Read our great tips to beat the credit crunch

1:10pm Thursday 14th August 2008

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A marketing expert who spends his days helping people save money on internet purchases has released a comprehensive consumer guide to helping parents beat the credit crunch.

Nadeem Azam has researched the 101 best ways mums and dads can avoid the spiralling cost of fuel and food bills.

He has released the tips on froggybank.co.uk network, the UK’s largest network of consumer loyalty cashback websites.

Here are the first 50 tips – see next Thursday’s Adver for the next 51.

Froggybank.co.uk claims to be the UK’s first and only green 100 per cent cashback site.

Shoppers log onto a cashback site before making online purchases from major retailers as normal. The referral fee paid by the retailer to the cashback site is returned to the shopper or they can donate it to PURE the Clean Planet Trust.

FINANCES 1. Mortgage check: Check your mortgage. Are you getting a good deal? If not, use a fees free broker to check out the best deals on offer for you and switch. You may be surprised at the savings you could make.

2. If you are feeling the pinch, speak to your mortgage provider about taking a mortgage payment holiday. This is better than defaulting on your payments.

3. Consider consolidating: Are you struggling to pay your monthly credit card bill? Check out low cost loans: you could save many pounds on interest. Read the small print carefully and stay away from high interest loans. Always look at the total amount you will end up paying. Lower monthly payments may sound attractive, but beware of early payment penalties, arrangement fees etc.

4. Use 0 per cent credit cards: Look for a credit card that offers either 0 per cent on balance transfers or advertises balance transfer offers where interest stays low until the debt is cleared. But do not lose track of when the special rate runs out. You could end up paying a high interest rate.

5. Reclaim bank charges: Check your monthly bank charges. Are they high? Try and reclaim any late fees or overdraft charges. If you think your charges are excessive look at what other banks charge. If others are lower, consider transferring your account.

6. Maximise your savings: See if you are getting the best possible interest rate for your savings. Opening an online savings account could receive a higher interest rate than a regular current account. Some banks even offer a bonus for signing up with them.

7. Avoid extended warranties: When buying goods avoid the extended warranties. They are usually expensive and not worth it in most cases.

8. Budget: List all your income and expenditure, draw up a budget and make sure you stick to it.

9. Let a room: If you have a spare room you can redecorate and advertise for a lodger.

10. Stop impulse buys: If you are short of cash and need a loan for a large item of furniture or electrical goods, first wait at least one month – and think, do you really need this item now? Can you wait and maybe save a larger deposit, thus reducing the amount of the loan?

11. Pay a bit extra: You will save pounds in interest if you can pay your mortgage off early. Try and pay more every month or make extra payments if your mortgage provider will allow it.

12. Use a credit card with no foreign currency charges: Most UK credit cards will charge 2.5 per cent for making a purchase in a foreign currency. There are some credit cards, such as ones from Nationwide and Citibank, that do not charge this fee 13. Avail free help: If your income is less than your outgoings you may need financial help; your local Citizen’s Advice Bureau will be able to offer you free advice.

14. Get what you are eligible for: Make sure you are claiming any benefits you may be entitled to like Child Tax Credit, Working Tax Credit, and Child Benefit. Ask at your local Citizens’ Advice Bureau for details.

AT HOME 15. Loyalty costs money: Millions of us stay with one company for our utilities just because we can’t be bothered. Shop around, go online and visit the utility comparison sites to find the cheapest, and move service provider. You could even earn some cash back by doing this though cashback sites like froggybank.co.uk.

16. Save as a bundle: Today there is a numerous choice of telephone providers – find the cheapest, and don’t forget the cable companies who offer telephone, television and broadband packages. A good site for broadband suppliers is broadbandsuppliers.co.uk.

17. Cut mobile costs: How much per month are you paying your mobile phone company? Check your usage on both calls and texts – do you use them all? If not you may save money by using pay-as-you-go.

18. Pay for what you watch: How much television do you watch? Do you really need to pay for all those movie and sports channels? Change to Freeview or Freesat . . . funnily enough, they’re free!

19. Water meter: Consider installing a water meter, especially if you have a large house with only a few occupants.

20. Go green: Make sure your home is energy efficient. You could be losing heat through un-insulated wall cavities. Save energy and money and have those cavities filled.

