Are your finances in dire straits? Don't worry, we've got you covered. By cutting out simple mistakes, you can get your money shipshape this year. Here are seven tips to help you on your way:
1. Shop Around for Insurance
Don't let auto-renewing insurance drain your wallet. Save hundreds of pounds by comparing prices for home, car, travel, and other insurance. Use a comparison site and put a reminder in your diary three weeks before your cover ends.
2. Don't Be Loyal to Banks
Swapping your current account can actually earn you cash rewards. Consider moving to First Direct and earn £175, or enjoy £5 each month from Halifax's reward account. Loyalty doesn't always pay!
3. Claim All Your Entitled Benefits
Millions of people miss out on benefits they are entitled to, from pension credit to council tax support. Use the free benefits calculator on entitledto.co.uk to ensure you're getting what you should.
4. Cancel Subscriptions You Don't Use
Those monthly app, gym, and streaming site subscriptions can add up. Take the time to cancel the ones you don't really use. Save money and declutter your life.
5. Budget Like a Pro
Fail to budget, and you'll fritter your money away. Plan your spending weekly and monthly. Budgeting apps like Snoop or Emma can help you track your spending and suggest cutbacks.
6. Minimize Interest on Debt
If you have debt, make sure you're paying as little interest as possible. Consider a balance-transfer credit card with zero interest for up to 30 months. Check if you're likely to qualify before applying.
7. Build Up Your Savings
Don't rely on high-cost borrowing in emergencies. Set up a small direct debit to a rainy-day cash pot immediately after payday. You'll be surprised how your balance grows after just a few months.
Remember, these tips can help you take control of your finances and set yourself up for a successful financial future. Start implementing them today and watch your money grow!
