 In this section we will look at all your personal financing needs. Personal finance is not always a bad thing, it really depends on your budget and time of life (would you really be able to afford that first house without a mortgage!!??!). Review your own financing commitments and budget regular to ensure you are getting the best deals and not wasting your money.
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Gone are the days when you took out a mortgage and kept the same one for 25 years. Nowadays, it’s common to shop around every few years to make sure you are getting a good deal. Switching mortgages can significantly cut your monthly payments, but you’ll need to weigh up these monthly savings or other benefits against the up-front costs of making the switch. Every year your lender must send you a mortgage statement and this is a good opportunity to check your mortgage and consider making some changes. Its also a good idea to review your mortgage whenever a special deal, a fixed rate for example, comes to an end. Some consideration, however, needs to be given to whether you are liable to any early repayment charges. Use our free mortgage tool that compares all UK mortgage products to find the current best buys |
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Either shop around to get a current account that pays more interest, or hold the major part of your cash in an internet savings account. Compare UK Bank Accounts account to find the most competitive interest rate. |
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If you have an outstanding credit card balance, think about switching to a card that offers 0% on transfers for a fixed period. Use this period to pay off as much of the outstanding balance as you can and be very careful about spending further! If you still have a balance outstanding after the 0% transfer period has ended, find another card with a similar offer and switch again! Use our free tool to compare all the all the 0% credit cards from the hundreds available.
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Look at your bank statement and take stock of all the direct debits you have for things like the gym and other subscriptions. Which do you use and get value from? Once you have decided, cancel the rest. The reason why some companies want you to pay by direct debit is that customers often forget to cancel even when they do not use the service. |
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As an example, a 67-year-old who discovered that he had not been given the higher personal allowance for two years found he was entitled to a rebate of £625. |
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Finance 
