Personal Finance Tips
The key to paying off your debt is to get organized. Here are our top tips on managing your finances:
- Create a Budget – Until you know exactly how much money you have coming in and going out each month, you risk getting further in to debt. Draw up a realistic budget that lists all your income and expenses.
- Reduce Your Outgoings – Examine your budget and identify where you can make savings. For example, buying lunch at work each day can easily cost £5 or more per day. By taking your lunch in with you, you can save over £20 per week.
- Cancel Unused Subscriptions – Are you paying for a gym membership, but never go to the gym? How many television channels do you watch regularly – and how many are you paying for? Cancelling unused subscriptions delivers instant savings each month.
- Shop Around – Log on to internet comparison sites to search for a better deal on regular outgoings, such as gas, electricity, mobile phone and insurance. Companies target their best offers at new customers. If you have not changed supplier for a year or more, there is a good chance that you can secure a better deal by shopping around.
- Consolidate Your Credit Card Debt – Credit card debt is one of the most expensive types of personal borrowing, with average interest rates currently over 18 percent. By consolidating your credit card balances, you can reduce your monthly payments and free up cash for other regular expenses.
- Start Saving – Once your debts are under control, start a savings plan. Even if you only put a small amount away each month, it will soon start to mount up. In the future, instead of borrowing to fund special purchases you will be able to dip into your savings account, allowing you to treat yourself and remain debt-free.
We’re here to help. Contact us today.
