Remember, “If you don't ask, you won't get!”

Here are some useful tips that should help to cut your costs and put more money back into your pocket. At very least, it will make for an interesting read!

Telephone

At least twice a year review your phone bills for previous three months to see what local, long distance and international calls you normally make. Call several phone companies, to find an inexpensive calling plan that meets your needs.

Food

You can save hundreds of pounds a year by shopping at lower-priced food shops. Convenience stores often charge highest prices. You will spend less on food if you shop with a list. You can save hundreds of pounds a year by comparing price-per-pound or other unit prices on shelf labels. Stock up on those items with low per-unit costs.

Credit Cards

You can save as much as £300 or more each year in lower credit card interest charges by paying off your entire bill each month or by using a cheque, cash or debit card for purchases. If you are unable to pay off a large balance, pay as much as you can and switch to a credit card with a low annual percentage rate (APR). You can reduce credit card fees, which may add up to well over £30 a year, by getting rid of all but one or two cards, and by avoiding annual, late payment, and over-the-credit limit fees.

Petrol

You can save hundreds of pounds a year by comparing prices at different stations. You can save up to £20 a year on petrol by keeping your engine tuned and your tyres inflated to their correct pressure.

Car Rental

Accrue Process in which interest accumulates on a borrower's loan.

Amortization A repayment method in which amount you borrow is repaid gradually though regular monthly payments of principal and interest over term of loan.

Annual Percentage Rate (APR) The APR shows cost of a loan expressed as a yearly interest rate, including interest and other fees associated with loan.

Application First step in official loan process to gather and record information about potential borrower.

Borrower Person who has been approved to receive a loan and is then obligated to repay it.

Capitalization Adding unpaid accrued interest to principal balance. Capitalizing interest increases principal amount of loan and total cost of loan.

Collateral Property pledged as security for a loan to ensure repayment of a loan.

Credit Agencies/Credit Bureaus Organizations that collect individual consumer credit information and provide credit reports to potential lenders.

Credit History History of an individual's debt repayment. For most types of loans, lenders use this information to gauge a potential borrower's ability to repay a loan.

Credit Rating Grade assigned to denote net worth and credit standing of an individual or a business.