Thrifty consumers resolve to save money in 2017 by using money-off vouchers, switching energy and insurance providers, cutting back on take-aways and sticking to a budget
As new research* reveals that over a third (35%) of people need to reduce their outgoings in 2017, Gocompare.com Money shares the nation’s top 17 money savings tips for 2017.
Nine out of ten (88%) people say they will be doing something in 2017 to save money. Top money-saving tactics include using money-off coupons, vouchers and apps, and taking advantage of loyalty and cashback schemes.
Other frugal habits include shopping around for a better deal on a range of goods and services - from insurances to energy tariffs and groceries.
Using money-off vouchers/coupons
Using loyalty and cashback schemes
Shopping around for a better deal on car insurance
Taking advantage of money-off apps
Cutting down on take-aways and ready meals
Shopping around for a better deal on home insurance
Draw up a budget and stick to it
Cut out takeaway coffee/coffee shop treats
Switch energy provider for a cheaper tariff
Shop at a cheaper supermarket
Turn down the thermostat to reduce heating bills
Review satellite/cable subscription or cancel it altogether
Switch broadband provider in order to get a better deal
Cut down on the cost of holidays
Review mobile phone contract or come off a contract altogether
Walk or use public transport rather than travelling by car
Go through bank statements and cancel old direct debits and standing orders
People were asked about their financial outlook for the New Year. 14% of them said they are seriously worried about their finances and 14% said they tend to run out of money before the end of the month. The survey also revealed that many people rely on their credit cards to get by, with 13% of those surveyed expecting to carry credit card debt throughout 2017 and 6% admitting to relying on credit cards simply to make ends meet.
Matt Sanders, credit card expert at Gocompare.com, commented: “For many of us, the New Year is a perfect time to reassess our lives, including our financial goals. One simple and achievable resolution is to review the plastic in your wallet. Used carefully, credit cards can give you extra flexibility with your spending and help you manage your finances better.
“Smart credit card users can effectively borrow money for free as many credit cards provide an interest-free period of typically 56 days**.To avoid any interest, outstanding balances must be paid off on or before the final day of interest free period. .Remember each purchase doesn’t get its own 56 day interest free period it will depend on your billing date
“If you aren’t able to pay-off your card balance straight away, you need to look at how much interest you are likely to pay and how long you expect to carry the debt on the card. Once interest starts accruing on a regular basis it can become very costly indeed. The key thing is to recognise a persistent and stubborn debt, that isn’t magically ‘just going to go away’, and deal with it. Moving the debt to an interest-free balance transfer card will help reduce the cost of the debt and help you pay it off quicker.”
- Think about how you want to use a card and how you will repay your spending;
- Use a comparison website to compare deals;
- Check the small print – look at the interest rate as well as any fees and charges (e.g. set-up fees, charges for late payments, cash withdrawals, overseas spending) that apply;
- Look at the terms and conditions of any incentives such as cashback or rewards and think about whether you’re likely to use them;
- Be realistic about your spending, only spend what you can afford to repay and be disciplined about making your monthly repayments;
- If you are struggling with repayments, speak to your card provider asap – they may be able to find a way to help.
For more information on making the best use of your credit card see our dedicated guide page.
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Notes to editors:
*On 1 December 2016, Bilendi conducted an online survey among 2,006 randomly selected British adults who are Maximiles UK panelists. The margin of error-which measures sampling variability-is +/- 2.2%. The results have been statistically weighted according to the most current education, age, gender and regional data to ensure samples representative of the entire adult population of United Kingdom. Discrepancies in or between totals are due to rounding.
**Research by Gocompare.com comparing 240 credit card products using Defaqto matrix, from independent financial researcher Defaqto, shows that a majority (154) credit cards offer a 56 day interest free period, correct as of 21/12/2016. Please check the terms and conditions of your credit card.