Money Saving Tips

Stop Incurring Bank Charges - we all hate them, yet some of us continue to pay £100's each month for excess overdrafts, late fees, unpaid direct debits etc.

There is no need to pay such charges and those who are struggling financially, definitely cannot afford to do so.

The best money saving tip is to open a new bank account and start from scratch.

Many people we speak to at Payplan, feel an amount of dedication towards their bank, claiming that they have been with them for 15 years and don't want to leave.

Ultimately, your bank will simply consider you to be an account number, not an individual and any favours they may have extended in the past will certainly not occur again when they realise you are unable to meet your monthly payments. Remember all decisions regarding your account are made by head office rather than your local branch.

To start afresh you need to go to a bank or building society that you do not owe any monies to (i.e. a bank you don't have credit cards or loans with).

This will ensure they do not have the "Right to Off-Set".

Try to go for a Basic Bank Account rather than a Current Account (if you have a poor credit rating a Basic Bank Account may be all the bank will offer).

You will get a cash card rather than a debit card, this may seem more inconvenient, but if you are serious about watching the pennies, this will be a great help.

When you have no choice but to use cash to pay for your shopping you will be more aware of how much you are spending. Afterall, handing over crisp £20 notes at the checkout rather than just signing your name, has much more impact and you will find yourself trying to cut costs rather than thinking "I'll just pop it on the card and worry about it later."

Also check the bank is not partnered with another organisation as they may share information between companies, here are the main ones to check for:

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