Are you missing out on free money?
There’s no such thing as free money, right? Well, actually there is and it turns out that many of us are completely missing out on it. But what do I mean when I say free money?
It has been highlighted today by the Financial Conduct Authority or (FCA) that many savers are missing out on the best returns on their savings, all because they are failing to switch to savings accounts that are offering higher rates of interest. To many, it may seem that the small percentage difference being offered on these accounts means that it just isn’t worth the hassle, but is that really a good attitude to have? Let’s think about a few different things that we could all easily switch that could add up to big savings over the long-term. If you think about it, it’s the closest thing to free money that any of us are ever likely to see.
I know we’ve just mentioned savings but I feel it deserves a little more attention. Interest rates may be extremely low at the minute and you could be forgiven for feeling a little apathetic about the difference in return you might see between 0.5% and 1.5% of annual interest. Remember, though, that however little the extra return might be, it is still free money that you are missing out on if you fail to switch to an account with a better rate. Even if the extra interest only pays for a family trip out just once during the year, it’s still better than nothing, right? Of course, there may be other ways to more effectively invest your cash and grow your money, but for those who are just looking to save their cash in a standard savings account, it is still worth making sure that you are getting the best returns available.
If you’re not making use of cashback websites already then you really are missing out on free money. Cashback sites like TopCashback offer you the opportunity to get money back on the things that you buy online each and every day. It really is a no-brainer as it costs you nothing to signup and you could gain so much.
Websites Like Swagbucks
Although websites like Swagbucks are best known for giving you the opportunity to earn money just by doing simple surveys online or by watching videos and playing games, it also belongs on this list because you can earn free money just by searching the web in the same way that you would each and every day using Google or Bing. Agian, it’s free to sign up and there is free money to be had!
Switching Utility Suppliers
Switching energy suppliers is something that seems to come up again and again on personal finance sites but that is only because it is such an easy way to save a decent amount of cash each year, often up into the £100’s. Perhaps you switched supplier last year and have now reverted back to a less favourable tariff. If this is the case, then be sure to look at switching suppliers again using a website like GoCompare. We’re all busy people but by not switching suppliers, we are in effect refusing the opportunity to have some free money handed back to us each and every year.
Mortgages are another area where taking the time to look at what rates other mortgage providers are offering could prove to be worthwhile. If you don’t have the time to look at the websites of each and every bank, then a quick look on price comparison sites could give you a good idea of what’s available right now. Not so great with the maths? In this case a quick chat with a mortgage broker could make the process even simpler, and they will often quickly be able to determine whether there is a better deal available for you, one that again might save you £100’s or perhaps even £1000’s of pounds in interest each year. Of course, it will be handy to find out your credit score first, so you’ll have a better idea of what options might realistically be available in this area.
Mobile Phone Contracts
Are you now out of contract on your mobile phone but are still paying the monthly bill? Perhaps your mobile phone provider has even increased your tariff but you just haven’t had the time to think about switching providers or trying to negotiate a lower tariff. Again, not taking time to try and save money on your mobile phone bill or even perhaps finding a better deal on your mobile phone insurance is kind of like throwing away free money for the foreseeable future. Perhaps your circumstances have now changed and you feel that you could save money by switching to a pay-as-you-go or even a sim only deal. If someone handed you a £50 note, there is not a chance that you would refuse it, throw it on the floor or view it as of little value, is there? So, let’s not do just that by failing to find the best and cheapest mobile phone deal for our needs.
TV, Phone and Broadband
I won’t go into too much detail with this one as the principle is pretty much the same as we’ve already discussed. Not picking up the phone or opening up your laptop or iPad at the end of your contract period to try and find or negotiate a better deal is almost the same as throwing your money away. It really doesn’t take much time to find the best deal and it could again run into a three figure saving over the course of a year.
Have you switched any of these services recently? How much did you save or gain?