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I like to think I’m pretty money savvy. Years of being a single mum and having to be careful with my cash have left me with a certain mindset. I wouldn’t say I’m frugal but I don’t like to spend more than necessary. I think there’s nothing worse than wasting money and I believe if there’s a way to ensure you have extra money in your pocket, then you need to do it.
Generally I don’t think you should spend too long trying to earn the extra money for lining your pockets. Things like survey sites etc don’t appeal to me much and I figure we all work hard enough. Time is just as precious as money, right?
My Best Tips for Having More Money in Your Pocket
These tips are more about cutting your expenses and claiming back what’s yours. Don’t spend a penny more than you have to, and if it turns out you already have, then claim it back!
Financial Claim-Backs
These are great for if you think you might have been miss-sold a financial product. We’ve all heard about claiming back bank charges or miss-sold PPI, but what about miss-sold pension products? If you suspect you’ve been miss-sold a pension product, you might want to check out Money and Me Claims. That way, if it turns out you have a claim, you could be due a good size sum back.
Check Whether You Qualify for Certain Discounts
When I was living with just my daughter and on a low earning, I found out I was eligible for a one-off payment towards heating my home. This wasn’t the Warm Home Discount people automatically get if they’re over a certain age, it’s a discount for people on certain benefits who meet certain criteria. The thing is, this discount isn’t widely publicised and you need to ask your energy supplier if you qualify. If you do, you could get £140 towards heating your home in winter. Check your energy supplier’s website for information on how to apply.
Pay Debts off Fast
It goes without saying that to be on top of your finances, you should always live within your means. Sadly, this isn’t always doable and debt can mount up. The worst thing you can do with debt is let it linger. The longer you have it, the more you pay in interested and the more it costs you over time. I know someone who owed around three grand on a credit card with a high interest rate and it turned out she was paying over £800 a year in interest! Think of all the things that £800 could have been spent on!
Check Your Tariffs
So many people don’t bother to shop around when it comes to services. The most common being their energy supplier. It’s so easy to forget to check you’re getting the best deal for you energy usage. I usually ring my energy supplier every time my current tariff ends, I’ve asked for my supplier to email me when the tariff is up and that reminds me to phone up and check.
You can also ask about your water tariff. If yours is based on high rates but you use very little, it’s often cheaper to have a water meter installed. If you’re every unsure of whether you’re spending too much on your utilities there are online comparisons you can put your details in and they’ll check for you.