Time To Save The Pennies When It Comes To Financial Planning

Time To Save The Pennies When It Comes To Financial Planning

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A survey has shown that many families – as much as 30% – have reached a tipping point financial with regards to their monthly outgoings. The point referred to in the survey, is described by a family who would be unable to afford to live if their monthly outgoings went up by more than 100 per month.

More than 25% have also confirmed in a frightening survey, that should their outgoings increase by ANY amount, they would be unable to afford to live and would be tipped over the edge. This would mean possibly losing their homes or court action on unsecured debts.

Moving Back From the Edge: Although we are unable to make a difference to the cost of the goods and services that we pay for, it is possible to reduce your monthly outgoings by just using a little more caution, and by cutting costs on various monthly outgoings, such as household bills, food shopping and mortgage repayments. We will now explore these various cost cutting ideas.

Simple actions like clearing out the odds and ends from the boot of your car, making sure tyres are at the correct pressure and being frugal with luxury features like air conditioning can make a huge difference to your fuel economy. Think money when you are driving, motoring in a sensible manner, by accelerating and braking gently, also enables fuel to go further.

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You can also try buying budget brands of certain foods, rather than paying the expensive prices charged for branded goods. Another great way to save money is to use a supermarket which offers a reward scheme so that you can get cheap days out or restaurant vouchers for shopping with them. Many supermarkets now offer such schemes and you’d be astonished at how much you can earn just by buying your food shopping through them.

Reducing the temperature on the thermostat by a couple of degrees, and ensuring the power shower is off are simple measures that can reduce energy bills by a significant margin. Energy efficient bulbs are now much cheaper and much more economically sound than traditional bulbs.

All these economies can help you reduce your expenditure on a monthly basis. And, whilst these savings will all add up over time, there are a number of other options available to you if you are nearing the ‘affordability tipping point’.

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Remortgaging Options: If your mortgage deal is coming to an end – perhaps your fixed rate product is expiring – then you could save money by remortgaging. There are some great remortgage rates available which could help you save money on your repayments.

If you have a mortgage that had an introductory rate, such as a fixed or a discounted mortgage, you can look elsewhere to obtain a cheaper deal when the rate on your mortgage expires.

But with interest rates set to be increased by the Bank of England in the near future, now is the time to remortgage if you’re going to do it, as once the base rate increases the mortgage deals will follow suit.

James writes for Just Remortgages one of the UK’s top sites for the latest remortgage rates and remortgage deals

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