In this day when everyone is having all sorts of problems with money, more and more people are looking for ways to save. The United Kingdom may not have experienced the worst like the United States, but there is no saying as to what might happen. That is why saving money is an important thing in everyone’s eyes these days.
One of the best people to take tips from is Richard Thompson, a retired project manager. He is no ordinary retiree. As a matter of fact, Thompson has been named as Britain’s best money saver by Money Supermarket. So what does Thompson know that we don’t already? The Times Online recently featured him and had this to say:
So, how exactly does he do it? He investigates everything from home insurance to savings accounts to make sure he is always getting the best possible deal. Thompson, 60, then plays market-leading deals to their full advantage by, for example, borrowing money at 0% and paying it into high-interest savings accounts so that it is earning money for him, not the banks.
And if you think that credit cards are a no no, think again. You can follow Thompson’s example:
Thompson has three credit cards — from Virgin, Halifax and Alliance & Leicester — all with interest-free balance-transfer deals. With no credit-card debt to pay off, he transferred the cash into a current account, then moved £18,000 into a Tesco Internet Saver account paying 2.75%.
Thompson said: “Not many people realise that card firms will transfer a balance into your account, rather than paying off a rival card.” He transfers the required amounts back to the card providers in time for the end of the 0% introductory deals, thereby avoiding paying any interest. Over 12 months he stands to earn up to £495.
Interested in making considerable savings? Follow this Brit’s example.