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Can you save on loans?

Our pockets are being hit financially from all angles at the moment and barely a day goes by without us hearing about some price rise or another. Even if these price rises were small, in volume they would start to add up to significant increases in outlay, but the worry is that they are not just a series of small rises.

Take the price of petrol and diesel; they jumped by a huge amount very quickly recently and although some people are able to withstand the increases because their finances allow and others are adjusting by driving less (sales of fuel are already 20 per cent down on similar periods for last year) but others will have simply no choice but to buy the more expensive fuel and suffer the financial consequences. It is these people who are faced with looking at other areas of their finances to make cuts to allow their books to balance.

For households that are struggling to balance their finances, the decision to cancel the annual holiday abroad may be a sensible move. That could leave some extra cash aside, but the temptation to waste this on a replacement treat to make up for the lack of a holiday could be resisted and the money used to pay down an outstanding credit card bill or to pay off a personal loan early if that's an option. If you can reduce a series of monthly outgoings, once times improve you'll be in an even better position to recover your standard of living to it's former level.

Energy saving moves are another action that will have a longer term effect and not just during your period of financial prudence. Get your family used to turning off unnecessary lighting and switching off appliances completely rather than leaving them on standby. Make sure your washing machine and dishwasher are only used once they have a full load and, if the weather allows, hang your clothes outside to dry rather than using a tumble dryer.

Making a positive effort to put some cash aside each month to either save or to pay off extra chunks of your mortgage is also a positive step. By paying extra amounts towards a mortgage early, borrowers are able to save potentially thousands of pounds off the total cost of their loan

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