21. Check your insulation: Heat rises – is your loft lagged? By installing loft insulation you could save pounds on your heating bills. The thicker the insulation the greater the saving. If you are on a low income, your local authority or energy supplier may be able to help cover the cost of insulation.

22. Use efficient appliances: All new electrical appliances have the Energy Saving Logo. Make sure you buy the most efficient and you will save on your annual fuel bills.

23. Change your light bulbs: Install energy efficient light bulbs throughout your house, they can last up to 10 times longer and will reduce your annual electricity bill.

24. Cool down: By turning your heating thermostat down 10-20 you will be surprised at how much energy you will save per year, and therefore reduce bills.

25. Stick to 40: Wash your clothes on a 40 cycle – not only are you reducing your carbon footprint but your annual energy bills too.

26. Be romantic: Turn-off or dim your lights a few times a week and enjoy candlelight at a fraction of the cost!

27. Switch off: Don’t leave electrical appliances in standby – turn them off. You will be helping to save the planet as well as reducing your energy bills.

28. Be innovative: Save money on buying bedding for pets by using shredded paper from the office, or your own shredding machine.

29. Re-use what you can: Don’t throw away old ice-cream and other plastic containers. Save them for freezing food.

30. Save paper: Keep the tissue that comes when you buy new clothes and re-use it for wrapping gifts. Or try wrapping gifts with old comics, newspapers or magazines, and then get your children to decorate them with ribbons and bows.

31. Have showers: A quick shower can save a lot of money compared to a bath. Try turning the water temperature down too as this will also save you money.

32. Use it all: Don’t throw away tubes when you think they are finished, e.g. toothpaste, foundation, hand cream, tomato puree etc. Cut open the tube: you will be surprised at how much is still left.

33. Kettle: Only fill the kettle with the amount of water required. This will save on energy and money.

34. Dryer: Instead of using a tumble dryer, dry your clothes overnight on a clotheshorse.

35. Washing: When you use your washing machine make sure it is full every time . . . but don’t overload as repair bills can be expensive.

36. Cheap Brands: Cleaning products are expensive. You do not always need the top brand to do the job. Uses the retailers’ own brands or even try using white vinegar and newspapers to clean windows and mirrors.

MOTORING 37. Downsize: Trade down your car to a smaller model to save hundreds of pounds every year on not only fuel but road tax as well.

38. Breakdown cover: Choose cheaper breakdown insurance cover. Don’t just think about the AA or RAC: there are numerous cheaper alternatives. See if you can get it cheaper with your insurance provider.

39. Save on insurance: Visit comparison websites such as moneynet.co.uk to look for cheaper car insurance. If you can afford to pay in full then do so; you will pay more if you choose to pay in instalments. Do not be lazy – switch.

40. Car pools: Join or start a car-pool. You will save on wear and tear, fuel and parking. An increasing number of roads now have lanes especially for cars with more than one occupant making travel time quicker.

41. Walk or cycle: Reduce your carbon footprint and waistline: sell your car and walk or cycle instead.

42. School runs: Many people live close to schools and still drive their kids to school. Leave the car at home and walk your children to school. If you must drive, see if you can pool school runs with your neighbours.

43. Slow down: Save money by slowing down. The RAC claims most car engines run far more efficiently at 60-70 miles an hour, compared to 80 mph or over. Also make sure that you keep your tyre pressure up – if your tyres are under inflated by 20 per cent then you’ll use 10 per cent more fuel 44. Wash your car: Don’t use car washers – save money by washing and polishing your own car.

45. Cheaper fuel: Search the web to locate the cheapest petrol station near you.

SHOPPING 46. Shop online: Things are usually cheaper online, with retailers being able to offer better deals due to lower overheads etc.

47. Get cashback on your shopping: Earn extra money by doing your online shopping through a cashback site like www.froggybank.co.uk.

48. Plan and save: Plan your meals for the week, make a shopping list and stick to it; you will be surprised how much money you save at the till.

49. Shop wise: Don’t be a food snob, consider trying supermarket own brand goods. The difference is often just in the packaging.

50. Buy seasonal: Try to buy fruit and vegetables that are in season. These are far cheaper than the out of season ones that have to be flown in from abroad.

For more shopping money-saving tips along with ways to cut leisure bills and children’s expenses, see next Thursday’s Beat The Credit Crunch