9 Money Saving Apps You Can’t Afford To Miss Out On

9 money saving apps you can’t afford to miss out on

If you are always look at new ways to save money, you have probably already tried tracking your budget and changing your finances – but how long does this end up lasting? Most of us start with good intentions, but soon find ourselves getting sidetracked and our budget ends up suffering as a result. If you could track your budget and get your finances in order, it would be much easier and with these handy apps, you can do just that. These are just some of the money saving apps you don’t want to miss out on.


1. Spendee

Are you spending money but not sure where it’s going? Does it seem like money is going out quicker than it comes in? It’s probably time to take better control and you can do this with the free app, Spendee. This app helps you to keep track of your budget by entering spends as you go along, so you never forget to track a purchase. This app can help you to save a lot of cash if you stick to it.


2. Mint

This handy app offers everything you could hope for managing your finances and it is all under one roof. You can track your bills, pay off your debt, create budgets and many more. This is a great, handy way to keep your finances in order and get an idea of where you are spending your money and where you can make cutbacks. Mint is a free app, which is available on both Android and iOS.


3. Money Dashboard

You can link up your bank accounts with this app, so you can see exactly where your money is being spent and where you can make some changes to be much financially efficient. The app can also help you to save cash where you need to and pay off any debt you have. If you want to be more financially aware – this is a good app to do just that.


4. Moneyhub

This is another great app for helping you to see when money is coming in and how much you are spending. You can look at all your account together, including your savings and business accounts, look at your spending habits and where you can make changes to make your money go further. You can also connect to professionals who can help offer you support and advice on your spending.


5. Quidco

If you’re shopping anyway, this app can be a handy way to earn while you spend. You can take photos of the products which you want to redeem for cashback, upload them and the cash will be paid into your account. Shopping will be much more fun with this handy app!


6. TopCashBack

In the same way as Quidco, this is another cashback app which allows you to make money as you spend. The small amounts of cashback here and there can really add up, so it is definitely worthwhile giving this one a try.


7. My Supermarket

If you want to know where to get the best deal on all your shopping products, this is the app for you. This will compare the prices on your favourite products, so you know exactly where to go to get the best deal. This is updated daily and you can compare products from all the top supermarkets, including Tesco and Morrisons.


7. Big Oven

This app is a good way to save for those who waste a lot of food, as it gives you ingenious ideas for creating new recipes from old food. You can follow other food bloggers and get ideas from your friends. If you want to cut down your costs when shopping for food and making meals – this is the app for you.


8. Trainline

If you travel a lot, this is a handy app for saving you money. You can get the best deals by keeping track of when tickets go on sale and the easier you do this, the more money you will save. If you are always on the go – download this app to save you some cash.


9. Music Magpie

If you have CD’s and DVD’s lying around, you can stick them on this app and make some money in the process. You might even want to use this on the go as you visit car boot sales and charity stores.

How To Treat Yourself For Free (Or Low Cost)


How to treat yourself for free (or low cost)

Most people have busy lives these days and this is why it is vital to take time to refresh and pamper yourself. We all need time for ourselves, which doesn’t involve work or stress – just simply being alone and unwinding. If you don’t have much spare cash, you might think that you can’t afford to pamper yourself, but there are plenty of ways you can treat yourself for free or at a very low cost. These are some options you might want to try.


Read a book

No matter what is going on in your life, taking some time to relax and read a book is a great way to escape any of your stresses. It is proven that those who read frequently are less stressed, in general, than those who don’t do any reading. If you don’t have anything to read at home, pop into your local library and stock up or visit your local charity where you will pick books up at low cost. Get yourself a big bar of chocolate and you have an instant low cost way to treat yourself.


Spa treatment

Spa treatments can cost a fortune, but you can actually create these in your own home – without spending a dime. Make yourself a homemade face mask, run a bath filled with soapy bubbles, light some candles and you have your very own relaxing spa treatment. Finish off with some moisturiser and a heated dressing gown and you will feel like you have enjoyed a truly indulgent experience.



A great way to relieve stress; yoga is an exercise which you should aim to incorporate into your daily routine and best of all, it can be completely free. You don’t need to go to a class to enjoy all the benefits of yoga, you can watch videos for free on YouTube from the comfort of your own home.



