It is so hard to keep track of your financial situation sometimes, wouldn’t you agree? Many of us set up direct debits and let the monthly payments leave our account on that designated day and that is the end of it. What is left is yours to spend for the rest of the month and the cycle continues. However, often this complacency can be our biggest enemy as we lose sight of what situation we are in and whether or not we could be better off. January always presents a good time to really put some focus on your finances, after all, you may have made some resolutions and goals to travel more, buy a house or just generally enjoy like a little more. So I thought I would share with you some of the top tips to help you get back in control of your finances.
Tackle the big spend each week
Let’s face it, one of the biggest outgoings we have after a rent or mortgage payment is food each week. Wouldn’t you agree? However, it is actually one of the bills we have the most control over. We choose what we buy and what we eat, so surely there is a way to reduce this spending? Yes there is. By simply making some changes to your buying habits, you can significantly reduce what you spend on the shopping each week. Meal planning is a great way to reduce the spend, as well as changing where you shop and making conscious choices to use shop own brands instead of brand names. These changes alone could see you raking in big savings each week.
Analyse your bank statement
The only way you will know what you are spending each month is to sit down with your bank statement and analyse the situation. That means scrutinising each debit and deciding whether or not they should be leaving your bank each month. You might be surprised to find things leaving that you thought were cancelled, or even things you totally forgot you were still paying for. It can happen, and doing this regularly will help you stay on track with your finances.
Take control of debt once and for all
Debt can also be a big factor with our finances and sometimes it is a good idea to really analyse your debt situation and workout if there is any way you could be making some savings. Consolidating debts could be the answer as you may see a significant saving on the interest you pay. Looking online at a debt consolidation calculator could help you determine what your options are. It may not be nice to have work through this, but the saving you could make could really help you pay it off faster.
Can you reduce any of those regular payments?
Finally, there are always going to be bills we pay out of necessity. But could you be making savings to these? Energy and insurance products can offer big savings when you consider changing providers. Loyalty sometimes doesn’t mean you are getting the best deal.
I hope that these tips help you get your finances back on track.