1. Switch to an interest only mortgage
Interest only mortgages have become increasingly popular as house prices have risen, forcing purchasers to find new ways to reduce their mortgage payments. However, there is a risk that many purchasers will face the prospect of entering retirement with a hefty mortgage still to pay.
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2. Extend the term of your mortgage
 Whilst, in normal circumstances we would recommend clearing your mortgage over the shortest period of time, there are circumstances in which an extension to the term can help. If you don't like the idea of suspending capital repayments completely then a term extension is another alternative.
3. Ditch your store cards
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If you use store cards and carry debt over from month to month then you should almost certainly ditch them immediately. At best, most store cards charge extortionate rates of interest and at worst they are daylight robbery with some charging rates of up to 30%. If you are holding debt on these cards then you are probably being ripped off so transfer the debt to a 0% credit card. |
4. Give up Smoking
What better time is there to give up the dreaded weed? If you're a 20 a day smoker then you're burning your way through over £1800 a year. Invest that at 6% p.a. and you will amass a massive £25000 over the next 10 years! And with the smoking ban about to be introduced in England you'll save yourself the agony of standing outside in the cold and wet just to enjoy that smoke.
Better still, if you gave up more than 12 months ago, did you know that you could save money on your life insurance premiums? Why not get a free, no obligation quote and see if we could save you money.
5. Save more
| This may sound like a strange idea if you're struggling with increased mortgage payments but if you follow some of the ideas we've given above and in last weeks edition you may just have more cash in your pocket as a result. And as they say 'every cloud has a silver lining' so higher interest rates also mean you can earn more interest on your savings. |
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Ever wondered how to make the most of your money? The stock market has many great attractions as an investment with more and more people |
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looking at share dealing to secure their long-term financial future - and have some fun too! Visit our webchat here at 13:00, 23 May 2007.
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Typical 15.9% APR
