Welcome to TheCreditCruncher.com

The Credit Cruncher was conceived to help you to keep up to date with credit crunch and recession developments, it provides some helpful credit crunch advice and it addresses personal debt. The Credit Cruncher also seeks to explain how the credit crunch started and shed some light on the worldwide recession. Recently, we have begun to look at how BREXIT will affect the UK economy. Please feel free to leave comments where relevant.

21 Aug 2009

Making your money work for you

If you have not done so recently, there is no time like the present to review your financial position - even if you have done this in the last 12 months or so, there is every reason to take another cold, hard look at your outgoings and take advantage of some of the recession-inspired saving that can be made...
Firstly, take a look at those Direct Debits to see where savings can be made, the obvious ones are to shop around for lower cost insurance, and get rid of any outgoings that are less than essential. Consider the cost of your car insurance to see if you can get a better price - make sure you check if there are reductions for keeping the car off road or in a garage overnight. Check those insurances that offer reductions for households that have more than one car.
Consider also the life insurance and critical illness policies etc. that you might have and check to see that you are getting the best value for money - remember the financial market is squeezed and there are savings to be made now.
Talk with your partner about whether now would be a good time to overpay your mortgage with mortgage rates being so low (this is something that I have been doing this year) this could mean that you pay your mortgage off a lot earlier than expected. Consider the all the options for every Direct Debit that you have and set yourself the target of slicing at least 10% off your overall outgoings, you will be surprised at how easy that is...

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