Top tips to help you count your pennies

Top tips to help you count your pennies. Beating the inflation index is undoubtedly a tough task. No matter how much we earn, at the end of the month, there is hardly any spill over that we can save. After a lot of consideration and a decidedly heated opinion poll among the staff of Shakespeare Finance, we have reached a conclusion. Check out our top ten saving tips.

Debit Vs Credit

In the battle of the two cards, debit clearly won hands down. One of the major advantages of using a debit card is that you are aware of how much you spend besides cutting down on the interest rates. This way you can set a clear budget for your miscellaneous expenditures and also save unnecessary damage to your credit score.Saving is a habit Saving will cease to become a dreaded word if you make it a habit. Start by saving £10 a week. This way you will have a saving of £40 at the end of the month. Although a small amount, if you keep on saving regularly, then at the end of six months, you will have a saving of £240. Get started on your awareness programs


In case you are looking for loans or mortgages in the UK market, don’t get fooled by ads which claim to give you the ‘cheapest loans’. Cheapest for whom: you or the lender? Do remember that lenders and brokers work on a commission basis. So they will forward your application form t those financial providers who will give them the maximum commission. Therefore, first get to know your product so that the chances of you being swindled are reduced. Get the real low down where it counts


Make the best use of the World Wide Web. Get as much information as you can about personal finances. Be it credit cards or secured loans; mortgages or missed payments; retirement or pension benefits; you will find all this and more if you just trawl the web for some time. However, do take care to visit reliable sites that will give you authentic information, such as http://www.fsa.org or http://www.moneymadeclear.fsa.gov.uk/


Start a retirement fund All of us think that we are too young to start planning for our retirement, but the truth is that the sooner we start on this scheme, the better dividends we will get when the time comes. The state pension is unlikely to be of any help. You will be provided £105.45 (per person) and £160.95 (couples) per week. And his meagre fare includes the guaranteed income top-up.   


Be credit savvy Most of us at one time or the other been lured into using plastic money. And why not, it is one of the most convenient methods of financial transaction. But it does slap a penalty of high interest rates. But, there are some ways by which you can beat them at their own game. Most Banks offer an introductory interest free period. Take full advantage of this period, but make sure that you don’t carry over any unpaid bills after the end of the introductory offer. Besides this, you have up to six weeks to clear off your credit card payments before the interest starts piling up on your purchases. Make sure that you don’t miss any due dates.


Avoid making minimum payments  Don’t make the mistake of paying the minimum payments against your credit cards. Not only will you be charged more, repeated minimum payments will also be reflected in your credit report.