For most people getting our money in order usually starts as a New Years’ resolution and by the month of April our resolve can start to wain, so we have put together some ideas on how you can continue to keep an eye on your finances throughout the whole of 2014.
The first thing to do when checking your finances, is to review the plan you made in January. You need to ask yourself various questions, such as whether the plan was realistic - perhaps you have been spending more than your income. If you didn’t make a plan at the beginning of the year, then now is a good time to write down all of your expenses and income, if your income is lower than your outgoing costs, then you will need to stream line your monthly outgoings, if it’s higher then you could start to pay off some of your debts or set up a standing order into a high interest account each month.
Reducing your mortgage payments:
Typically a mortgage will be the biggest expense of any household, so by reviewing your mortgage policy could save you money each month. Interest rates are at an historic low so why not pop in and speak to one of our mortgage advisors, who will be able to help you to review your current mortgage.
Credit cards can be very expensive so we have put together some ideas of how you can keep in the clear with your card:
• Avoid monthly credit card charges by setting up a direct debit every month.
• Do not withdraw cash on your credit cards.
• Make sure you pay off more than the minimum each month, as this will not enable you to pay off the debt, it will just be paying the credit.
• Check out new deals available on line, for free credit transfers at a 0% of interest or a lower rate of interest.
Cutting down on your food bill:
Work out how much you need to spend per week on food, and keep to it. Create a menu plan for each day, with treats, lunches and so fourth, this will enable you to not spend money on impulse buys, Bogoffs, are not always great, as they can lure consumers to spend money on items they might not necessarily need.
Try and avoid buying salad by the bag and ready made fruit, as these tend to go off really quickly, and always check the best before dates on products. Check out the nearly out of date section of your supermarket, and freeze meat and fish when it’s on offer to use another day. If you would like to find out some more food saving techniques, then check out the LoveFoodHate Waste website, packed full of money saving tips.
Your mortgage could be at risk if you do not keep up your monthly repayments.
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