One of the most popular resolutions people make each year is getting on top of their money situation, and it’s a great goal to try and achieve. Money might not be everything in life, but it is important and something all of us need to be able to manage whether we earn a little or a lot. Here are some ways to go about it this year.
Save money on bills
There’s no getting away from bills, we all need to pay them. However, unless you’re particularly savvy with your money, chances are you’re paying too much, a few simple changes can prevent this and ensure that extra money is going into your own pocket- not to these big companies! Run some quotes through price comparison sites and make the switch to cheaper deals each year when your contracts run out.
Stop overspending on groceries
It’s so easy to overspend on food, supermarkets are purposely designed to make us part with more of our hard-earned cash. Meal plan and shop to a list, consider buying cheaper brands and buy meat and veggies on sale as you can cook and freeze them before they go out of date and the meals you make will last for months. Pack your own lunches and coffee for work, and cut back on the takeaways. Not only will your wallet thank you, but your waistline too!
Keep travel costs down
Is your car a massive drain on your finances? If so, there’s plenty you can do about it. First, how about switching to a different model, something with a small engine will cost less to run and will likely be cheaper on tax and insurance too. Companies like Hogg Motor Co have a range of used cars that don’t cost the earth that you could browse through. Otherwise, have you considered giving up your car entirely? If you live close to work, walking or biking could save you on fuel and parking and would be good for your health too. If you currently spend a fortune on public transport, learning to drive and buying a car could save you cash. As you can see, there’s no ‘one size fits all option’- so work out what you’re spending and how much cheaper it would be going down a different route.
Get out of debt
Being in debt is expensive, interest rates mount up and you end up paying back far more than you originally borrowed. Put a plan in place to get debts under control- start making larger payments to bring down balances more quickly, or speak to a debt management company if you can no longer afford minimum payments.
Once you’re out of debt, make a plan to start saving. Putting away just a little each week or month quickly adds up, if you automate the payment to be taken from your current account and go into a savings account you won’t even need to think about it.