Money expert shares 10 realistic ways to take control of your finances before Easter
We are now officially in springtime with Easter less than three weeks away, which presents a great opportunity to clean out your finances and ditch anything costing you money that could be put to better use elsewhere.
Free, confidential and impartial advice is also available from Citizens Advice, StepChange, Christians Against Poverty and National Debt Advice UK. It is often a good idea to make paying off expensive debts a priority. For example, a debt of £3,000 with a rate of 18 per cent APR, could take 10 years and 10 months to pay off if paying £50 a month, with a total interest paid of £3,495. If that monthly payment was increased to £100 a month, the debt would be paid off in three years and four months, and the interest paid would be only £908.
Reviewing your bank and credit card statements will ensure your spending habits are aligned with your financial goals. If not, you will discover areas where you may be overspending and can quickly adjust. Save on household bills and auto-renewals Changes in the energy industry mean that it’s unlikely you will find many good deals on energy costs at the moment. If you don’t find a better tariff than the one you’re on it’s probably better to wait until deals are available again before switching suppliers, but there are still significant savings available on other bills.
Build an emergency fund for the future It is a good idea to have an emergency fund to use if you lose your job, are unable to work or for unexpected costs. Try to aim for 3-6 months of your salary if possible. Cash ISAs could be a great way to start saving whilst offering easy access to your savings should you need them.
Don’t neglect your pension If you are in financial difficulty, it may be tempting to try and save money by reducing or pausing your pension contributions. However, think carefully before doing this because opting out of your pension will have a huge impact on the amount you have to live on when you retire, and really has to be an absolute last resort.
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