If you’re struggling to free yourself from debt, there are a lot of ways you can do so that may not readily spring to mind. But in the UK debt management has become big business as the whole country seems intent on freeing itself from the burden of debt that was taken for granted just a few short years ago.
In making savings to help reduce debt, it’s important to remember that saving what might seem relatively small amounts of cash each month can make a huge difference over time.
So here are five top tips to achieve your goals:
1. Shop around for the best possible mortgage. The current lowest-ever interest rates mean there are some great deals around – so seek expert advice to make sure you have the best deal possible.
2. Clear your credit card debts if you possibly can. The interest rates on credit cards are generally very high.
3. Try to cut the cost of your household bills. Make sure you’re getting the best possible deal for your gas, electricity and telephone bills (including your mobile(s). The market is constantly changing as companies introduce new schemes to lure in new customers. The switched-on householder who’s prepared to make the extra effort can benefit hugely from these deals.
4. Save on food shopping. The discount supermarkets offer excellent value – and even shopping online can be cheaper despite the delivery costs. This is because you aren’t as readily tempted to buy the things that would tempt you from the shelves.
5. Sell the things you no longer use. Is your home full of clutter you really don’t use or appreciate any more? If so, consider selling it at a car boot sale or in the local paper – or on E-bay, the online auction house. There’s always someone looking for something and you may surprise yourself by how much money you’ll receive. This also helps psychologically as you realize how little the things that may tempt you now will be worth in a year or two’s time.
These are just a few of the way you can grow your savings which will gradually free you from the nightmare of personal debt.
Photo by _J_D_R_.