Advice from money saving experts

Presently, there are tough economic times in the UK. Saving money, banking wisely, maintaining enough money in bank savings account to take care of home needs over a period, spending carefully and planning wisely for the future, and other such prudent measures, have been necessitated by the recession and an uncertain future. Here, then, is some sound money advice taken from top money blogs.

Money saving advice

Which credit card to use? You can save money with a credit card that features a low APR and has a cash back facility. Frequent fliers must use a fliers card and frequent shoppers must choose a retail card, and so on. The idea is to own a credit card that suits one's needs. Of course, the golden rules of every card are: pay back in time, don't cross credit limits and don't keep a large outstanding balance. Go for cheap utilities Take prepaid gas and electricity metres. Compare providers and their rates and settle for the cheapest provider. Just remember that there is a cost attached to switching a metre, so factor that in as well. Also, check for solar equipment buying programs - solar power can help you to save money and the purchase of solar equipment is subsidised by the government. Buy cheap stuff There are coupons, offers, discounts, group shopping deals, samples and even freebies available at all times. Take advantage of these offers by registering on "offer" sites and setting up SMS alerts. Re-mortgage property The interest rates are really down now, so consider re-mortgaging if you're repaying an expensive mortgage taken when the times were good. Also, consider switching to an offset mortgage arrangement if your savings account and investments are in excess. Debt consolidation If you have too many loans and are finding it difficult to repay all of them and in time, then take a single debt consolidation loan and save on interest and on tracking a variety of loans. Insurance Car and bike insurance rates should be compared as well because the competition is intense and insurers are willing to offer great deals in this rough economic weather.

Final word

You must save money and inculcate a savings habit by following the UK savings advice above. The trick is to shop around and compare sites - Internet window shopping can land you the best deals on any product. There are thousands of offers on virtually everything and all serious money-savers must take advantage of these. Financial discipline is a must too, if you want to save money. Furthermore, you must always live within your means.