Top Tips To Help You Save This Year in 2017

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We’ve picked out the top 6 tips that have saved others the most.
Tip 1 - Savvy Shopping - Average Saving of £1,500 per year  
We don’t want to be fun police... this is a biggy though. Here’s a few key tips then we’ll pipe down; make a food shopping list and buy only what you need (on average Britons chuck out £500 of food a year!). Also try own-brand versions of the branded products that you buy regularly (e.g. Kellogg’s), if you can’t tell the difference, stick with it. Not buying designer clothes and making the most of clothing sales can also be big wins.
Tip 2 - Mortgage hunting - Average Saving of £1,300 per year  
With over 17,000 UK mortgage products available in 2016 it’s worth the time hunting for the best mortgage or remortgage for you. Watch out for attractive short term rates that rise to a lenders’ Standard Variable Rate (SVR). Comparison sites or speaking with a whole of market mortgage adviser can help. You can find a reviewed mortgage adviser near you here (FYI some charge a fee, others take their fee in commission from the lender). In some cases it can be worth making over payments to your mortgage if you can. For instance, if you borrow £125,000 at 5% over 25 years, you'll pay it back at £731 a month. The total interest charge will be £94,000. But if you can overpay by £100 a month you'll clear the loan in less than 20 years, saving a huge £22,000 in interest (and being mortgage free for 5 years!).
Tip 3 - Clear credit card debt - Average Saving of £685 per year  
A key rule of any financial plan is to clear expensive debts first, which for many of us means credit cards. On average Britons owe a whopping £2k in credit card debt. If you are in a position to pay down your credit card debt or clear your balance monthly it can make a big difference. If you can’t, it’s worth a look at lower cost loans instead - a credit card debt (APR 16.8%) of £2,500 over 5 years will cost £1,212 in interest. A loan at 7.8% will cost £527. The convenience of credit cards is usually outweighed by their cost.
Tip 4 - Benefits and tax credits check - Average Saving of £500 per year
Anyone with family income of less than £46,000 may be entitled to benefits. It’s worth checking you’re not missing out. Also, with childcare there are £1000s available through tax credits, childcare vouchers (paying for childcare from pre-tax income) and free summer school.
Tip 5 - Shop around for life insurance & wills - Average Saving of £450 per year
Many of us overpay for life insurance, people are living longer and there are more great deals to be had. Banks often charge more than they need to as do those mortgage lenders who sell mortgage insurance when you take out your mortgage. Search for the best deal on comparison sites or by speaking to an independent financial adviser (some advisers charge a fee for life insurance, others take their fee from the provider in the form of commission, you can request a free consultation with a local financial adviser here).
Legally-binding wills can be cheaper to create than many people think.To help ensure your loved ones are looked after should the worst happen, we are offering a limited number of free,wills, all checked and verified by a legal expert. If you would like one please request it here
Tip 6 - Cut the cost of your fuel bills - Average Saving of £300 per year  
Average gas and electricity bills are around £1,600 per year. If you’ve never changed supplier you may be paying too much. You can also fix your bills for 4 years (if you believe gas and electricity prices will rise in that time). A site like USwitch can compare energy tariffs for you.

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