Top tips on how to become better off.
The smart way to become richer is to stay on top of your finances and make sure you are doing everything you can to make money and save money.
Here are five things everybody can…and should do….on a regular basis…
Champion Tip No 1: Understand your money situation
Sit down, take a deep breath, put some time aside without any distractions and write down your monthly income and spending. Yes it’s painful but yes it’s important. We all need to do a regular money makeover.
Champion Tip No 2: Ask yourself two key questions
(i) Where can I save money?
Energy bills, broadband, phone, TV….even food shopping. You could save hundreds of pounds on regular monthly outgoings by shopping around.
Keep a close eye on comparison sites like Money Supermarket, uSwitch, Go Compare and Confused.com to check the latest deals and offers.
Champion Reminder: Never rely on one comparison site. They often have exclusive deals and it may be difficult to find every deal in the market place on one site.
(ii) What else can I do to make more money?
Now we don’t mean to blow our own trumpet, but Money Making Champion is bursting with ideas to help you here. Just browse our site for new ideas and tips.
Champion Tip No 3: Look at your finances
When was the last time you looked at your debts?
Are you getting the best credit card deal, the best bank interest rates, the best mortgage rates, the best insurance deals, cheaper loans?
Again the best starting point is the comparison sites listed above.
Other top tips:
It is also worth going direct to sites like Direct Line, who tend to avoid the comparison sites – so that you have a full view of the market and offers.
Don’t just go for the top search results the comparison sites show – delve deeper. They have been accused in the past of giving prominence to suppliers who pay them more money.
Champion Tip No 4: If nothing else think about these key no brainer rules
Pay off your debts with savings – you will almost invariably be charged more interest on debts than you get on savings.
Pay off your credit card each month – don’t be saddled with high interest if you just pay the minimum balance.
Set-up direct debits to pay energy and other bills to save money.
Champion Tip No 5: If you have savings think about the alternatives
Here are our guide to some alternative ways to make money from your savings, compared to bank accounts paying paltry amounts of interest.