There has not been a financial crisis such as the one facing the world today in decades, if ever and everyone is feeling the pinch. However, by researching credit monitoring, it is possible for almost everyone to find some way of spring-cleaning their finances and freeing up cash.
Savings are easy to quantify when looking at physical purchases and perhaps switching from branded names to value ranges of products. What is not so easy to ascertain is whether we are getting the very best value for money for things such as fuel, television packages and financial products.
This does not necessarily mean choosing one high-street store over another, although price-comparison sites can really show up the price differences between them, which would certainly save money on some purchases. It is very easy to get into a comfortable long-term relationship with certain suppliers that could mean missing out on potentially hundreds of pounds worth of savings.
Switching suppliers between utility companies can be a sure-fire way to save money. Many have a number of tariffs that might be more cost effective than the one with the supplier that a consumer has stayed with for years. It is becoming easier for consumers to switch as often as they wish, so keeping a regular eye on whether you are still getting the best value is crucial to ensure savings are maximised. Investing books often recommend switching suppliers as one of the most effective ‘low hanging pieces of fruit’ available to consumers.
Loyalty Needn’t Cost a Bundle
While moving between suppliers for services is a good idea to get the best prices, sometimes giving a supplier a little loyalty can also yield valuable discounts. Suppliers are willing to give hefty discounts to customers who are prepared to move to them lock, stock and barrel.
Taking gas and electricity from one supplier can see very attractive discounts being offered and entertainment companies will do the same for those willing to take a TV subscription, broadband and telephone bundle.
The finance sector is where there can be huge variations in cost and where providers are willing to fight for their customers. Bank accounts can have valuable add-ons such as travel insurance attached for customers that can result in a saving elsewhere.
Some banks also offer preferential rates for loans and overdrafts that are worth looking at. Consumers should research the market and then go to their own bank to make sure they are not missing out.
Perhaps the biggest cost for many home owners is their mortgage. Interest rates have stayed low for some time and this could mean that anyone on a fixed-rate mortgage might be spending more than they need to.
It is true that the penalties associated with some mortgages and loans might make any savings in repayments elsewhere negligible, but it is certainly worth checking the small print of your agreement to find out if changing can save you money.