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The Savvy Scot

Personal finance and lifestyle blog

Get in control of your finances this fall

By Pauline

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Sometimes it just feels like there is never enough money. You only earn it to solve emergencies and the month is half way through but all the money is gone. It takes hard work to get in control of your finances, but with a little belt tightening you can actually get in a much better position in a few months.

Forego all unnecessary spending

Sometimes you feel like you really need a £5 coffee to feel better. Maybe you have a magazine subscription that you never open. Or you haven’t gone to the gym in six months, but you’re still paying for your membership. This has to stop. Sometimes unnecessary spending isn’t obvious. It is that insurance premium you think you need when you’re already covered elsewhere. It is that third cocktails you’re drinking with your friends when you would have had just as nice an evening with two. So it is time to make your spending more conscious. Every time you are about to take your wallet out, ask yourself: “Do I really NEED this?” yes, need, not want, because for now, we’re only spending on the bare essentials.

 

Reduce your monthly expenses

No that you have cut the most obvious spending, it is time to review your monthly expenses. Things such as your utility bills, your broadband and TV deal, the money you spend on transportation, on leisure… Everything that comes out of your bank account via direct debit should be scrutinized. Switching utility providers is really easy. Same goes for broadband. Maybe you can cycle to work once or twice a week, or use the bus instead of your car. You can also try to pull your errand into a once a week trip so you don’t waste petrol and use your car more than you need. It all comes down to trying to live the same lifestyle without the wasteful behaviour. Food waste is a big one. Every week, see how much food you are throwing away, then do not buy that item for the following week. Try to go through your cupboards and freezer and eat while you already have to temporary save on groceries.

 

Find the best deals for your money

While the fastest loans can help you for a short term cash emergency, you should make sure you are paying the lowest interest rates on all your debt. Credit cards can be transferred to a 0% balance, loans and mortgages refinanced, and the cash you save by doing that put to repaying your debt faster. Before you know it, you will make a much bigger dent in your debt.

If there is enough money to start a small emergency fund, also make sure you are getting the best rate for your savings. There are online comparison sites to help you determine that. Take advantage of sign up bonuses and shop around.

Filed Under: Money Tagged With: finances

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