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Simple ways to save money : Insurance premiums

The average home in the UK is likely to have a number of insurance policies in place including home insurance and car insurance to name but two. It is also well known that the vast majority of people throughout the UK tend to pay their premiums monthly rather than one-off payments at the start of every year. However, while there are upsides to paying monthly premiums there are also significant downsides if you can afford to pay a one off lump-sum.

It is widely estimated that between 15% and 20% is added to the annual cost of your insurance policy if you decide to pay your premiums monthly. If for example you have car insurance and home insurance which may come to around £600 for the year then there is the opportunity to save yourself £120 a year in the future. However, rather than place yourself under more pressure this year by paying an annual premium rather than monthly, why not start to put aside money for next year and pay it in one go?

There are likely to be many other ways in which you can spend the £120 next year, even if the UK economy has recovered or not.

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