message to display in fancybox
Read more Home page

Join us on

MMM Blog Join us on Twitter Join us on Facebook Join us on YouTube

Top tips to get your finances in control in 2018

The party season is well and truly over and it’s time to get real about money.
If you’re feeling the financial pinch, then don’t to bury your head in the sand – take action to make sure you stay in control of your money in 2018.
According to research from CYBG’s digital banking service B, over a quarter of people in the UK are worried about meeting at least one major debt repayment in January, with a third saying finance is their biggest worry in 2018.
MMM has put together some top tips to help you get tackle your finances and make sure 2018 is a year where you take back control of your money.

Shift your debt
If you put a lot of spending on your credit card, particularly over Christmas, and are struggling to keep up with payments, then shift your debt to a 0% balance transfer card.
You will need a good credit rating to get the top deal, but if you can get it, it means you can concentrate on making monthly payments but with no added interest.
Some credit cards offer as much as 38 months interest free on balance transfers, so this can buy you plenty of time to clear debt.
There may be a transfer fee, so take that into account. Do not spend on this cards and always keep up with the minimum payments, otherwise you will lose the deal and could face large penalties or interest charges.

Change your mindset
Sometime your money problems are just about the mind – how often do you find yourself buying something just because you’re a bit down? Or we buy something because we see someone buying things and we want to keep?
Equally, we don’t speak up – if money is tight and you cant afford a night out, don’t go and if you’re splitting the bill, pay for what you ate.
So, the first thing to do to get back control of your money is to change your mindset – be honest with yourself and get focused.
Give yourself some realistic goals, otherwise it all becomes overwhelming and will lead to you feeling low.
Also, be visual with your goals – you can use apps to help you with this, such as Yolt or Money Dashboard.

Check-in everyday
Do you dip into social media everyday just to see what the world and our friends are up to? We all do, but this year, why not try and look into your bank account everyday?
Checking your bank statement once a month is not good enough to help you keep tabs on your spending.
If you are only checking your statement once a month, then it’s unlikely you are keeping tabs on your day-to-spending. You need to think about your money everyday.
Consider downloading your bank’s app, or even consider reconsider how you bank. There are a number of new banks out there, such as B, Monzo and Atom – they provide you with plenty of additional tools to help you budget and manage your money.

Automate your savings
Taking control of your money also means putting money into savings.
As well as monitoring your spending, it’s important you save as well.
If you’re rubbish at switching some money away each side or spending it all before you get to actually save, then don’t worry.
The best way to put money away is to automate savings. There are a number of apps that can help you do this, such as Chip or Plum – which use AI algorithms to determine an affordable savings amount for you and then automatically shifts it for you.
There are a number of new digital bank accounts, such as B, by Clydesdale and Yorkshire Bank, which have apps that can do similar things and help you monitor spending.

Budget
Finally, if you haven’t got a budget, then it’s time to give yourself one. You can’t be in control if you don’t have a clue about what is coming in and out of your household.
Once you’ve worked out what you have left over after calculating your income and outgoing, see where you can make cutback and determine an amount to save for yourself and your children.

Leave a Comment

Send

Interest rates up for the first time...

The Bank of England increased the interest rate for the first time today in 10 years – a base rate increase 0.25%. The increase was widely expected and although it is just a s...

Read more...

Do you still have old £5 notes?

Old £5 notes will no longer be a legal tender after 5 May 2017 – so, if you have any, use them or bank them. Mums and dads – raid your children’s piggy boxes and bank...

Read more...

Virgin Money launches Manchester Uni...

If your child is a Manchester United fan, then they’ll certainly be attracted to Virgin Money’s new savings account for children. In a partnership with Manchester United, Vi...

Read more...

Reduce your grocery bill by 70% this summer!

The kids are off school and they are going to be hungry – inevitably, the next few weeks will see the cost of your weekly shop shoot up.

To help families keep the costs of food shopping down, MMM put Approved Food to the test, which can help slash the cost of shopping by as much as 70%.

There is of course one catch – the food is past or close to its sell-by date, but perfectly safe.

With a £30 budget, MMM managed to bag a fair amount – cereals, tinned food, sweets and treats, drinks and even laundry detergent and dishwasher tablets – the sort of things where you can generally ignore the date stamped on the product.

If you’ve tried reducing the cost of the grub by switching brands or shopping at discount stores but think you can do better, then try Approved Food  – you’ll be surprised at just how much you could save on some store cupboard essentials.

New products are available everyday and there are some real bargains. For example, Sprite Zero 330ml for just 29p or a 2kg Reeses Peanut jar for just £2.99. There’s even stuff for pets, at more than 50% off.

MMM was really pleased with service and surprised at just how at just how much £30 would buy (see pic above/ instagram).

Although we would like to see Approved Food cut down on the cardboard packaging, the items arrived well packed and in excellent condition.

So, if you’re looking to save a few more pounds on your groceries, take a look at Approved food – you’ll be surprised at just how good the bargains are.

 

Keep up with MMM on Twitter @MumMoneyMatters and Facebook !

 

Having a Baby

Pensions

Savings

Work & Benefits

Life & Benefits

Childcare/Schooling

Shopping

Holidays