Five More Financial Things You Should Do In 2009

2009 looks like it's going to be a tough financial year for many of us. Read Jane Baker's top five tips for getting through it.

This article was first sent to Fools as part of our Afternoon email series.

Last week fellow Fool writer, Cliff D'Arcy warned you of Five Mistakes To Avoid in 2009 from the perils of leaving your savings to stagnate to steering clear of expensive debt by using a 0% balance transfer credit card.

I think there are a few more things we should all be doing this year to keep on sprucing up our finances. Here's my top five for 2009:

The early bird catches the best remortgage deal

If your special rate mortgage deal is up this year, make sure you act early. I would suggest you think about remortgaging at least three months in advance, giving you plenty of time to hunt down the best mortgage. True, mortgage lending has tightened in the current financial crisis, but that doesn't mean there aren't good deals to be had, especially if you now have a decent equity stake in your home.

If your current lender offers a rock bottom standard variable rate (SVR) mortgage then you may not even need to switch your mortgage just yet. Nationwide's SVR, for instance, is just 4% right now, but it's only available to existing mortgage customers reaching the end of their special rate period.

You can take the hard work out of remortgaging by speaking to a broker at The Fool's mortgage service who will help you find the best deal.

Save Tax-Free!

Don't forget about the humble tax-free cash ISA . Every tax year you'll get an ISA allowance, which you can use from 6 April in one year to 5 April the next. This tax year you can save up to £3,600 in a cash ISA, and you won't have to pay a single penny in tax on your interest.

Like all savings accounts, the rates on cash ISAs have dropped off lately, but it's still possible to get a decent return.

The best buy cash ISAs include the Birmingham Midshires Direct ISA (Issue 3) which pays 4% AER. That's equivalent to a taxable return of 5% for basic rate taxpayers and 6.66% for higher rate taxpayers.

If you're happy for your money to be locked away for a while, try the Leeds Building Society Inflation Buster ISA (Issue 8). The account pays a return equivalent to the percentage change in the Retail Prices Index (RPI) during the 12 months to 30.11.2009 plus a bonus of 2%. RPI currently stands at 3% which would have given a return of 5% for the last year. But don't forget the interest rate will drop if RPI continues to fall.

Give your old energy supplier the elbow

If you haven't given your gas and electricity bills much thought the chances are you could be paying more for heating and supplying energy to your home than you should. You can trim back your bills by switching supplier. All you need to do is compare gas and electricity tariffs with The Fool. You could save around £206* off your annual bill.

For more top Foolish tips on how to save money, read How To Slash Your Heating Bills This Winter.

* Customers who stored their details and received a savings quote from the Fool's comparison tool were shown an average savings quote of £206 from 01/10/2008 to 08/10/2008.

Wave goodbye to your current account

Has your bank wound you up for as long as you can remember? If you're sick of dismal service and unfair treatment, you don't have to put up with it. More and more people are getting into the habit of switching their current account. You would be surprised how easy it can be these days too.

But which bank should you switch to? I like Alliance & Leicester which is offering a pretty good deal right now with the Premier Direct Account. You'll need to pay at least £500 into the account every month, but in return you'll earn 6.50% AER fixed for one year on balances up to £2,500 (0.1% thereafter).

If you tend to slip into the red every now and then, A&L offer a 0% EAR overdraft with no interest or fees for the first 12 months. After a year you'll still benefit from the 0% overdraft, but a usage fee of 50p a day applies, with a maximum charge of £5 a month.

There's also a version of the account for the over fifties which offers a £100 incentive to customers who switch. Read more about the special offer here.

Make the most of your money

Many of us are expecting a pretty tough financial year in 2009 as the credit crunch continues to wreak havoc and the economy slows down. My advice is to make your money stretch as far as possible. So, when you have to spend make sure you spend Foolishly.

Luckily, we've got more money savings tips than you can shake a stick at! For the latest value-for-money offers take a look at Discounts And Deals #87 -- which we'll update every single week -- and read my Foolish friend, Serena Cowdy's article 20 Things You Can Get For Free!

That's all for now Fools. Let's hope the new year is a prosperous one!

More: How To Be Debt-Free By 2010 | Five Mistakes To Avoid In 2009 | Compare all kinds of financial products at The Fool.