Finances: Review your spending for the New Year

Review your spending and save money is the advice this year as we all gather our purse strings and try not to rely on loans or credit cards as much. Credit is a great facility to have in an emergency. It however, shouldn’t be your first port of call.

Get to grips with your spending

A great place to start is by taking a moment to write down exactly how you spend your money each week or month and compare this with your weekly or monthly income.  If you regularly spend more than you earn then clearly now’s the time to review how you spend your money!

What can you go without?

Having made a list of how you spend your money, the next step is to consider how much of your expenditure is essential. For example, how much do you spend on buying coffees on your way to work or during the day?  How much do you spend on lunch or meals out?  Do you buy books and magazines every week? Do you spend money on take-away meals or other fast food?  You might be surprised at how much you spend and by simply cutting back on a couple of coffees each week and stopping those take-aways you could find yourself with money to put towards your holiday.

Make a spending plan

Rather than paying bills as they come in, try working out how much your regular bills are throughout the year and then set aside some money each month to pay them. Budgeting this way will help you to prioritise your spending and having a plan will stop those unexpected bills causing havoc with your budget. There are plenty of budget planner apps, or tools available online to help you here.

Use online loans and credit wisely

Loans through the Internet let you have quick access to a smaller cash sum of up to £1000. While such cash can be useful to you in dire scenarios, these types of cash loans are approved only for a very short-term of 30-days.

You will be approved the loan on certain conditions. Typically loans for bad credit are given only to UK residents who are 18 years of age or above. Such applicants must also be employed and should be drawing a monthly salary for at least six months.

The simple process of these loans is its unique feature. The borrower only has to register his or her name with the lender of choice to get a code number. Then, the registered borrow can take out the loan as many times as he wants. To borrow the cash, just send a text message to the lender along with code number to the lender asking him for the cash of your requirement. Within hours or at best in the same day, the lender will electronically send the loan amount in your bank account.

On the due date of repayment, the loans provider will take back the loan amount plus interest payment from your bank account.

Same day loans come with a minimal credit check process which is an advantage for the borrowers having bad credit history and low credit rating. We can say these cash loans are ideal solutions for them.

Money saving tips

Review your plastic If you have credit and store cards and don’t pay off the balance every month, you could find that you are paying high levels of interest each month.  If this is the case, make a plan to reduce your outstanding card balances by, for example, paying an extra amount of money to reduce your balance each month.  Alternatively look for a credit card with a lower interest rate – some cards even offer a 0% interest rate for a specified period.  If you have a store card that has a higher level of interest, then consider paying off the balance on this card first.  If the balances on your cards are getting out of hand then one solution is to cut up your card to stop the problem getting any worse.

Stop those impulse purchases and buy online Rather than shop for your groceries in the supermarket where you will be tempted by special offers and displays to encourage you to buy more, agree a weekly budget, make a list of what you need for the week and then buy online. You might need to change what you buy to keep within budget – try value products rather than branded goods –  but this way you will not only save money but you will waste less too!

Make friends with Delia, Jamie, Gordon et al Ditch the expensive ready meals in favour of home cooking and you’ll be surprised at how much money you could save. Rather than spending money on eating out, try cooking a special meal at home instead.

Review your life insurance If you have a mortgage and/or financial dependents, you probably have life insurance and if you took out your policy several years ago you could find that your policy no longer meets your needs, or that you are paying more than you need to.  Speaking to a financial adviser could not only ensure that you have the right level of cover but also that you have the best price possible.

Look out for packages If you have satellite TV, broadband and a landline, think about bundling these all together. There are plenty of providers out there offering competitive packages that could save you money.

Get together with friends If you share with friends, could you save money by clubbing together on items such as toiletries or groceries and buying larger quantities?

Check your mortgage rate If you have a mortgage, check whether you could get a better mortgage deal and save money on your monthly mortgage repayments. It’s worth speaking to a mortgage adviser who can search the market to find you the most competitive deal as mortgage rates vary depending on your individual circumstances.*

Review your energy costs Check you are getting the best deal on your gas and electricity costs.  Switching to a new provider could save you money – there are plenty of online resources to help you

Plan ahead Make sure you have a note of birthdays, weddings and other costly events for the year ahead so that you can budget. Put aside money each month towards these events rather than trying to find money to pay for them when they arise.

Don’t put off opening your bank statements Scary as it might be, if you understand your financial situation, it’s much easier to make a plan.  Most banks now offer online banking, and banking apps for iPhone and Android, which means that you can check your finances regularly and make sure your spending stays within budget.

Check your overdraft While many of us may have enjoyed an interest free overdraft whilst at university, you might be shocked to find out that using your overdraft facility could be costing you many hundreds of pounds each year. While having an overdraft facility on your bank account is a useful back-up, check what it’s costing you.

Start saving Saving money each month (however little) will give you a cushion against unexpected expenditure and will also enable you to plan for that holiday.  Savings of only £10 per week will really make a difference and also help in the times of need when previously you’ve reached for the plastic or a short term loan.

Using online loans

Payday loans are hassle free if approved, the needed sum can be in your account within 24-hours of application.

  • An amount up to £1000 can be obtained.
  • Bad creditors are equally eligible.
  • No paper work or credit verification is needed.
  • No collateral is required

However you need to fulfill some eligibility criteria. You should be:

  • A permanent UK citizen above 18 years of age
  • Regularly employed and having a minimum salary above £1000
  • Have an active checking account in any bank in the UK

Anyone facing long-term debt or feels that they have issues with repayment of loans should contact the citizens advice bureau.

Save money in 2018

We should all be saving more and spending less. With the ever-presence of debt within all our lives, saving can be nigh-on impossible sometimes. Howver, if we allow ourselves space from debt, short term loans and credit cards, by refining our spending, making it easier to manage. Then we can all be financially happier for longer.

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