How to Amplify Your Savings

9:52 AM

Guest Post for Our European Readers:

Our dreams are often limited to our bank balance. If you want to improve your lifestyle, you may need to find as many ways as you can to improve your finances. To help you do so, we’re offering helpful hints on how to amplify your savings.

Pay Your Debts with Your Savings

It might seem counterproductive to pay off your debts with savings, but it could save you more money in the long-term. Reducing your debt will prevent high interest rates, which can eat away at your finances. As a result, you’ll save much more money in the long-run, so you can enjoy greater financial freedom.

A Uniform Tax Rebate

Do you wear a uniform for work? If you need to wash, repair or replace an outfit for work, you could claim back hundreds of pounds in tax, which can be backdated by five years. It doesn’t matter if you wear a full uniform (such as a shop assistant, police officer, or nurse) or a branded T-shirt (such as a bartender), you could be entitled to a uniform tax rebate.

Find the Right TV Package

The TV package you choose will not only determine your home’s entertainment, but it can also determine your finances. For example, there are some superb Sky TV packages that combine TV bundles with broadband to suit your budget and entertainment needs. It could therefore be a great way to reduce your monthly bills, which can top up your bank balance.

Switch Energy Providers

After a mortgage and car, energy bills are often the most expensive bill for a homeowner. That’s why you must ensure you’re on the best tariff for both your home and bank balance. It’s worth routinely comparing an energy provider against their competitors, which will ensure you never have pay more than you need to each year.

Double Check Your Tax Code

Many people are currently not sure what taxes they are and aren’t paying. As a result, some employees are paying too much tax, while others pay too little tax and might be in for a shock in the future. It's essential to double check your tax refund status, as you could be missing out on – or owe – hundreds or thousands of dollars.

Sell Your Belongings

Turn your trash into another person’s treasure by selling your unwanted belongings. From old mobile phones sitting in a drawer to a pile of books gathering dust on a bookcase, you could make a significant amount of money by selling your items on an auction website or at a car boot sale.

Claim for Train or Tube Delays

Nothing is more frustrating than a train or tube delay when you need to get to work or cannot wait to go home. Yet, it might be comforting to learn that on some services you can claim back whatever a delay has cost you. So, while the disruption might eat away at your time, it can increase your bank balance.

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