a £2,000 balance from a credit card at an average market rate of 17.68 per cent APR, you would save £251 in 12 months.”

Personal loan rates are at their lowest levels for a decade.

Switching from a loan at an average rate of 12.33 per cent to the market-leading rate of 6.4 per cent would save £159 a year, based on a £5,000 loan.
Bundle deals

Stand-alone phone, TV and broadband deals can bump up costs.

Have a look at bundling these services and you could save... a bundle.

According to Broadband choices.co.uk, someone with Sky’s Entertainment TV package, O2’s All Rounder broadband deal and BT’s telephone Weekend Plan would pay £527.40 over the year.

But if they opted for Virgin Media’s Classic Collection for their broadband, TV and phone, the cost would be £385.83 – £141.57 less.

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