There are lots of free meditation apps to download but ultimately, you don’t really need anything to practice meditation. Get yourself comfortable, breathe in, hold and relax and continue this for at least ten minutes. You will soon find that over the course of a few weeks that you will start to feel much more relaxed. This is the ultimate way to relieve stress after a busy day.


Movie night

Why not relax in the evening by getting cosy and watching a few movies. If you have a subscription already to Netflix or similar, you won’t need to spend anything for this kind of pampering or you may want to dig out some old DVD’s. A glass of wine or bar of chocolate might make this even more relaxing.


Go to the park

Take a break from the norm and organise a half day from your work to do – absolutely nothing! Yes, you can do this, it is allowed and it will feel even better, knowing that you could be sitting at your desk instead. Take a walk to your local park, sit on a bench and read or just watch the world go buy. The simple things can make us the happiest at times and seeing a bit of nature is a good way to do this.


Have a nap

Sometimes the most indulgent things are those which we don’t get to do very often and for most, this includes going for a guilt-free nap. Instead of worrying about that housework you should be doing or those dishes which are piling up, just nap – and enjoy. It costs nothing and can be highly enjoyable.


Window shopping

It may not be as fun as real shopping, but if you don’t have the cash to splurge, it can still be refreshing to take a look – and try on your favourite clothes. You can even compile a list of items you want to buy when you do have some spare cash, or get the assistant to put them away for you to pick up later. This can be just as satisfying and you can top off your day with a cupcake and a coffee.


Beauty day

Spend an entire day pampering yourself with beauty treatments and you will feel better than ever. Do your own nails, enjoy a face mask and give yourself a foot massage.

Tips For Eating Healthy On A Budget


Tips for eating healthy on a budget

There is a belief that eating healthily means you need to pay a fortune on your shopping and some feel that eating the right foods is just not affordable for their budget. However, in many ways, eating the wrong foods can be much more expensive. If you find that your food expense is much higher than you would like, these are some ways tips for eating healthily, while still sticking to your budget.


Write a list

A good way to stay on track with your healthy eating is to write a list of all the shopping items you need to prepare your meals. It is a good idea to get some recipes for healthy meals, so you know exactly what you need to buy and you don’t get sidetracked into buying unhealthy food. If you don’t plan ahead, it is easy to end up wasting a lot of money and buying foods with no nutritional value.


Buy in bulk

If you don’t tend to buy a weekly or monthly shop, you will probably find that you end up shopping a lot during the week – and this can quite quickly add up. It is much more cost effective to set yourself a budget for the week and do a big shop. Not only will you be more likely to shop for healthy foods, you’ll save yourself some cash in the process.


Cheaper stores

If you tend to go for the most expensive brand, this could be one of the reasons your shopping list is so high. Obviously some brands taste better than others, but this doesn’t necessarily mean the more expensive ones. You can significantly reduce your shopping bill if you just shop at cheaper stores or you look at less expensive brands.


Prepare your meals

You have probably heard how important prepping your meals is for staying healthy and this is also imperative for the purpose of saving cash. You should aim to plan your meals for the entire week on a Sunday, so you know exactly what you will be eating each day. Another good trick is to prepare your meals and freeze the leftovers for the next day. This will save you a lot of money and you will be far less likely to want to order a takeaway.


Homemade lunches

It may not seem like much, but if you spend £3 a day on your lunch, this adds up to over £700 the year! There is not only the cost to consider, but you don’t really know what you are eating most of the time and if you are consuming pre-made sandwiches for instance, they are probably laden with calories. It is far healthier and less costly to make up your lunch the previous night. It will probably be far more enjoyable too, as you won’t need to wonder how your meal has been prepared. Again, it is all about being prepared.


Skip the junk food

Junk food is not only unhealthy, but it is also extremely costly and as such, is best to avoid at all costs. This is why preparation is so important, as if you already have all the right foods at home, you won’t be reaching for that takeaway menu. A takeaway can easily cost between £10-20 and you can actually get a full week of shopping for not much more than this. If you want to get healthy and reduce your costs, it’s time to put those takeaway menus where they belong; in the bin!


