January is renowned for being the month where many of us will be thinking about how to improve our finances over the next year. So we have put together a few pointers on how you can manage your finances, which will keep you in control and hopefully help you to manage your money better.
Working out your income and expenses per month:
Quickly jotting down all of your income and expenses each month will give you a really good idea of where you stand, you will also be able to work out from this where and how you can cut down on unnecessary items such as Sky TV or mobile phone contracts if you need to.
Money force offer a free planner, to try this out visit their website.
Alternatively you can print off a sheet and put it on the wall of all of your monthly direct debits or use an excel file to add your expenditure and income.
Keeping a record of your expenditure:
Keep a diary of everything you spend, this can seem a bit of a chore but if you can manage to keep a diary of your expenses, including the small purchases for a month it will give you a better overall view of where you can save money.
Before considering transferring balances we suggest that you visit a recognised money advice service such as MAS or comparison websites for extra advice and guidance.
Interest on these types of debts is usually very high, so try and pay off the most expensive loans first, there are some great offers on the web where you can move all of your debts over to a new credit card provider and have to pay no interest for up to 18 months. There are various comparison sites where you can check out the best offers available on the web.
Another option could be to combine all of your debts into one cheaper loan, this way you can avoid paying really expensive debts, and start to pay off the balance.