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Take Control Of Your Finances Today With These Simple Tips
With the entire world on lockdown and most of us waiting out the pandemic at home, there’s never been a better time to improve your financial situation. Whether you’re trapped in a cycle of overwhelming debt, or poor spending habits, your account is leaking money and you don’t know why, or you want to boost your house deposit savings, now is the time to give yourself some financial confidence and put yourself back in control of your future.
Here we’ll look at how you can take control of your finances today with these simple tips.
Plan for the future
From your pension to your child’s nest egg – click here to find out more about Junior ISAs – planning for the future is essential if you want to take control of your finances. It keeps you in control and allows you to make plans and make better choices. A house deposit? A holiday or new car? If you have something in mind you’re more likely to be motivated to work towards your goal and then, reach it.
Spruce up your knowledge
Do you know the difference between an ISA and a savings account? What about changing interest rates and mortgages? If – like many people – you’re struggling with some of the terms and aspects of money and finances, then why not spruce up your knowledge? Read blogs or books that can give you a better understanding, or check out YouTube for some straightforward videos. The more you know, the better decisions you’ll be able to make.
Pay off your debts
From credit cards to store cards, even old utility debt that is following you from property to property. Everyone has some kind of debt, but that doesn’t mean you should simply ignore it. You may end up paying more than you initially borrowed in the interest alone! Go through your debts and consider consolidating them into a simple monthly payment. It’ll give you more control and it’ll lower your stress levels too.
Consider a ‘spending fast’
When you go on a spending fast, you allow yourself to reset your views on spending and your attitude to money. Pay your bills and necessities each month, but then avoid spending any more on frivolous items or anything deemed unnecessary. This experience alone may completely change your outlook on spending and it may prompt you to save a little more instead.
*Disclosure – Take Control Of You Finances is a collaborative post – for more information please see my Disclosure Policy