Give your finances a workout that lasts

7th February 2017

There are plenty of quick wins when it comes to saving money, but what if you want to make decisions now that will serve as a positive investment for many years to come? Here are five ways to get your finances in order now that should pay dividends for the long-haul.

• Focus on your pension
• Remortgage to a better rate
• Develop savvy shopping habits
• Invest in a life insurance policy
• Jet set for less

Focus on your pension

Ok, so retirement may seem like a long way off, but the sooner you start paying into a pension the more you’ll have to enjoy when the day arrives. If you already have a pension (and by law you should have been auto-enrolled into a workplace pension if you’re a permanent employee), make sure it’s working in your favour. It may be worth increasing your pension contributions or moving your investment funds around. You may wish to switch pension provider or to speak to a financial advisor about your retirement goals.

Remortgage to a better rate

Perhaps you signed up to a really good deal when you first bought your house, but it’s lapsed and you’re now on the mortgage provider’s standard variable rate. With remortgage rates at rock bottom, now is a great time to move your mortgage to a cheaper deal. You could save around £2,000 a year over a 25-year period just by switching to a better rate, so do your research and compare remortgage deals online to make significant savings.

Develop savvy shopping habits

You can use cashback sites such as Quidco and Topcashback to give you a bit back when you buy from popular high street stores and finance providers. Using a cashback credit card will increase your returns provided that you pay the full balance off each month. You can also use store vouchers or points to get money off your regular purchases and sites like Groupon and Living Social to take advantage of discounted deals. Every penny counts!

Invest in a life insurance policy

Have you ever worried that an illness or injury could devastate your finances, or that your family would be left financially (not to mention emotionally) bereft if you were to die? If so, now’s the time to consider some form of life cover. If you own your own home or have any dependants, this is especially important. While it won’t protect you physically, a generous payout could help to soften the blow for your loved ones should an unforeseen incident occur.

Jet set for less

If you’re a frequent flyer, you could save money using sites such as Skyscanner, Cheapflights and Kayak. Delete your cookies each time you visit as prices may be hiked if you use them frequently. Booking a month or two in advance could save you up to 80% and being flexible about destinations could bring further savings. If you’ve had a bad experience with an airline or holiday company, you may be able to claim compensation, and if you’ve been injured or suffered food poisoning overseas you may also be able to claim.