Its a New Year and a perfect time to keep up with a couple of resolutions. It may be a chore to give up chocolate and it may be easier said than done to get yourself in the gym twice a week, but keeping on top of your finances shouldnt be difficult at all especially with these five top tips for keeping your money as healthy as possible.
Is your budget up to date?
Any change in income, change in circumstance or increase in benefits can have a massive impact on your budget so keep on top of it. Have you had to increase the hours you need the childminder for? Do you have to drive a little further to get to your new job? That extra couple of quid in petrol each day can affect your budget, so keep track.
Do you do your accounts regularly?
If you dont, start. It can be as easy as a simple spreadsheet of your incomings and outgoings so that you can see exactly what you have per month and what disposable income youre left with once everything else has been accounted for.
Its a huge help for families big and small knowing how much you have spare once youve fed, cared for and sheltered your loved ones is a great advantage. At least that way, youll know you wont be short at the end of the month, and if you are, youll know why.
Cut Your Debt
Set up a feasible plan. If you have more than one credit card, make the minimum payments and pay each one off in turn, prioritising them in accordance with the varying interest rates. Or, consolidate them all onto one if you have the funds there to do so.
Boost Your Savings
With your new budget, you can see how much you have spare each month. Why not open a savings account to keep it all in rather than spending frivolously? It may not gain much interest, but itll be better than blowing it.
Does your bank owe you money?
You may have a fair idea of all of your outgoings and various debts, but what about any you dont see? Over the past year or so, the PPI scandal has become headline news nationwide, with the FSA demanding that UK banks inform victims of mis-sold PPI. With the help of PPI claim management companies, such as iSmart Solutions, consumers across the country are finding it simple to complete a PPI reclaim form, and if they are found to have been mis-sold any, they will get a nice refund.
So far, banks have had to pay out 1.9billion to victims of mis-sold PPI and are expecting a total redress of 25 billion . Are you one of the victims? With between 4 and 12 million letters being written, keep an eye on your letterbox over the coming months. Or, check through paperwork for credit cards, store cards, loans and mortgages just in case.
Make the year 2013 the year of a financial turnaround. Take back control of your finances and make the most of what you have.
"Contact iSmart Solutions today for help with managing your PPI claim."