'Credit cards can make your money go further - as long as you're disciplined' School friends Sophie Hughes and Lucy Cohen established their Cardiff-based accountancy and book keeping practice Mazuma Money two and a half years ago. Though they were expecting a downturn in business in the current economic climate, business has actually been busy.

Sophie and Lucy, both 26, have always tried to engage sole traders or the self employed and people who think they can't really have accountants. Sophie, who grew up in Lisvane, Cardiff, insists if you can remain disciplined with credit cards, they are a great way of making your money go further, but only if you set up a monthly direct debit to pay off what is owed in full the following month.

Sophie says: "Not only will you earn interest on cash sat in the bank and not incur any interest on your card, but you can earn rewards with various credit cards.

"Set up direct debits for everything. Often, you get a discount on household bills for doing this. It's easy to go pounds over at Christmas, so why not go pounds under in January?"

Sophie, of the Birchgrove-based firm also recommends comparison sites when renewing insurance. She said: "Sometimes though, it's cheaper to go directly to the provider as some don't use comparison sites. Don't just accept a renewal quote either.

I had mine for my car and decided to bang all my details in online at my current provider. Just by cancelling and setting up a new policy with the exact same insurance provider, I saved more than pounds 300 on my quote. That's an extra pounds 25 in my pocket every month for 12 months for 15 minutes work!

"And if you are a family, you are entitled to family tax credits if your household income is below pounds 66,350, which is much higher than many people realise."

www.mazumamoney.co.uk

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MAZUMA: Lucy Cohen and Sophie Hughes