Tips to beat inflation
Whether it's shopping around for better deals, putting in place effective pension plans or tax efficient savings, these tips will help you make the most of your money
Inflation is at a ten-year high and was running at 3.3 per cent in May 2008. The rising cost of items such as food, oil and utility charge increases globally, combined with increased pressures on finances in the wake of the credit crunch, means that what money we have in our pockets is not going as far as it did in the past.
But there are ways that you can save money and pack some pounds back into your wallet.
Find your money in lost accounts
With the plethora of accounts available, from current accounts, savings accounts, pensions, ISAs and investment funds, it's easy to lose track of all your accounts as the years go by.
Sometimes all it takes is a change of address to lose contact with your account and more importantly, your money. In fact, a new report from Lloyd's TSB claims that it owes a staggering £69 million to customers who have lost touch with their accounts. Now the bank has launched a campaign to reunite owners with their forgotten money.
Since March 2007 Halifax has been successful in their bid to locate customers with dormant accounts. During the campaign over 5,000 Halifax customers have apparently received on average over £2,500 each.
The British Bankers' Association (BBA) can help you trace your dormant bank account. This free service applies to every bank in the UK and is covered by The Banking Code. If you think you or a loved one may be entitled to claim some money back find out more at www.mylostaccount.org.uk.
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