10 STEPS TO GET A GRIP ON YOUR HOUSEHOLD FINANCES

The Homeowners Alliance champions the interests of Britain’s homeowners and aspiring homeowners, providing unbiased and practical advice as well as services you can trust whether you are buying, selling or owning your home. For more visit www.hoa.org.uk

YOU’VE heard it all before: watch the pennies and the pounds will look after themselves. But how can you really get a handle on your finances? Here are some simple ways to get your household budget under control.

1. Stop moaning

The reality is, budgeting is boring. We all know that, but it’s essential to forget the negative vibes and get to grips with things so when you get to the end of the month you’re not left wondering where on earth all the money went.

2. Get a budgeting app

Once you know where your money is going you can decide what changes you want to make. Budgeting apps on your phone or tablet allow you to easily record what you spend and where so you can keep track. Here are some good options: Mint A free app that allows you to see all your accounts in one place, categorises where your spending is occurring and stays up to date with recent transactions. And it’s smart watch compatible Fudget A budget planner, personal finance and expenditure ledger that creates simple lists of incomings and expenses so you can keep track of the balance A free account tracker, budget planner and bills manager

Pocket Expense Personal Finance 3. Get your bank app working for you

All banks have a free app to help you manage your money, make payments and review your spending. Get it glued to your home screen and check out what tools they have that can notify you of your balance on a regular basis and warn you when you are about to become overdrawn.

4. Don’t pay over the odds

Whether you’re buying a product or service, shopping around online and researching your purchase is the best way to ensure you’re not paying more than you need to be. Whatever you’re about to buy in a shop, if it’s something you don’t need today, you may be able to find it cheaper online and have it delivered tomorrow. Yes, you should support local high street businesses where you can, but not at your expense. Use Google to check prices, and don’t forget to factor in the delivery charge.

5. Save money on bills

Switch, switch, switch! Why pay more for your energy, internet or broadband contract when you don’t have to. Everyone’s doing it and if they’re not, it’s because they can afford to throw money down the drain. If you want to keep track of your energy usage, the best way is to give regular meter readings to your energy provider. This helps your supplier to keep your bills as accurate as possible.

6. Online food shopping

One in 10 of us now do our grocery shopping online. This is a great way of managing your costs and to avoid being tempted to spend above your budget. Supermarkets often offer money-off for new online customers. If you prefer to feel before you buy, then create a meal plan for the week and write a shopping list or take pictures on your phone of the contents of your fridge, freezer and food cupboards before you head to the supermarket, to stop you doubling up. The Aldi and Lidl websites show weekly offers so you can go with an idea of the bargains you want to bag. If you see non-perishable everyday items on offer such as shampoo, it makes sense to buy it in bulk. If after all this you’re still over spending, find out where the problem area is. Keep your receipts so you can write down everything you buy, put each item into categories and try to work out how you could do better.

7. Use cash

With the contactless payment facility on most bank cards today, the ability to spend is easier than ever. If you are trying to keep to a budget, then using cash for your lunch money for the week, or on a night out will help you stay in control.

8. Strip back on subscriptions

We’ve all been there. You need to cut back on spending but Netflix is less than £10 a month, and you almost use the gym enough to make the membership fee worthwhile. We can talk ourselves out of cancelling the small stuff, but when you look at all these outgoings in the round, they all add up. If you’re trying to control your monthly outgoings, then look carefully at your annual and monthly subscriptions, especially direct debits and those that might auto-renew.

9. The roof over your head

If you own your own home, then your biggest outgoing will be your mortgage. Given this, remortgaging should be top of your list of money saving measures. And with interest rates at an all time low, there is no better time to remortgage. Before you hand over your hardearned cash, try these three questions: Do you really need it? Will you use it? Is it good value for money? They’re critical questions you need to ask yourself before you buy anything.