Cash advice
The New Year is upon us and as we all make our resolutions, why not try to get on top of your finances in 2020? Here, the Financially Fabulous money team share their tips on ways to be more financially secure this year…
1 START SIMPLE
Listing your goals may sound silly, but it’s a good place to start. Write down short, medium or long-term financial goals for this year – like affording a big holiday or paying off your credit card debt. Having something specific to save for will help you focus and make it easier to sacrifice the small stuff to achieve it. Pin your list up somewhere to remind you on days you’re feeling tempted to splurge!
2 KNOW YOUR BALANCE
With so much of our spending on contactless cards, it’s easy to lose track. But people who check their bank balance every day tend not to overspend. So, whether you set up a text alert from your bank or use a budgeting app ( like Yolt or Money Dashboard) or check your balanace when you pass an ATM, get into the habit! The best way to shift money into savings is to set up a direct debit. Do this at the start of the month
– and if you have any spare cash left over, save or invest it.
3 BE STRICT
January is a great time to review your non-essentialbut-nice-to-have lifestyle spends to see what you still use, what you’ve forgotten about, what you really value and what you could cull or trim back. We’re looking at you – gym membership, music subscription service, extra TV channels, beauty treats and daily lattes.
4 GET MORE MONEY -SAVVY
Make this the year you never pay full price. There’s usually a discount, voucher code or cashback opportunity to be had. Whether it’s a meal out or switching insurers online, be alert to money-saving tricks and tips. You can find voucher codes online (or on apps), such as vouchercodes.co.uk, checkoutsmart.com or hotukdeals.com for example.
5 PEP UP YOUR PENSION
If your company has a pension scheme (and you earn more than £10,000) it’s a no-brainer to be enrolled. Whatever you’re contributing, your employer will match it up to a certain amount, but could you be putting in more this year? If you’re not sure how much to save to get the retirement you want, use the pension calculator at moneyadviceservice.org.uk to get an idea.