What do the experts think will help when it comes to saving money?

Published on 23 October 2019

Here are a few straightforward steps from Rebecca Gibson, our South Lakes Branch Manager, which, although seemingly obvious, do work when it comes to saving money.

It’s difficult to appreciate where our money goes when we’re constantly spending it. It’s easy to think we can all give up the weekly takeaway to save a few quid, but when you actually see how much you’re spending on them, it really hits home.

My first tip, therefore, is to check what you spend. Write down what your outgoings are and take time to look at what you’re getting. With the reality in front of you, it becomes easier to see where you can cut back.

Second tip…
Make sure any debts you have are under control. It’s easy not to bother paying anything off the credit card one month because “it probably won’t make a difference”, but it does. A £2,000 balance on a credit card charging a typical interest rate of 15% will cost around £25 per month in interest. If you're someone who doesn't clear their balance in full every month, you may save money by switching to a 0% rate credit card or a credit card that offers a reduced interest rate on the transferred balance until it is paid off.

Finally, make sure you're on a competitive mortgage deal. For most of us, our mortgage is usually the single biggest debt we have and therefore the single biggest outgoing each month, but it’s often the last area that we look at when trying to save money.

So the final tip, but possibly the one that will save you the most, is to contact your current mortgage lender and check what rate you are currently paying, consider any redemption charges on your existing mortgage, then find out what’s on offer elsewhere. But remember, mortgages are like anything else you buy; there are a lot of different places selling a lot of different varieties, so to make sure you know what you’re buying, get some proper advice and take time to speak to the right people.

A good mortgage advisor will talk through the different types of mortgage, the wide range of products available and be able to compare them to your existing mortgage. By doing this, you will see that switching your mortgage might just save you a few more pounds.

Here at The Cumberland, we offer a hassle-free re-mortgage service and can help in a range of ways:

✔ We offer a range of competitive products;
✔ Our team of expert underwriters will look at your individual, specific circumstances;
✔ You can speak to our team about your application 7 days a week, up to 8pm weekdays.

Click for more details or book your appointment to pop in and see us online today.