Consumer complaints organisation the Financial Ombudsman Service (FOS) has put together these top New Year money tips for consumers.
With December's spending spree now over and money matters at the front of many people’s minds, it’s a good time to put your finances in order.
Every year the Financial Ombudsman Service (FOS) handles thousands of cosumer complaints.
But it's good to be armed with the financial know-how to avoid having to go to the ombudsman in the first place, so the FOS has helpfully put together these top tips for managing your finances in 2012.
How to keep on top of your finances in 2012
- Check your bank and credit card statements to make sure that the payments shown are ones that you recognise. This is particularly important at this time of year when statements can be longer due to your increased shopping at Christmas.
- Ask your bank for a list of your direct debits and standing orders. If you’re paying for things you don’t recognise or use, consider cancelling them - but tell the business involved first.
- Interest rates may be low but there are still some good deals out there. Compare offers on accounts and you may find a better rate for your savings.
- If you use cheques or make card payments, keep a record of what you’ve paid out as the money might not be debited from your account straight away.
- If you have to make an unexpected payment and think that you’re going to go overdrawn, talk to your bank as soon as possible. Tell them about the situation as they may be able to help.
- Interest rates on credit cards can change, so it's worth reviewing your current rate. You may find that there is a better offer available. These can range from short-term zero interest deals to fixed interest rates for the life of the balance.
- Unsure what to do with unwanted presents? Rather than letting them gather dust, take them back to the shop. If you don’t have a receipt, you may find you’re able to sell the gift online. Read your consumer rights when buying and returning goods.
- From online shopping to banking, remembering multiple passwords can be tricky. Try to avoid sticking to the same password for everything. Or have separate ones for banking, hobbies and purchases. Read how to protect yourself online.
- There are lots of free discount vouchers for shops, restaurants and entertainment available online. Check to see if there are any limitations with the business making the offer before you shop.
- From bank accounts to insurance policies, you can find a lot of information about the best rates available online and in the media. Find a deal that works for you but remember cheaper isn’t always better!
- As the weather grows colder, don’t leave the keys in your car or leave it unattended while you’re warming up your engine. You could find you’re not covered by your motor insurance policy if it gets stolen.
- Shopping in the sales? Be careful when using store cards as some can carry a high rate of interest. And if you've been given a gift card, don't leave it too long before spending it as most have expiry dates so check the card or receipt.
