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Posted on 16 Oct 2008

Spending Diary

If you're looking to save some money in the current financial market then start a diary to record where you're spending your money one of the first things to consider is Insurance the two largest areas for insurance spend are:

How to save some money on these areas of expenditure

When your insurance is due for renewal shop around don't just renew with you current insurer particularly if you pay by monthly direct debit its easy to just let it renew but you miss out on all the first year discounts that they give you at renewal.

Last year my household insurance renewal came through and it had gone up by a third the first new company that I telephoned offered me a saving of a couple of hundred pounds compared to my renewal.

I went back to my current insurer to tell them that I wasn't going to renew and they the put me through to a special department who were all pally and then undercut the new insurer by & 163;5 saying they wanted new customers but didn't want to lose they ones that they had. Boy did I milk that for a few minutes.

I have done this with motor insurance in the past but the prices seem much keener and I haven't ever really saved more than about & 163;10, this is with the direct insurers. But if you've experienced a big increase and have had no claims or convictions I would have a look around.

So the moral of the story is shop around just for the peace of mind that you're paying a decent price for the cover that you want.

You have to check that you've the correct level of sum insured for the buildings and contents that you have.

If you're under insured when it comes to claim time you might not get back as much as you thought.

At renewal check that the buildings and contents sum insured's have increased. If you've unusual items or individual items pianos, glassware, stamps, lawns mowers, jewelry watches these likely have to be specified to the insurance company individually depending on you policy.

If they're not specified if you needed to make a claim it could be refused or a lower amount paid out.

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