2. After the expense and indulgence of the festive
season, many of us resolve to sort out our finances
in January. We all like to enter the New Year with a
flurry of enthusiasm, but more often than not, all
those best laid plans have fallen by the wayside
before the first blossom of spring. However, there
is no need to be disillusioned - it may feel like you
have a mountain to climb, but with a few simple
changes, taking control of your finances is one New
Year's resolution that can soon become a 2013
reality.
3. Keep your balance
Look to make savings on outstanding credit card debt by
investigating balance transfers. This can be a great way to
consolidate debts and get your finances under control.
Finding the right balance transfer deal can also give you a
break from high interest rates for a set period. With one
simple monthly repayment to make, there is less chance of
forgetting a bill, meaning less chance of nasty charges.
4. Plan ahead
It sounds simple, but how many of us really plan what we need to
finance in the near future? If you feel like you get an unwelcome
surprise in the form of bills or payments more often than not, then you
need to make a payment calendar. You may have your monthly bills
sorted out, but don't forget those sneaky road tax bills, birthdays,
weddings or school trips...they soon add up.
Keep a separate financial calendar for the bills and events that are
going to make a dent in your budget and plan accordingly. In addition if
you have any life changes on the horizon this year, like planning for the
arrival of a baby - ensure you take a step back and think finance!
5. Go back to basics
Debit cards are great for convenience, but it can become
easy to forget what you're spending when you don’t have
to keep track of the cash in your wallet. Withdraw enough
money to cover your budget for the week and leave the
card at home.
You'll be amazed at how you think twice about all those
little purchases when it comes to handing over the cash.
Alternatively, consider managing your spending with a
credit card – setting yourself a monthly budget and sticking
to it, whilst each month clearing your balance in full.
6. Utilise technology
Make sure everything is running smoothly with your finances by
setting up direct debits for all your payments. Once you know what
date all your bills will debit from your account, you can set up a spread
sheet detailing exactly what expenses are deducting from your bank,
and when. Many companies also offer discounts to customers who
pay by direct debit, as it saves on paper and admin time.
Another clever way to utilise technology is to download a financial
planning app for your smartphone or tablet. With a huge variety on
the market, you are sure to find one to suit your needs, allowing you
to carry your budget plan with you in your pocket.
7. Plan for a rainy day
Sometimes it can be hard to save, but even setting aside as little as
£20 a month can help put a dent into paying off a holiday or next
year's Christmas spend. Set up a standing order to transfer an
arranged amount into your savings account every month and you'll
probably find you don't even notice the difference.
Shop around for the best deals and put the money you would have
usually spent into savings - it'll soon add up. Great money-saving tips
and deals are available online for everything from eating out to
cosmetics, clothes, family and even spa treatments for when you want
to reward yourself with a little treat.
