Follow Us on Facebook Follow Us on Twitter Follow Us on Google+ Follow Us on Pinterest Follow Us on Tumblr Visit our YouTube Channel Subscribe to our Feed Subscribe via FriendFeed

Connect With Us

How To Beat The 2011 UK Budget

by Jim ONeil on March 30, 2011

in Personal Finance Tips

With the new budget in the UK comes additional burdens on the pocketbook. First time homebuyers and motorists will feel some relief but millions of people face increasing living costs. If you are one of them, a simple review of the household budget and some smart shopping can save you up to £2,500.

A mortgage is usually the largest monthly expense so it is important to get a good deal. Rising interest rates are looming, making this even more essential. Making the switch from a typical 4.74 percent variable rate to a two year fixed 2.79 percent rate from Santander will make a difference.

A person will save £1,029.30 per year on a £150,000 mortgage, after considering the application fee.

Regular credit card users should establish direct debit to pay off the balance each month. Those who have existing debts should transfer these to a balance transfer card and pay them off during the no interest introductory period.

Personal loan rates are at their two-year low, so lower the rate on existing loans, if possible. Market & Spencer currently has a 6.9 fixed APR personal loan.

Review current account providers to see if a better deal exists, in order to earn more interest. It is also a good time to review savings account rates of interest because these are at their highest in months for easy access accounts.

Check out alternative providers and levels of coverage for home and car insurance to find lower-priced policies that still provide adequate coverage.

Though winter is over, it is still important to be on the proper energy tariff for the region and usage. The simplest way to reduce costs is to move to the dual fuel tariff online and pay monthly using direct debit.

Over £213 can be saved annually by switching from an average standard energy tariff arrangement to the best tariff available online.

Comments on this entry are closed.

Previous post:

Next post: