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Most of us have had to tighten our belts over the last 18 months in order to keep our finances on the straight and narrow, and this is likely to be the case for the remainder of 2009.
However there are some simple ways you can ease your financial pressures and put a bit more cash back into your pocket. None of the ideas below are complex or long winded, all you need to do is invest a little bit of your time and in return hopefully you'll reap the benefits that will give you a bit more breathing space within your monthly budget.
Cut the cost of your Broadband with one simple phone call
Two weeks ago Julie, one of our readers contacted us to say that she had received a flyer through her letterbox offering Broadband with unlimited downloads for £6 per month for three months and then £12 per month thereafter. This was far cheaper than her existing deal, so she phoned her broadband provider to say that she'd received a better offer and was looking to switch her broadband unless they were prepared to offer her a better deal. To her surprise they agreed to reduce her monthly payment from £18.99 to £10.99 per month as long as Julie agreed to sign up for a new 12 month contract, which of course she did.
So if you've been with your broadband provider for a while now, they are unlikely to want to lose your custom, and because the cost of broadband is coming down, there's a good chance that you can reduce your monthly payment without switching provider. Give them a call today - you've got nothing to lose and potentially up to £100 to gain.
Switch £1,000 to a 0% credit card and save £159 in just 12 months
0% credit cards have been around for quite a few years now, but there are still a lot of people who haven't taken advantage of these offers. 0% credit is a fantastic way to cut down on your interest charges, and simply by applying for a new card and transferring your balance, you could save a packet.
For example if you have a balance of £1,000 and are paying an average interest rate of 18.9% APR, by opting for an interest free card you'll save £189 in interest charges in just 12 months. You will have to pay a balance transfer fee of approximately £30 to switch your balance to a new card, but that still leaves you £159 in pocket.
The Virgin Credit Card offers 0% on balance transfers for a staggering 15 months, and there are a number of other cards offering interest free balance transfers for 12 months or more, so there's plenty of choice, - check out the Moneynet credit card search for more details.
As I said earlier, this isn't a complex process, all it takes is a little time on your part and in return you'll be a little better off every month.
Transfer £3,600 to a Cash ISA and boost your interest by £88 per year
Savings account interest rates have taken a real battering in the last six months and as a result, many are offering an extremely poor rate of return. However there are ways you can get more interest on your savings, and again all it takes is a little time on your part.
For example, if you were to switch the maximum annual allowance of £3,600 from a standard savings account paying an average 0.8% (yes that's right just 0.8%) into a Cash ISA paying 3.1%, you would be better off by £88.56 per year due to the combination of a better interest rate and having no tax deducted from your interest.
If you're a more serious investor and are thinking of investing your annual ISA allowance in stocks and shares, we've teamed up with some of the most experienced names in the investment business to offer you some really useful free guides - so if you're not sure what's the best investment option for you, click here for your own personal copies.
I'm not saying that all three of these money saving ideas will apply to you, but even if you just invest 30 minutes of your time on one of them, it'll certainly be time well spent.
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