Fancy saving up to £10,000?
After the expense of Christmas, purse strings are tightening in January. But one way to save money is to take part in a TV series.
The BBC1 consumer show Right On the Money, presented by Wolverhampton’s Denise Lewis and Dominic Littlewood, is returning for a new series and are looking for people to take part.
In the last series, its tips saved five families £50,000, and now they are looking to help 10 more.
Do you find you’re always short of cash but unsure where all your money goes? Perhaps you’re trying to free up money for a holiday, a new car, or to plan for retirement.
Or maybe you’d just benefit from having an expert give your finances an overhaul.
To find out more, email firstname.lastname@example.org
There are still plenty of ways of saving money without going on TV. Here are the show’s top five tips.
1. Check your bank statements carefully. It sounds obvious but you might find you’re paying for things you don’t need or use anymore (such as a magazine subscription). You may even find you’re still paying for insurance with your old company. It’s more common than you think!
2. Switch to 0% credit cards, if you owe money on your cards. You’ll normally need a fairly good credit record in order to do this, but there are some competitive interest-free deals at the moment. There are online card matching tools (Noddle and Confused.com have them) which will tell you in advance which cards you’d be likely to be accepted for.
3. Pay down the most expensive debt first. If you can’t get a 0% credit card deal and you owe money at different interest rates, the most effective way to pay off your debts is to pay as much as you can on the debt charging the highest rate of interest. Pay the minimum or what you need to on your other cards and loans and then move onto the one charging the next highest rate of interest, until they’ve all been repaid.
4. Eat what you’ve bought. Most of us throw away food from time to time, but very few of us would throw away £5 notes! Try and use food you’ve already bought. Freeze cheese and butter, puree soft fruit and freeze it and make soups from tired-looking vegetables (it’s amazing what a bit of seasoning can do).
5. Check what you’re paying for things like your phone, broadband and energy. Don’t switch energy provider unless you have a year’s worth of bills in front of you, otherwise it’s impossible to know what you could save. Compare deals on price comparison sites, and make sure you’re looking at all the deals, not just those they get a commission on. Check out the customer service ratings as well as the price. There’s no point in saving a few pounds if the energy supplier is incapable of producing an accurate bill.