Discount vouchers

There are lots of places to pick up discount vouchers, which you can use to get money off your shopping and it is well worth making use of these. If you take a look on money saving websites, such as Money Saving Expert, you’ll find discount codes and vouchers which you can use to get some money off your shopping. If you feel embarrassed using vouchers at the checkout, just do your shopping online instead.



Supermarkets tend to cut their prices down when products are about to go out of date, so if you choose wisely, you could get your shopping at cut prices and save yourself some money, while still maintaining a healthy diet.

30 Days To Get Your Finances In Order


30 days to get your finances in order

The bills keep arriving and you feel like you are drowning. You barely have enough money to see you through the month after pay day, but is there a way to get out of this mess – quickly? If you adopt the right strategies, you can get your finances in order within 30 days, as long as you are committed to achieving results. These are some ways to get your finances back in shape as quickly as possible.


Get your credit report

In order to start getting your finances back on track, you need to get a better understanding of what state they are currently in. The best way to do this is to access your credit report, which will show your debtors and how much you owe. It is also important to determine any errors on your credit file and contact the company directly. If you are not on the voting register, this is another aspect which can affect your credit rating. Analysing your credit report is not the most enjoyable task for those who owe a lot of money – but it is best to go into this with your eyes open. Whatever the results, there are plenty of ways to make improvements and get your finances back in order.


Increase your income

It may not be as easy as it sounds, but improving your finances naturally means earning and saving more, so this is what you need to set your mind to do. It may be that you can pick up some overtime in your work, do another job or earn in other ways, such as selling on eBay. It doesn’t matter if you increase your earnings by as little as £10 per month – every penny helps.


Track your budget

The best way to start sorting out your finances is to understand where you are spending your money – and you may just be surprised with the results. Work out exactly how much you are spending and what you are bringing in, categorise these to see where your money is going and you’ll be able to start cutting costs to save money. It is important to remember that although this seems like it will be a bit of a pain to do; you might feel that it’s ruining your fun in some ways – but bear in mind that by making these small changes, you’ll be able to benefit by having better and more rewarding things in the long term. If you get your finances in order, you will have the spare cash for better things, such as holidays etc., so take care of your finances now for the results in the future.


Compare suppliers

Take a look at your current suppliers and see if you can get a better deal elsewhere. For instance, your gas and electricity, mobile phone and broadband. There are lots of price comparison websites out there, so there is no excuse not to get the best deal on the market. If you change your suppliers, make sure you do this via a cashback website, as you can pick up some ‘free’ money this way and make some extra cash.


Make savings

It is good if you can put some money away each month, but there are also other ways to make savings. Your bank account may be offering features which you didn’t realise and these could be saving you money on your everyday expenses. What about your Boots advantage card or store card, are you making use of these? These are all small savings, which can add up over the year, so check what your suppliers are offering, you’ll probably find that there are lots of benefits you were not aware of.


Find free activities

Just because you’re trying to save money, it doesn’t mean you need to lock yourself at home – there are plenty of activities out there to enjoy. A quick search for free activities in your local area will give you a good idea of what you can do, without spending much (or any!) money. You will probably find that there are lots of enjoyable activities out there which you would never have even thought of before and you might end up seeing more of your local area too.

Common Financial Mistakes And How To Avoid Them


Common financial mistakes and how to avoid them

Unless you are extremely savvy, you have probably made some financial mistakes throughout the course of your life – most of us have! Unfortunately, most of us are not really taught how to manage our finances effectively from a young age and this can cause problems in later life. Fear not though, no matter how bad your finances are – you can make steps to get them into order. These are some common financial mistakes and how to avoid making them, or at least reduce them if you’ve already made them!


Using credit cards

Many people completely rely on credit cards for daily purchases, but this is a sure-fire way to get into huge amounts of debt. When you use credit cards, you don’t feel like you are using real money. The money isn’t coming out your account, so it’s easy to just keep using it without any further thought, but this can easily spiral out of control. It is best to avoid the use of credit cards altogether, or at least keep them for emergencies and pay cash whenever possible.


One source of income

If you are solely relying on your pay at the end of the month, you may find that you will struggle financially, if not now – in the future. Even if you make good money in your full time job, it is a good idea to have different sources for your finances – as this will give you better control and earning potential. There are so many ways to make money out there and most of us don’t utilise any of these or very few of them. Some examples might include investing in property, selling items online or doing some additional work with another employer. The more sources of income you have, the better your peace of mind will be and less worry about finances in the future.


