We’re well aware of the phrase “new year, new me” and for many that will involve keeping a lid on finances.
We’re through January, one of the most financially difficult months of the year, and it’s now time to start saving, making changes and doing what you can to look after the pennies.
At Moneymagpie we’ve got plenty of tips to help you have a year without having money troubles at the back of your mind.
Stick To A Budget
It’s always good to plan your weeks/months/year and adjust your budget accordingly.
Take your monthly earnings and portion it off into the various sections you need to spend such as bills, petrol, and groceries.
From there you can make an account of where you’re spending. Can you cut down anywhere? Do you have expendable income? By figuring this out you’ll be able to adjust accordingly for holidays, day trips and birthdays etc.
Make The Most Of Loyalty Offers
So many places now offer loyalty cards, rewards, and coupons. They’re well worth taking advantage of, particularly if you’re a regular shopper in places. Whether it be a restaurant, supermarket, coffee shop or pharmacy, sign up and earn while you spend. It’ll save you money in the long run.
Additionally, your bank will also likely offer Credit Cards with rewards when you spend X amount in certain places or deposit a certain amount. You’ll also find discounts at shops and restaurants too, so knowing what you’re entitled to could see you a long way!
With inflation rising quicker than our wages 2018 is the perfect year to start being wiser with your wallets and doing what you can to save money and keep your finances afloat.
Get Rid Of Any High-Interest Cards
If you’re paying a lot of interest on credit cards or mortgages, it’s worth shopping around.
Across the world, you’ll find plenty of comparison sites showing the best low-interest rate cards in Canada, or the UK, USA and beyond.
You can transfer balances for 0% for 12 months as switching your mortgage to lower interest rates. It’s well worth doing and people can save thousands just by making a simple switch.
It’s estimated that the average UK household has about £2,600 of credit card debt which would ecru £1,495 in interest if you were to pay £66 a month across six years on the standard 21.2%APR. Be sensible and do what you can to freeze that interest.
Look Into Switching Service Providers & Haggle Your Prices
You can save plenty by shopping around when it comes to your service providers. Whether that be internet, electricity or TV packages, car insurance, phone networks - the list really could go on.
It’s worth evaluating all your bills at the beginning of the year and seeing what you can do. In many cases, your current provider will want to keep you as a customer and may offer you a cheaper deal, while you’ll most certainly be able to find cheaper deals elsewhere as providers look to gain new customers.
On another note, when it comes to bills and services, don’t auto-renew services for the very reason that it’s working elsewhere.