Take Advantage of Free Cash Offers
Several banks and building societies are offering generous cash bonuses to new customers who switch their main current account. Nationwide's £200 bonus is currently the best offer available. By opting for their FlexDirect account, you can earn 5% on a balance of up to £1,500 for 12 months and potentially pocket another £75. Plus, you'll have access to their Flex Regular Saver at 8% AER.
Repay Those Pesky Credit Card Debts
Don't focus on earning interest on your savings if it's being cancelled out by the interest you're paying on credit card debt. Consider a balance transfer credit card, which allows you to move your existing debts onto a new card and avoid paying interest for a set period. Make sure to pay off the balance within the 0% period to avoid interest charges.
Sell Your Second-Hand Stuff
List your unwanted goods and clothes online to bring in some extra cash. Avoid listing items during the crowded post-Christmas period and wait until the market is less busy. Use free price-tracking sites to check current prices and see if your items' prices are rising or falling.
Make Use of Free Budgeting and Saving Apps
Download free apps that can connect all your bank accounts in one place, help you track spending, and identify subscriptions you're not using. Apps like Plum and Emma use AI and automation to round up transactions and find potential savings on household bills.
Shop Around on Broadband, TV, and Insurance
Compare your utilities, such as phone and broadband plans, and insurance policies when they come up for renewal. Downgrade your mobile data plan if you're paying for data you don't use. Consider downgrading your TV subscriptions to save money. Switching car insurance providers can save you up to £560. When getting quotes, try different job titles to see if you can get a lower price.
Save Your Savings into One Pot Each Month
Put the money you've saved into a dedicated savings account each month. Look for accounts with the best interest rates. Comparison websites like MoneyFactsCompare, Go Compare, and MoneySupermarket can help you find the best rates available.