Living beyond your means

It is natural to want to keep up with everyone else, but you have to live within your own means and only buy the things you can afford. You may want to buy the latest BMW to drive up to your next business meeting, but if you can’t afford to keep up with the payments, you will only give yourself financial stress. Although it can be challenging, living within your means is important if you don’t want to create financial problems in the future.


Not saving for special occasions

There is nothing worse than a special occasion looming and realising you don’t really have the funds available to pay your way. Not only does this cause financial stress, it can also leave you reaching for your credit card. An easy financial mistake to make is not saving for special events and failing to forward plan for your future. It is a good idea to have different savings for separate occasions. For instance, your holidays, clothes, travelling, a new car, etc. It may take longer to get the cash you need, but saving is much better than using finance.


Not budgeting

If you just go around spending, without keeping any tabs on your accounts, you are likely to be spending much more on things that you don’t really need to be. It is a good idea to track your money, as this can stop you from wasting money unnecessarily and can help you to make savings. For example, you might be spending a lot of cash on shopping every day, when a monthly or weekly shop would be far more cost effective. You may be spending a lot of money on travelling to work, when you could quite easily just walk. These small savings can be used on much more enjoyable activities, such as travelling.


Lack of financial planning

Another common mistake is a lack of financial planning. Not working out what you need to survive, what you are actually bringing in and what your financial goals are for the things you want to do in the future, are all mistakes many people make. If you plan for your future, your finances will be a lot better and you will have a brighter life as a result. Everyone has different goals for their finances. Some people are happy to just survive, while others want to see the world and retire early. It is entirely your decision but just be aware of what you want.

FCA Plans To Help Customers With Credit Card Debt

FCA plans to help customers with credit card debt

Consumers with credit card debt could benefit from greater help with their debt, if plans by the Financial Conduct Authority go ahead as planned. The FCA have put a proposal in place to ensure credit card companies are offering more help for those who have paid more interest and charges than they have paid back on their outstanding balance, within 18 months. This may be welcome news for borrowers who feel that they are caught in a never-ending cycle with their credit card debts and constantly fire-fighting, without seeing any noticeable difference.


FCA proposals

As part of the proposal, there would be three steps put into place, which credit card companies would need to follow for customers who are suffering as a result of long-standing debt. The first step would be for the credit card company to request that the customer starts to make quicker repayments, if it shows that they have been in regular debt for 18 months. If the debt continues onto a further 18 months, a repayment plan would then be put in place, so that customers can pay their debt back in affordable amounts. If the customer fails to make these payments, they would not be able to use their cards and in some cases, interest and charges would be cancelled to help the customer make repayments.


Credit card debts

An astounding 3.3 million people are caught in persistent debt and 1.8 million are experiencing this problem at least twice over 18 months. This figure shows how huge this issue is and how many people are struggling to make ends meet. The problem is much greater than most people would realise and for credit card companies, it is more beneficial to have customers in debt, as in many cases, all they are really doing is paying interest. The plans would mean that customers would save money and the total amount saved could be as high as £13 billion by 2030.


Help for customers

In addition to this, the FCA are looking for credit card companies to offer better financial help to their customers, particularly when they notice they are having financial issues. The proposal would require credit card companies to keep track of payments by customers and to use the data to understand when customer repayments are not as regular as they had been previously. It is also suggested that credit card companies would let customers know that they have the right not to be told of any credit limit increases, as this is what can quite easily cause credit card debts to spiral out of control.


Why credit card debt is so high

Although income levels have stayed the same, credit card debts have continued to increase. There is an average credit card debt of £2,500 per household and this is at the highest level in 11 years. In most cases, consumers are not using their credit cards for luxuries, they are using them to make ends meet and this worrying trend looks set to continue. With the cost of food and other bills on the rise, it is no wonder that households are feeling the pressure and hitting the plastic. Initial free interest periods, followed by high rates are causing consumers to take out credit cards under, what could be viewed as, false pretences. The introduction of contactless cards also makes it much easier for consumers to spend money quickly.


