5 Ways to Spring Clean Your Finances
Tuesday, February 26, 2019
With spring around the corner, it’s the perfect time to get your finances spruced up for the months ahead. Whether your savings goals are looking a little worse for wear or you just want to get on top of monthly spending habits, our 5 top tips can help you on your way.
1. Plan ahead
Venturing out in the nice weather on days out with the kids or for long weekends away with friends can be costly but being internet savvy can save you more than a pretty penny. Check to see if there are promo codes online or better yet call directly, whether its accommodation, travel or park entry fees – there are usually gems to be found.
2. Alternative transport
According to the Office for National Statistics (ONS), public transport costs account for our highest weekly outgoings – taking up a huge 14.1% of our income. Although it may not be an option for everyone, changing up your daily commute can help save money. Cycling, walking or even running to or from work could be an option, and for longer journeys car sharing is another great way to save on fuel.
3. Set a budget and stick to it
A budget can help you control your spending and show you where you need to make improvements. Helping you to think about money a little bit harder so that you can reach those sought-after financial goals. The key is to make sure you don’t spend what you don’t have; credit cards and overdrafts can give us a distorted view of how much money we actually have.
4. Don’t add to current debt
Once you’ve got your budget in place, it can help you identify ways to reduce your outgoings so that you free up some money to help you start saving or to help you clear existing debt instead of adding to it. A good place to start is by looking at your direct debits and decide if you could live without them, like gym memberships or online streaming services. The money saved will add up over time and can be put towards something much more worthwhile.
5. Make your money work its hardest
No matter what your savings goals are, finding the most suitable products to meet them, is key. There are lots of different saving vehicles out there, each suited depending on who you’re saving for, the length of time you’d like to save, your risk appetite and whether you need access to your money.
Here at Foresters Friendly Society we have a range of affordable saving and investment products to help you save for your or your child’s future. Take a look here to find out more.
This blog is intended to provide information, not financial advice, to help you make an informed decision about savings and investments. We do not offer financial advice. You should contact a financial adviser, who may charge a fee, if you want financial advice.