Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
We are well into a new year now, which means that there has never been a better time to kickstart your finance and make sure that you are better off as we progress through 2019, compared to how you were during 2018.
The trouble with our finances is that sometimes it can be really hard to figure out where to start. So, to help you to make sure that you give your money a good workout during 2019, we have put together some of our tops for making the most of your money for the next few months.
The thing about utility bills is that they are things that you have to pay out for in order to be able to live. Which means that many of us just accept how much we are paying out and don’t think about taking the time to find out if there are anyways that we can save money. Utility bills, just like any other type of payment can be cheaper if you shop around. There are a number of tools out there that are going to help you to compare utility providers, which will make it all the easier to save some money.
For the past few years, PPI has been a term that plenty of us have heard of and know about. However, the time is almost up on being able to apply for this compensation and receive the money that could be owed to you. The deadline for PPI is the 29th August 2019, which may sound like plenty of time, but actually isn’t that long. So, if you think that you might be able to obtain some money for mis-sold loans, credit cards or any other financial agreement, then you need to act on it as soon as you can.
Budgeting your money isn’t exactly the most exciting of things to do, however, when it comes to making sure that your finances are in check. Then it is one of the best things that you can take the time to do. It can take time to work out a budget, you need to think about what you pay out each and every month and break it down into necessities and things that you could cut back on. Once you have this list, then it is time to take action. It may be hard to live on a budget and go without, which means that you might want to start small, perhaps thinking about it for a month or two and seeing whether or not that is going to be possible for you to do long term.
A year can feel like a long time and if you want to make sure that you are in a good way, then you are going to have to keep at it and persevere. One way to do this is to set some short and long term goals and milestones that you need to hit. This could be monthly, bi-monthly or even longer. The idea is that you have something to look towards, to drive you forward. The thing to remember is that you should be realistic about what you can achieve. Whilst you may not be able to pay back all your debt, what you can do is reduce it, which will help you in the long run and get you started on the path to a better financial future.
Whilst you shouldn’t be spending every single moment of your day thinking about money, you should make the effort to check in with your finances each and every day. This can be as simple as checking your bank balance and making a note of any transactions that have come out or that are about to come out. Internet banking and banking through apps have made this a whole lot easier to do and whilst there may not be much change from day to day, simply making an effort and being aware of your bank balance is a really good place to start.
Debt is never a good thing to find yourself in. You may have to borrow the money at some point, but you also need to think about paying it back. The thing about debt is that it isn’t always as straightforward as simply paying an amount back. You will also need to consider interest that will be applied too, as this will have an impact on how much you pay in the long run. Of course, you have other things that you need to pay out for each and every month. But if you can, then your debt should always take centre stage. After all, paying this off quicker means that you are going to pay less interest and save yourself some money in the long run.
Do you pay home insurance, car insurance or any other form of insurance on a monthly basis? If you do, then you may find that you are paying much more than you should. Insurance companies can be sneaky when it comes to the amount that they charge you on a monthly basis, especially when it comes to renewal time. So, if you know that your insurance is coming up, then you need to make the effort to call them and see if there is any way that you can get some money off each and every month. It may only be a small amount, but in the long term, this can really save you some money.
If you live as a family, then you are all going to be responsible for all the money that you spend out each and every month. Which means that it is a good idea to get your entire family on board. Explain to them why you are looking at your finances and the things that you could all cut back on. You might face some opposition to your ideas, but if you try your best to get your entire family on board then you are definitely going to be on the right track to make some changes to your finances.
It might not seem that long ago that it was Christmas, but this early part of the year is the best time to start thinking about the upcoming festive season as well as any other things that you may have coming up that you need to pay out for. Birthdays, holidays, back to school, all of these things can mean paying out and if you leave it until the time comes then you may find yourself paying out on a credit card or another form of debt. Instead, why not make this your chance to start thinking about saving up for the rest of the year. You might worry about how much you can put away each month, but the truth is, that with a number of months, especially until Christmas comes around. Even the smallest amounts can really mount up. You can even further improve your savings by taking a look at the best saving accounts out there to put your money in.
If you have got yourself in a bit of a finance pickle over the past 12 months, then the last thing that you should be doing is beating yourself up. Sure, you could have been a little more careful, but there are times in all our lives when we forget to keep an eye on our finances and things can get a little messy. The most important thing that you can do, is to stay positive. Think about the future, think about the ways that you can make changes and think about how, in the future, you can make sure that you are going to be in much healthier position. By keeping positive, you can make sure that you stay motivated to keep working hard to improve your finances. It can be hard, it can be a lot of effort, but we can promise you that in the long run it will all be worth it.
We hope that 2019 is going to be a great year for you, not only personally but financially too. There might not be much that you can do to get luck on your side, but when it comes to improving your finances, it is all in your hands. You need to make the effort and take the time to improve things for yourself. You never know, you may even end up finding that you start 2020 in a much more positive way than you started 2019 and that is one thing that we can all look forward to.
If you need a short term loan to tide you over a cash crisis in 2019 check out Fernovo’s loan rates here.