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Financial Savings

Every month, we fork out money for so many different financial obligations. These all add up and eat into our income leaving us with less money to pay off our debts. Below are some points on how to save money for different things such as, insurance, debts, bills etc...

If you are having difficulty paying your debts, contact us at Debt Advice for further help and information on Debt Solutions. Fill in the form on this page or call freephone 0800 043 5133 for free & confidential advice.

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Car Insurance

  • Shop around for your Car Insurance - It might be a chore, but can save you money. Use Price Comparison sites and also phone around different insurance brokers.
  • Try and pay upfront or over a period of two or three months - This will save you being charged interest on paying every month for your insurance. Some insurance brokers have very high interest charges when you spread the payment out. You will be saving yourself a lot of money if you can try and pay it off quicker.
  • Try not to claim on small amounts - This could set your premiums higher for the next year.
  • Set a higher excess level - This could bring your premium down substantially, although be careful. If you have an accident, you could have a pricey sum to pay upfront.

Life Insurance

  • Shop around - Compare life insurance quotes on various comparison sites online. Buying through an independent financial adviser is usually more expensive.
  • Review your current life insurance plan - There may be better and cheaper options with other companies. You are not obligated to stick with the same insurer.
  • Don't get roped into life insurance with your mortgage - You are not obligated to go for insurance with your home loan provider. You can opt for insurance with other providers.
  • Quit Smoking - If you are smoke free for over a year the cost of insurance drops dramatically.

Home Insurance

  • Search comparison sites - Search around for cheap insurance on comparison sites. Remember the cheapest isn't always the best. You need to check exactly what you are being covered for.
  • Buy online - The market is much more competitive online.


Best Credit Card Deals - Balance Transfers

  • If you have high interest credit cards with debts on them and you are struggling to clear the balances, itmight be a good idea to shop around for better deals on other cards and transfer your balance to them.
  • If you get a good balance transfer deal with low interest for life or 0% interest for a period of time, do not use this card for spending. Only use it for paying off the balance.
  • If you have a lot of debt that will take a while to pay off, transfer to a low interest for life card.
  • If you have little debt that you could pay off within a year, go for a 0% (for a limited period of time) transfer.
  • Once you have made a balance transfer to another card, you should close the card that you transferred the balance from to prevent from usig it again in the future.
  • Do not take on new store and credit cards when you are struggling to pay your current debts.
  • NEVER spend on Balance Transfer Cards! (You might get low interest on the transfers, but you are likely to get charged high interest on the spending.

Best Loan Deals

  • Shop around - Don't just aproach your existing bank. Look for the best deals on comparison sites. Your bank may even match competitive rates of other loan providers.
  • Think carefully - The loan that is best for you is the loan that suits your circumstances, so do some research.
  • Loan to pay off Credit cards - If you are getting a loan to pay off credit cards, you might want to consider a balancer transfer deal instead. If it's done properly, this could be the cheaper option.
  • Length of the loan - If you want the loan for a short period of time, these can be very expensive.


  • Research an IVA before doing anything - We can give you all the ins and outs of what an IVA entails, so you can give it some thought to see if it's right for you.
  • Write off the debts you cannot afford to pay - If you have debts over £15,000 and more than two creditors, then an IVA could be the perfect solution for you.
  • Lower affordable monthly repayments - Your payments will be reduced to an amount that you can afford.
  • debt free completion time - Generally an IVA lasts for 60 months but this can vary depending on whther you have a lump sum or not, where it can last only a few months. In some cases, an IVA can last up to 6 years, but you will be given a specific date of completion in your IVA proposal.
  • No Upfront fees - If you are entering an IVA, do not pay upfront fees! A lot of companies charge one to two months fees for handling or setting up your IVA proposal and this fee is additional to the 60 months payments! Contact us for further information on this.


  • In Debt with equity on your home - If you are struggling to pay your debts and have equity on your home that could cover the debt, you could think about remortgaging as an option.
  • Take advantage of better mortgage deals - It might be good to look for a better mortgage deal if you are on a high variable rate mortgage and due a remortgage. The market is very competitive at present. Cutting interest off your mortgage could save you a lot of money every month.
  • Prevent high interest charges - If you are on a low Variable Rate, the interest rates shouldn't hike up overnight, so be wary about entering into another deal, even fixed rate.

Debt Consolidation

  • Manage your debts easier - Debt consolidation can help you manage your debts easier as you are gathering all your debts together into one easy manageable payment.
  • Lower your payments - By consolidating your debts into one loan, you are likely to have lower monthly payments spread out over a longer period of time.

General Bills

Mobile Phone Contract

  • Phone your network provider - While most mobile contracts are set in stone, some providers favour loyalty and might match better tarifs on other networks if you are nearing the end of your contract and are due a renewal. If you are mid contract, you could phone your provider to tell them that you are unhappy with your tariff to see if they can offer you any better deals.
  • Struggling with payments - Most contracts allow you to reduce your tariff after approx nine months into the term. If you are badly struggling to keep up with paying for your phone, lower your monthly tariff so you don't fall into arrears.

Utility Bills

  • Search online - There are many websites designed to help you save money on your utility bills and your energy costs.


  • Stop Smoking and Get Saving - Quit smoking through any of the methods availale today, whether it be patches, tablets, cold turkey, reducing intake etc... and find the best quit smoking incentive to help you along the way; SAVING MONEY. A lot of people quit smoking and say they don't really notice the difference in the change of habit. This is generally because you find a way to spend the money easily, whther it be on food, rent bills etc... However, if you change your approach and strictly put the money in a clear jar for every time you would be purchasing cigarettes had you not quit, then you will soon see the money build up! Smoking is very expensive so if you follow this routine you will soon see the incentives build up and fast! Even a smoker of 10 cigarettes a day will save over £20 a week. In a month, this is almost £100. If you feel like a cigarette, just look at your jar and think of what you can put the money towards after a year! On 10 cigarettes a day, you could save almost £,1500 in a year. Imagine paying this off your credit card in one go! Even better, if you are in a family of smokers looking to quit, line the Jars up in a row so you can all support each other. If you slip up and buy cigarettes, the money comes out of the jar, which you will be hesitant to do. So, start today. Get healthy AND save money towards paying off your debts.

Financial Review

  • Can be done personally or by a professional - Contact us at Debt Advice, your local bank or building society, or do it yourself. Conducting a financial review can help you get an idea of where your money is going, see where changes can be made, how you can plan for the future, protect your home, deal with your debts and more...
  • Be honest - The only thing you have to do in a financial review is be completely honest of everything you spend, own, earn, pay out. By covering every single thing, you will be prepared for surprises or things that you may have left out by not being thorough.

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