Money Saving Tips for 2013

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Filed under: Market Comentary

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As 2013 begins next week, many of you will be making those annual New Year’s resolutions. Typically, keeping true to these resolutions is very difficult, especially when it comes to your basic finances.  These “financial” resolutions, however, can definitely help you save money over the next year, if not beyond.

So, what should you do to get organized and prepared for the upcoming year?

Here are 6 tips for 2013:

1. Make the most of low interest rates. 2013 will most likely see interest rates remain at their historic low so you really don’t want to miss the opportunity!. If you can, look into switching to a lower rate to take advantage and save money.
2. Edit your bank account. Start doing this today! Get on top of where your money goes and it will be easier to plan ahead. Did you know that four in ten of us do not even keep track of our direct debits? Monitor all of your accounts daily if possible.
3. Clean up your credit file. It costs only a small amount of money to check your credit file, and by doing this, you can save money by clearing up any delinquent accounts or even clearing up disputed items. Doing this will improve your credit rating and even reduce the risk of fraud.
4. Ditch the high-cost debt. If you still have a credit card that charges interest, it is time to switch to a 0% deal or contact the company to see if you can get a lower rate. Be aware that store cards charge the highest rates. Know the interest rate on each card you own, and if you have a balance, pay off the high end ones first.
5. Review your pension. Many of us do not even know where our pension is invested, let alone if it will provide us with a decent income in retirement. So, track it down, see where you stand, and make sure you are on track to be where you want to be when you eventually retire.
6. Identify your financial goals for 2013 and devise a budget. Make a list and keep it in plain view to where you can see it every day. Include your most important goals such as reducing your mortagage or paying off credit cards, and also decide how much money are you trying to save monthly.

If you have any questions about saving money in relation to your mortgage, please give me a call!

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