'Make money work best it can'

By Sarah Engle, Wed 24 Sep 2008 - Published in Banking

During the current economic climate, people should ensure that their money works in the best way for them, it has been claimed.

Michelle Slade, press and PR officer for moneyfacts, advised people to look at the whole of their finances to identify areas in which savings can be made.

She recommended using comparison sites to find cheaper alternatives to their current gas and electricity providers and switching tariffs.

Current accounts can also be looked at, as savers who live in their overdraft will find it more expensive if they use a product with a high rate of interest.

In addition, Ms Slade said savers should make sure their credit cards best suit the manner in which they use them.

The representative concluded: "So just look at all your finances and just make sure you have the best products and make savings, get more interest, etc, and get things that way."

Research from CreditExpert's Wealth Tells report found men are more likely than women to live beyond their means to looks as though they are better off.

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