These days, there are so many more things to buy and budget for than ever before – who knew that you simply had to have that special eyebrow razor? Or do you have to have it?
Very often, being good with money isn’t just about holding back on impulse purchases; you also need to make the most of the money that you both spend and save so that it works its hardest for you.
While many of us are delighted just to not be in debt at the end of every month, just as many of us are worried about having too much month at the end of the money. If you’re experiencing money problems and need help to find the light at the end of the tunnel, then visit here for friendly and helpful advice. If you’re looking for ways to spend and save smarter, then read on.
Don’t expect your money to magically grow in a savings account
It will grow, of course, but unless interest rates rise by any meaningful degree in the near future, you won’t see much benefit. You might want to keep an eye out for different providers with better rates or for accounts that have appealing rates for the first year or two. You can always move the funds around if there are no serious penalties.
Attend to the “hungriest” debts first
Make sure you pay down the debts with the highest interest rates fastest so that they don’t have time to accrue large amounts that add to the total amount you pay off. If you can, try to round up your monthly payment, too. If your payment is £122.50 a month, then pay £125.00 instead. It’s not much, but it helps.
Have a cooling-off period for purchases over a certain amount
You can set this amount – £50 or so – and any purchase that is over this amount has to wait for 48 hours. This doesn’t apply to essentials, of course, but it does apply to boots, weekend trips, dog clothes and the like. If you still want the item after a couple of nights’ sleep, then it isn’t just an impulse purchase.
See if you can find your item cheaper elsewhere
Use your 48-hour cooling-off period to see if you can find it cheaper in another shop. You might be able to find it online and use a discount code, or earn cashback on it. Get into the habit of shopping around before buying anything because you’ll often be able to shave a few pounds off.
Check your bank statements
Whether they’re online or on paper, you need to comb through your bank and credit card statements. There’s always the chance that a subscription hasn’t been cancelled like you thought it had, that you’ve been charged twice for something or even been the victim of fraud. If you find out in time about an unauthorised charge, you can get a refund and of course it’s vital to take action if you think you’ve been defrauded.