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Time to start questioning your spending?

We’ve all been hearing report after report in the press and broadcast media about the cost of living at the moment, and how so many people seem to be feeling the pinch. The last few years have seen us paying more for petrol, supermarket shops and energy than before. For men and women right across the UK, especially those on a tight budget, things are looking very bleak indeed.

And while it makes sense to shop around for food bargains and to switch off the lights at home when you don’t need them, these are relatively small steps that we can take. In the bigger scheme of things, are small savings like these going to be enough to keep your finances in a healthy state? If the answer is
no, this might be the right time to start looking for more significant spending cuts.

For some people, that could mean looking around for a better mortgage deal. Even if you think your current arrangement is a good one, it might be the case that it’s not optimal. If it’s advantageous for you to change, you could end up reducing the size of the actual loan, snag a cheaper interest rate and cut your monthly payments. As always, a friendly chat with an experienced mortgage advisor could be the optimal option now.

Another avenue that’s worth investigating is to look for better deals in other matters as well. Some high street banks, for example, offer incentives for people to switch their current accounts over to them. This isn’t always for everyone, of course, but it’s a sensible strategy for some. In a similar vein, if you’ve been using the same insurance provider for years, whether for your car, your home or for personal possessions, you could use a comparison website to find some very tempting offers.

While some people are more tech-savvy than others, if you’re au fait with the ways of the web you have the opportunity to reduce your outgoings significantly. Many shrewd people set aside a day for themselves to go through all of their spending and seek better options accordingly. Broadband
suppliers, satellite TV providers, insurance companies even pension providers can often offer incentives to either make you join them or persuade you to stay with them.

Such a day can be a little stressful, especially if it involves making phone calls to various organisations, but the rewards can be substantial. Try calling your current TV provider, for example, and tell them that you’re thinking of leaving. They will often give you a price cut for the next year or more to entice you into remaining a customer.

Here at CNS Financial Solutions, we offer a range of services to clients from all walks of life. If you’re wondering whether you have the most suitable mortgage, investments, pensions and more at the moment, why not contact our team for a chat? We’re available on 07414 750 874, and we’d love to hear from you soon.

Approver: Quilter Financial Services Ltd. 09/01/24

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