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Best Money Savings Tips 2020

14th January 2020

As 2020 gets underway, many of us will have a new year’s resolution fresh in our minds. It might be to get fitter, spend more time with family, or perhaps to save more money. If your intention this year is to build up your savings, there are plenty of things you can do to help. Here are our best money-saving tips for 2020. 

 

Use Apps 

There seems to be an app for everything these days, and this is no less true for personal finance. There are apps to help you keep an eye on your outgoings, limit spending, and stash away spare cash without you even noticing. Read our previous article on which apps are the best for saving money, and what differentiates them. 

 

Switch savings accounts 

You can nurture your savings by switching savings accounts. Although interest rates are currently at record-lows, swapping to an account with a higher rate can make your money work harder for you. Consider which type of saving account is most appropriate for your current circumstance, and compare the interest rates being offered by different banks. 

 

Increase pension contributions 

It might not be the most obvious way of saving, but increasing your pension contributions is a tax-efficient way of preparing for a financially-sound future. Aside from gaining tax relief on your earnings, adding to your pension carries the potential benefit of increased contributions from your employer. This is especially important if you’re in your twenties – starting your pension as early as possible is a smart way to benefit from compounding, and ensure you have a decent sized pot when you decide to retire. 

 

Switch energy supplier  

According to the latest statistics from Ofgem, the average annual energy bill for a UK household is £1,178. Apart from reducing how much energy you use, you can cut your bill by regularly switching providers – something 9 million people chose to do last year. By lining up the prices of different providers on comparison sites and taking advantage of introductory offers, you could potentially shave hundreds of pounds from your energy bill every year.

 

Consider remortgaging 

Your monthly mortgage repayments are most likely one of your largest expenditures. Switching your mortgage to one with a better rate could save you thousands of pounds a year. If your current deal is coming to an end or the value of your property has increased significantly, it’s certainly worth considering. As it can be quite a complex process with various pitfalls, we’d recommend speaking to a mortgage broker for clarification. 

Manage subscriptions 

According to a study conducted by Freeview, we spend far more on subscription services than we think. The average Brit believes their subscription fees – which includes gym, phone bills, music streaming, television, and internet – amounts to just £29 per month. The real figure is closer to £149. With this constant drip of unknown subscription fees from our bank accounts, it makes sense to take stock of what exactly we’re signed up to, and if we really want to be. Many banks now have apps that separately list direct debits – make this your first point of call when building a picture of your subscriptions. 

Each new year brings a desire for change. If your intention for 2020 is to streamline your finances and bolster your savings, then we hope our short guide will help you along. 

 

If you’d like to improve your financial position, whether that means making the most of your savings, investing in the right places, or securing appropriate insurance, get in contact with IMC Financial Services. With over 20 years of experience, our expert financial advisors will be able to offer you personalised advice to meet all your finance goals. 

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