The Turkey sandwiches are all eaten. The Christmas tree is sticking out of the dumpster. And your drinks cabinet is reduced to crème de menthe.
It’s January, and the time we all decide which resolution to make a go at. If yours is to improve your financial health, here’s our pain-free workout to save money and reduce debts. Stretch off and let’s go.
Budget, better
Layout your statements and look out for those direct debits that fly under the radar. You know, the $50-a-month gym membership you rarely use. Check for the small stuff that adds up, too. Hmm, do you really need that National Geographic subscription? It’s also good to set a budget for luxuries. That way, you’ll avoid impulse buys that come back to bite at the end of the month.
Budgeting is essential to get your finances back on track.
Make the switch
Switching utility companies, bank accounts, and credit card companies is a good way to cut down bills and benefit from new joiner perks such as cashback, 0% interest for 12 months, and erm, fluffy toys. Check out the money comparison websites. Then compare the comparison sites. If you do switch, keep checking you’re getting the best deal and switch again if needed.
Consolidate debt
We all hate those manila envelopes that drop through the letterbox. Credit cards, course fees, and electricity bills always come at the wrong time. With debt consolidation loans, you can pay off all your debts in one monthly payment. That way, debts are easier to manage, and you needn’t worry about misplaced bills.
Boost your credit score
If your credit rating is looking a little limp, there are ways to build it up again. Joining a credit-builder account is perhaps how to build credit fast. They help you establish credit history, check and track your credit score, and get access to financial tools to help you save.
Set up a savings account
If you haven’t already, set up a savings account. You can earn interest, find a no monthly fee account, and still access your money whenever you want. Plus, you can set up automatic payments to gradually build your savings. And weekly or monthly deposits from your regular account into a savings account means you can save without the hassle. Just take the time to shop around for the best interest rate.
Make little changes
You don’t have to make epic lifestyle changes to improve your financial position. The little things all add up. Read a lot? Guess what, libraries still exist and save you from buying new books at stores or from e-readers. Going to a special event? Rent those designer accessories rather than dishing out half of your savings. Got a long-distance relative? Skype or WhatsApp them instead of splashing out on costly phone calls.
Follow these tips, and you’ll discover you’re in much better financial shape this time next year. So much so, you’ll need to find a different resolution to tackle in 2018.
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