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Money Saving Tips For 2020

It’s almost tradition to enter the new year with resolutions to diet, exercise, and tighten those purse strings. Christmas and New Year always end up being a little more expensive than planned, and there are many ways to save money throughout the year.

MoneySavingExpert founder, Martin Lewis revealed his top money saving new year resolutions, with minimal effort and potentially saving thousands of pounds. With everything from reducing your energy bills to clearing credit card debt, let your Maidenhead accountants guide you for a prosperous 2020.

Take time to look at your bank and credit card statements to check your direct debits, standing orders, and recurring payments and subscriptions. It’s easy to forget about recurring payments for things that are no longer needed, such as unused gym memberships.

Mortgage rates are at an all time low, with some two-year fixed rates getting below 1 per cent. It’s an opportune time to check to see if you have the best deal available on your mortgage. A mortgage broker may cost a little money, but it could possibly save you much more.

Over a million married couples are missing out on up to £1,150, by not claiming the marriage tax allowance. If one partner is earning less than £12,500, and the other earning under £50,000, it’s possible to save £250 a year, and it can also be backdated to the 2015/2016 tax year, potentially saving £1,150.

Shopping around for a 0 per cent credit card deal, and shifting the balance from other cards to this can save £100s in interest charges. Some banks offer a 20 month interest free credit card deal. Also checking your savings accounts to see if you can find a higher rate of interest elsewhere is a great way of finding extra money, and making it work for you.

Comparison sites are excellent for checking to see if you can find a cheaper energy supplier. Save up to £300 a year by entering your details, and see what is available to you.

If you’re seeking bookkeeping and accountancy services in High Wycombe, then get in touch today.

Published On: January 16, 2020

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