As we all know, life can be pretty full on so sorting out your finances can often get pushed to the end of the to do list. Giving them some TLC on holiday might not sound very appealing, but spending just an hour sorting them out could save you hundreds.
1) Work out a monthly budget
Knowing how much you’re spending and taking a look at where your outgoings are going will help you work out where you could make savings and if you’re overspending on a regular basis.
Write down all your regular outgoings and compare these to your income. If you’re spending more than you’re earning there’s a problem and you’ll need to look at where you can save.
Your budget can help you see if you’re spending a lot on something like eating out or take out coffee. By making small changes to your lifestyle choices, you could save yourself a fortune.
2) Don’t let your broadband bleed you dry
Finding a cheaper broadband deal online can only take a few minutes.
All you need is your postcode and the amount of time you spend online. Many broadband providers give new customers incentives to join like free line rental or vouchers. Compare all the options and make sure you’re getting the best deal.
3) Check your credit report
Checking your credit report can be a quick win for your finances and it’s easy to do. Websites like ClearScore or Noodle let you check it for free.
If you notice an error, ask for it to be amended as this can affect your ability to get credit in the future.
4) Switching your gas and electricity providers takes little energy
If you’ve been with your energy provider for a while, chances are you might be on their Standard tariff. This tariff could be a lot more expensive than their fixed tariff. By switching you could save yourself hundreds and hundreds of pounds. Switching can take minutes and it’s easily something you could do by the poolside.
5) Is your current account costing you?
Millions of us haven’t changed bank account in years, meaning your provider could be making money off you and you’re getting little reward – don’t let this be you. Many banks offer cash incentives for switching current accounts and it’s honestly easier than you think to do – they’ll do all the hard work for you.
If you’re often using your overdraft see if you can swap to an account with an interest free overdraft because the interest some accounts charge for this type of borrowing can be eye watering.
If you often pay in large amounts of money, look for a current account with rewards or cashback for doing so.
6) Have a subscriptions detox
Go through your bank statement and see which subscriptions you are signed up for. Give yourself some tough love and workout whether you really need Netflix, Amazon Prime and Spotify. If you have services that are duplicated try to only keep the ones you use the most.
The same goes for unused gym memberships and dating sites. If you don’t use them they can go.
7) Make savings on your next trip
Once you’ve done all the above you could have saved hundreds – don’t stop there. Start looking for better travel deals for your next trip abroad. Make sure you get the best deal on your travel money, insurance and if you plan to drive while you’re abroad make sure you compare deals on your breakdown cover.
