Though the current global recession seems to be easing we can all still use tips to help us save some of our hard earned money. Just by utilising a little creativity and changing our mindset we could each be saving hundreds, if not thousands per year and increasing our own bank balances rather than those of the loan companies!

3 Top Tips for Saving Money

Mortgage lenders, loan and credit card companies all use the law of compounding to make sure they squeeze every last penny that they can out of you. Not only do you pay interest on your loan, but you pay interest on the interest. This is how financial companies keep us in debt for as long as they possibly can and they certainly don’t want you to know these tips for saving money!

Stay With Your Current Mortgage Provider

Yes, you read it right! One thing that many people do not realise is that when you change mortgage lender you also reset your interest payments to start from the beginning. Since the majority of your monthly mortgage payments in the first 12 years is actually paying the interest rather than the actual loan, when you switch to a new lender you actually restart this process. This means that the more times you change lender the more interest you will pay over the lifetime of the mortgage. What a waste of your money!

Ask Your Credit Card Company for a Lower Rate

Another one of my top tips for saving money is asking your current credit card provider to lower their interest rate for you! Just give them a call and ask them. Point out what a good customer you have been, how you pay on time and that you would like a reduced rate please. The customer service advisor may be a little surprised, but you can get a reduced rate if you negotiate in the right way.

Save Money on Anything Using Simple Negotiation Techniques

Try these out to see for yourself how you can buy nearly anything, from an apartment to an apple, for lower than the ticket price.

Act reluctantly – Pretend you are not interested in the product and watch the salesperson lower and lower the price until you buy!

Ask for more than you want – Always offer a price lower than what you are actually willing to pay. 9 times out of 10 you will pay either what you wanted to or less than you expected.

Which of these top tips for saving money will you try? If you decided to do all of these things you could save yourself hundreds per month – think of how those savings could be used!