Top tips

In recent months there has been widespread concern over the impact that the credit crunch and various cost of living hikes have had on the economy. As families across the country start to feel the pinch, we have pulled together some simple money saving tips to help people weather the rainy days ahead.

1. Write down your outgoings and commitments. If necessary, draw up a strict budget of how much you can afford to spend each month and stick to it. Our financial calculator helps to show how long your savings will last when compared to your outgoings.
2. Get advice. When dealing with money matters and financial planning, people often want face-to-face advice. Combined Insurance is one of a number of financial services firms that offers face-to-face advice across the UK. To request further information on a face-to-face basis please click here and enter your details.
3. When reviewing your various insurance requirements, be sure not to cut back on the policies that are designed to protect your income and health.
4. Start building an emergency savings fund to lower the risk of having to use credit should you run into unexpected financial difficulty. Combined Insurance’s research shows that if the average Briton lost his or her income and needed to rely on their savings, they would last a mere 12 days. How long will your savings last? Click here to find out
5. Be sure you know what your protection policies cover you for. The cheapest cover may not always be the best cover. Click here for more information on our insurance options.
6. For regular outgoings compare prices and you may be amazed how much you can save. Money saving websites, like savebuckets.com or moneysupermarket.com can save you a lot of money every month. You could save more by bartering over the prices people want to charge you.
7. Pay off any debts as soon as you can - use any spare savings to reduce the most expensive debt first.  If you have to use credit cards, make sure you shop around for the rates and fees charged. Don’t always be fooled by rewards or gimmicks.
8. With petrol prices soaring, consider the merits of public transport, or even take up cycling while the sun is shining. Save money and get fit at the same time. Plan your route using this cycle route planner.
9. Make your customer loyalty count. Supermarkets will reward your custom with loyalty points. A number of restaurants run their own “two-for-one” schemes that mean you can still socialise but not be bitten of the bill. Asking for tap water when eating out is another easy additional way to save on a meal out.
10. Take advantage of your local council’s ‘What’s On’ webpage to see what free entertainment is on offer around you during the weekends and school holidays. You’ll be amazed how much free entertainment is on your doorstep.

If you feel you are losing control, the important thing is to remember that help is available and confronting concerns early will be helpful in the long run. The Citizens Advice Bureau can help you work out your repayments and prevent any debts from getting out of control.

These websites all have further information that can help provide you with advice on how to deal with rising costs.

Citizens Advice Bureau
BBC – Your money
The Motley Fool
Benefits Advice

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