Managing your finances: Don’t let your New Year’s resolutions slip

If you vowed to get your finances in order throughout 2013, how are you getting on? Have you put your New Year’s resolutions into place or are you struggling to make the first move? January is well underway, so it’s definitely time to take action (if you haven’t already) or double your efforts with these useful tips.

Apply for a low interest credit card

Was this on your to-do list? If so, hop online and check out the wide range of UK credit cards available these days. Some have rewards points, others have exclusive offers, but it’s important to look for one with a low interest rate. This will keep your borrowing costs down and help you buy the things you need without receiving high charges if you default on a payment. Of course, you should always try to clear your debt in time, but it’s worth having a safety net – just in case.

If you come across a credit card which offers 0 per cent on interest for a set period of time, make sure you know when the offer ends. Find out what the costs will be following any introductory term and read the terms and conditions carefully so you know exactly what you’re signing up for. This type of promotion is common (and can save you a lot of money when you pay for goods electronically), but it’s essential to know the changes that will occur further down the line.

Make an appointment with an advisor

As the rain pours and the wind blows, why not arrange an appointment with a personal advisor? Sure, it’s not the most glamorous task in the world, but while the weather’s cold, it’s worth getting all your chores out the way as summer brings as host of other distractions. A financial expert will offer you the advice and assistance you need to get your bank balance on track and can even help with mortgage repayments, taxes, pension policies, inheritance funds and much more. If you have a specific issue in mind, look for a professional with a particular specialism to get the best information around.

Start your savings plan

If you’re still paying for Christmas, you might not have much money to spare, but try to put some aside when possible. It doesn’t have to be a large amount, but enough to open a savings account or christen your piggy bank! Setting up a Direct Debit could help or you might decide to take advantage of one of the many finance apps that are available. Tools such as Saving Goals can help you raise funds for that special holiday, new car, wedding or honeymoon, so download them to your smartphone, laptop or tablet and watch your funds grow! They’re easy to use and will enable you to monitor your progress, manage multiple accounts and keep track of your outgoings.

Cut back on spending

With the festive season out of the way, have you managed to cut back on spending? If the answer’s no, it might be worth writing down your expenditure and keeping track of your payments. Understanding where your money is going will help you make changes, so it’s definitely wise to reassess your finances. Again, there are apps like Shoeboxed that will allow you to manage your receipts, or you might prefer to use a good old notepad or an Excel spreadsheet. Whatever method you choose, make sure you keep on top of things and think about how to improve your funds. If you’re a shopaholic, for instance, you might want to avoid cash machines like the plague or leave your credit cards at home so you’re not tempted. Similarly, you could try to curb your internet shopping or turn to discount stores for your home essentials.

Whether you apply for a credit card with a low interest rate online, or watching the way you spend like a hawk, you can make your resolutions come true!

Comments are closed.