It’s spring and the dusting has commenced so why not spring clean your finances too? There are lots of ways to do this so get out your notebook and make a few notes, we have some great tips for you right here on the Money Lion…
Visit your bank
Call your bank and arrange an appointment with an advisor. It should be free if you are an existing customer. Ask them the following questions about your banking and you could really clear up some things that may have been troubling you or see areas where you could be saving money:
- What are the perks of my current bank account and what haven’t I been using that could help me?
- Since the last time I came here to set up an account, my financial situation may have changed, should I consider changing accounts to something better suited to my present financial situation?
- How could I be saving more?
- What goals can I set for myself by this time next year that the bank will reward me with i.e. depositing my savings before the end of the financial year for tax free savings?
- What are you offering me that another bank can’t?
These questions will really help you understand the full range of benefits of your bank and what you could be doing to improve your current financial situation.
Using the Internet
You can make sure that you are always well ahead of the curve by making the most of your broadband and digital tools like online banking and online data storage with all your accounts and bills kept on file to access anytime, anywhere. Price comparison sites are one of the most valuable online resources that you use to get the best deal for your money and spring clean your expenditure this year.
The Plusnet community blog recently blogged about saving money and organising your finances online. They spoke to Jamie Gibbs of Confused.com who gave them tips to help you find cheaper insurance premiums using price comparison websites. He told them:
1. Pick up the phone
Jamie said:
“Many insurers have an Internet-quote matching policy, or at least allow for some sort of discount to be given. Exploit your brand loyalty and see if anything can be knocked off the price without the hassle of having to switch insurers.
“The best time to do this is a few weeks before your renewal date. This means you can usually dodge any cancellation fees and it puts the most pressure on them to offer you a good deal and keep you sweet. Make sure you have your quote reference number to hand, as well as the prices of the best deals and with which companies. Having hard numbers to hand will help you negotiate a better deal than just saying ‘give me a discount!”
2. Be Honest
Jamie told us:
“Different companies use the information you enter in different ways, and this can affect the price that you pay for insurance. One of the most common examples is your job title: Saying that you’re an ‘Office Manager’ may result in company X giving you the best price, but change it to ‘Manager – Office’ and company Y gives you an even better deal. Making slight alterations to your quote to find the best price is called ‘quote massaging’ and, although it gives you breathing space to find yourself the best deal, you could end up in hot water should you abuse the system and accept a quote based on false information. Being accurate and honest is always your best bet, as it’ll make sure you get a decent and fair price to pay.”
3. Look Before You Leap
Last but not least, Jamie gave us this tip:
“So you’ve entered all of your details and you get to the results page. Hitting the top spot by quite a long way is a deal that looks too good to be true. Hold on before clicking ‘Buy Now’ and take a look at it; a really good look. Some companies may offer stripped-down, no-frills products in order to snag the coveted top spot of the comparison results, so you will likely be getting what you pay for, which might not be much at all. Look at a few different offers and compare the benefits e.g. courtesy car, breakdown cover, as well as the price. Go with what suits your needs as well as your budget.”
Get your financial house in order
Check out the video below to see how you can get up to scratch on all your finances.
That’s all. Tell us how you are spring cleaning your finances by commenting below. You can also talk to us by tweeting us or writing on our Facebook wall!
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March 22, 2023
banking, business, lifestyle