Economic turmoil is sweeping the country like an icy chill, yet if you want to keep your savings safe, manage your money, buy a new kitchen or just go on holiday there are top techniques to insulate yourself.

Save in complete safety

In the unlikely event your bank goes bust, from yesterday, your first £50,000 of savings in any one financial institution is now protected. If you've more than £50,000, spread it over a number of accounts to mitigate the risk.

External Link: For a bank-by-bank chart, more information and Icelandic news read Martin's full Safe Savings guide

Turn a credit card into a financial superhero

They are rightly castigated as a cause of the current woes, but, bizarrely, in these dark times, credit cards have a hidden power. And with many companies going bust, it's never been more important to use one.

How it works

Section 75 of the Consumer Credit Act is the nerdy name for this hidden power. It means, by law, credit cards (not debit cards, charge cards, cash or cheques) must automatically protect any item you buy anywhere worldwide over £100 and under £30,000.

It means if there's a problem with the goods or the company goes bust, whether it's a kitchen, computer or anything else, the credit card company is forced, by law, to give you relevant redress or your cash back just like the retailer would.

The golden rule

This means for unbeatable free protection, buy everything over £100 on a credit card. Yet ALWAYS set up a direct debit to repay the balance in full EVERY month, so there's no interest.

How to claim

Simply call you card provider and say: "I'm claiming under 'Section 75'". Sometimes the call centre operatives won't have heard of it, but this is a legal right.

If you don't have a credit card, or don't have a clear one, then apply for a new one.

External Link: Martin's Section 75 guide provider details of the best plastic to use, plus free claiming template letters and full info.