In The Money
The new year is always a good time to check your finances, look up the latest energy deals and review those savings
It’s important to keep on top of your money. New rates and deals come onto the market all the time and whilst it might seem time consuming changing your accounts, in the long run it could save you hundreds of pounds.
Ask yourself these questions. Does your monthly budget work out OK, how are your outgoings compared to your income? Do you know what you owe and what it’s costing every month, ie mortgage, credit cards, personal loans. Energy bills at this time of year inevitably go up, have you allowed for this in your budget.
How much are you spending on food each week. By swapping branded products to own label you could save a lot of money on your weekly shop. Try making more of your meals as ready meals all add up, so does that over-priced coffee you buy on your way into work.
Is your income reliable? Don’t rely on regular overtime, you never know when this will stop and you could end up spending above your means.
If you have savings or investments, are they making money? It might be time to swap them or look at alternatives such as premium bonds.
If you need to borrow money, look at all the options. Interest rates can be really high, ask family if they can help out.
Do you have a contingency budget for when things go wrong? Car repairs, vet bills, emergency home repairs, all these can affect anyone at any time, so it’s never too soon to get prepared for them.
The best thing to do is to regularly put aside some money to start to build up an emergency savings fund, even a small amount can help.
Try to use a budget planner, there are several websites or apps that can help you or find a financial advisor.
If you are struggling with money, always talk to someone about it. Never feel pressured into buying something you can’t afford. There’s nothing to be ashamed of in asking for help. A friend or a family member might be able to come up with solutions that you haven’t thought about.
Whilst many people’s motto is ‘you only live once’, if you are money savvy then you can still enjoy the good things in life.
