Ways to cut costs for over 50s

It's important if you're over 50 to make your cash work harder for you in the period following the recession.

The first thing to do is to ensure you have an emergency savings fund and that you are getting a good interest rate. If not, look around for savings accounts which pay more.

Do check the rate of dedicated accounts for the over 50s. The one with a good rate is Stroud and Swindon Building Society which pays more than 3.2 per cent on a minimum of £1000 and 90 days notice for access to withdrawals. Even better is the 3.3 per cent deal on £1000 from the Coventry Building Society including a three months' bonus of 1.3 per cent.

Do make use of the special rate on ISAs with a threshold for over 50s of £5,100. After that take advantage of a fixed rate bond, which pay higher rates than variable accounts.

Never just stick to your same insurance company but do your research wisely online to find a good deal and don't be afraid to switch. Do this each time you receive a renewal notice, whether this is for home, car or travel, and compare prices wisely.

Above all, watch out for over 50s policies which often have a non competitive premium.

If you have a high interest credit card, consider switching to a 0 per cent one. It is often worth paying a balance transfer fee. For example, Virgin Money is offering a 0 per cent for 16 months. Only do this if you know you will pay it off in this period however as rates climb steeply after that.

Finally take a good look at your fuel supplier to see if it is worth switching to a cheaper tariff in your area, change to dual fuel - and pay by direct debit.

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