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Money tips for beginnersFinance, Mortgages March 6, 2015 - 3:48 pm No Comment
If you’re taking the first steps in the home buying process, finance is one area in which you’ll be needing some guidance. When it comes to money management, we’re no experts – that’s what your bank or financial advisor is for; however what we are capable of doing is pointing you in the right direction – we know just how confusing it can be to get reliable facts and figures. As a first time home buyer, there’s probably no current aspect of your life as important as money. We know that the home buying process is a costly one, and even once you finally secure your dream place, you’re likely to still have jobs to do that will place you under further financial strain. If you’re struggling to wrap your head around finances and just want some tips on keeping your money safe, we’ve got you covered with some basic advice.
In the modern day, we all live a hectic life. Gone are the days when you’d need to take a trip to your local branch to check your balance. Nowadays, for the most part, customers like to be able to control their finances at the touch of a button. Most banks now offer services online, however some are easier to navigate than others. Before you jump into your decision, check out the online banking services offered by banks, along with their smartphone apps – as that’s likely to be the quickest way you’ll have of keeping on top of finances.
If you prefer to conduct your banking over the counter at your local branch, then you need to make sure you have regular access. It’s all well and good selecting a bank and opening a current account online, but if you encounter problems and need to speak to someone face to face, you need to make sure you aren’t required to trek miles out of your way.
Check out your bank account features
If you’re just after a standard current account with no frills, then you’ve got hundreds of options to chose from; however many accounts offer at the very least, bonuses and perks to assist your financial situation. It could be something as simple as an interest free overdraft (which not all accounts have) to something more lucrative, like cash back on supermarket and petrol station purchases. If you’re coming off the back of a big house purchase, money won’t be flowing as freely as you’d hope, so an interest free overdraft, just to be utilised whilst money is tight could be a godsend. Shop around and view the overdrafts on offer at different banks and see which best suits your needs
Get the best deal
In an age where there are more different account options than ever before, many banks are now looking to lure you in with deals. Make sure you check out what offers0 you can get before opening an account. Things like cashback accounts now offer to pay you money back on purchases such as groceries and petrol, and other banks even offer you cash to switch to one of their accounts. Make sure you shop around, and take advantage of the deals on offer.
If you’re still a student, or are a recent graduate, then there are special accounts still available for you which offer things like overdrafts and freebies. The Young Persons Railcard has always been a popular sweetener for banks when it comes to luring in custom, and things like restaurant discount cards and gadget insurance are also available at banks, as a means of saving you money.
Compare your options
Once you’ve weighed up options and garnered what benefits and drawbacks all the different accounts have, head to a comparison site to compare your options for one last time.
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