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How To Boost Your Savings

By: Mark Bartley

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We all like to have a little bit of spare cash tucked away in case of emergencies. The best way to do this is to set up a savings account that will allow you to put a small amount of money away on a regular basis. Choose one with a good interest rate and your savings can grow considerably, giving you a little bit of extra money for a holiday, to put towards a deposit for a new home or buy a new car. But if you're looking to boost your savings, there are plenty of things you can do to save money on your outgoings and redirect that spare cash into a savings account.

A personal audit
The best way to start boosting your savings is to do a personal audit of your living costs. By sitting down and working out exactly how much you're spending every month on things like utilities bills, credit card repayments and even your phone contract, you can start to see if there is a cheaper way of maintaining your current standard of living but still manage to save some money at the same time. Most people are actually spending far more than they need to on utilities, phone tariffs and other bills, so using a price comparison site is a good way to shop around and see if there's a cheaper alternative to your current provider.

Often, companies offer special deals for people looking to switch between suppliers, and for phone, Internet broadband and cable television packages, putting all your requirements into one package with one monthly payment can work out much cheaper than having separate suppliers for each service. Take a look at other costs as well, such as home and content insurance, car insurance or even your pet insurance. The best way to compare all the available insurance providers is to use a price comparison site. All the money you save by doing this can go into a high interest savings account and boost your savings further.

The big ticket items
The single largest monthly expense for homeowners is probably the mortgage. Although people are quite willing to shop around for the best deals on credit cards and utilities bills, many still seem reluctant to do the same for their mortgage, preferring to stick with their original provider. The power of the consumer has grown, and that means that you can now treat your mortgage in exactly the same way as you do your credit cards – as a commodity that you can change if you don't feel you're getting the best deal. Whereas changing your gas or electricity supplier may save you a couple of hundred pounds a year, changing your mortgage provider could potentially save you thousands in the long run. Shop around and find out what other lenders are offering. A few phone calls (on your new, lower tariff!) and you could find a mortgage that fits your circumstances better than your current deal.

Big ticket items such as your car can also be a real drain on your financial resources. If you're planning to swap your old car for a newer model, consider if economically, it's the best decision. If you do decide to go for a new car, look for models that will benefit from incentive schemes such as the Government's Car Scrappage scheme or fall into a lower insurance bracket. Eco-cars that are fuel efficient don't just save you money on petrol; they can also save you money on the insurance and even the tax band that they qualify for.

Once you've got some spare cash, think about investing it into a high interest savings account. If you're happy for your money to just sit in an account accumulating interest, then accounts that pay higher rates of interest if you don't withdraw your funds are an ideal solution. Alternatively, if you have a little bit more to invest, think about putting it into a savings option such as an ISA, which provides a long-term saving solution and pays a good rate of interest. By making a few small changes in the way you manage your finances such as switching to Direct Debit schemes or swapping utilities providers, you can make your money go a lot further.

Article Source: http://depositarticles.com/

Mark Bartley has written this and other reports to help widen your knowledge about savings accounts. Look out for more information on saving money from Mark.

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