5 ways to go from Couch to Financial Fitness SHRED YOUR COSTS

The governmentbacked MoneyHelper launched Couch to Financial Fitness, an online programme to boost the UK’s financial fitness as we emerge from the pandemic. This Summer is a crucial time for those impacted by the pandemic to tackle their finances. Here are some of their top tips to build your money muscles…

1 BUILD A BUDGET

This will take effort but it’s a great way to get a quick snapshot of the money you have coming in, going out and spot areas where you can make savings.

2

WORK OUT YOUR PRIORITIES

If you’re struggling to stay on top of your debts and payments, make sure to pay priority ones (mortgage, rent and energy) before secondary ones (overdrafts, personal loans, credit cards and Buy Now Pay Later arrangements) as the consequences of not paying back priority bills are more serious. Use MoneyHelper’s Debt Advice Locator Tool to find a trained debt adviser.

3 STRENGTHEN YOUR SAVINGS

It might be hard to think about setting aside money but it’s a good idea to try to have some emergency savings. Think of it like lifting weights – even a small amount each month will make a difference, and you can always add more if you feel like you can take it up a notch.

4

If you’re spending more than you have coming in, you need to work out where to cut costs. For many of us, household bills make up a large chunk of our spending, but by shopping around, there are ways to save potentially hundreds of pounds a year.

5 ASSESS YOUR PROGRESS

Life is unpredictable, so review your budget and spending if there’s a change to your circumstances, or every couple of months to ensure you’re still on the right track. Use this as a chance to celebrate those wins if you have been keeping to your plan. Just like physical fitness, it’s healthy to look back and see how far you’ve come.