Credit card alternatives

Credit cards are not the only option and in fact, should be a last resort. It can be good to have a credit card for emergencies, but this can also prove too tempting for some consumers to resist. Saving your money is by far the most preferable option, or taking out a payday loan might end up costing less, as long as you pay it back as soon as it is due. The fact is that with credit cards, you don’t really feel like you are actually spending money, so the bills can be a shock, especially when interest is added. It is not always easy to avoid debt, especially if your income tends to fluctuate, but it is important to take the most sensible option, based on your own circumstances.

7 Tips For Discussing Money Topics With Your Partner


7 tips for discussing money topics with your partner

Money is one of those issues that people don’t often like to bring up when in a relationship. If there is a big difference in earnings, it usually won’t be discussed at all in the early stages and both parties will usually pay equally. However, when your relationship becomes serious and you move in together, it is important to discuss money with your partner and be open and honest about your financial situation. Honesty is always the best policy and being upfront can make the relationship stronger. These are some tips for discussing money topics with your partner.


1. Outstanding debts

If you are planning to buy a home together, your credit score will be checked, so any outstanding debts you have will come to the surface. This is why it is so important to be honest about your finances with your partner. If you have a lot of debt, let your partner know. If they are the right person, they will understand and won’t judge you. A lack of honesty about finances will usually be found out eventually. If you are honest, you can help each other out when you need it – so it benefits both parties to be upfront.


2. Create financial goals

You may want to consider creating financial goals, so you know what direction you are going and whether the two of you are on the same journey. For example, if you both love travelling, you may be happy to save together to create your dream or if you prefer to buy things for the home, then you may want to save towards this. It is really important that you both have the same financial goals for the future. For instance, if one person is interested in travelling and the other is more materialistic, it may cause problems down the line.


3. Set boundaries

It is important to set your own boundaries when it comes to money, otherwise it will end up affecting your relationship. Many people put this off as it can take the fun out of moving in together or generally progressing the relationship, but it is important to understand who pays what. You may want to split everything equally, or if you earn more than your partner (or vice versa), you might be happy for the main breadwinner to pay more.


4. Payment plans

Sit down and discuss how you will pay your bills. For example, will they be direct debits from a joint account or will you both be responsible for paying different bills? If you do this, there will be less confusion and you will have a good understand of who is responsible for paying each bill. Whatever you do, don’t hide bills from your partner, as this is a sure-fire way to cause major issues in your relationship further down the line.


5. Budget together

It doesn’t really matter how much you have or who earns more – you can still budget together and make your money last. As a couple, you may decide to try doing as much fun, free things or make meals at home instead of eating out. If you work together with things like this, you can create a stronger relationship and savings at the same time.


6. Stick to your guns

As much as it is a partnership and being honest about finances is important, you should stick to your guns and not be swayed by your partner. For example, if you would rather keep a separate bank account, rather than a shared account, let your partner know this and stand your ground. You are perfectly entitled to manage your own money and many people choose this option, as after all, we don’t really know what will happen in the future.


7. Seek help

If you find that you are arguing with your partner about your finances, it may be a good idea to seek some professional help. It may be that one of you has spending habits which are out of control and the other isn’t happy about it! Sitting down and discussing this with an expert, can help you to manage it and hopefully, reduce any stress about money. It is not worth wrecking a relationship just because of money, so always look to get help if you need it.

Summer Is Coming! How To Make Your Money Stretch Over The Holidays

Summer is coming! How to make your money stretch over the holidays

The summer months are nearly upon us and if you are low on funds, you might be dreading the prospect of it. If you don’t have a lot of money to spare, this doesn’t mean you can’t go on holiday, you just need to be a bit more careful with your planning and spending. These are some ways to make your money stretch over the holidays, while also ensuring you have a great, worry-free time.


Holiday at home

It isn’t always necessary to go abroad on holiday, there are usually plenty of things to do in the country we reside and these can be just as good, but less expensive. You can instantly cut down costs on flights and general spending if you holiday at home and you’ll probably get to see some exciting places in your local area that you have never noticed before.


Book early

You can save a fortune on your holiday if you book it early enough. You can often pick up flights for as little as £10 to travel around Europe if you manage to book in advance. The closer it gets to the holiday, the greater the flight prices usually get, so book it now and go later. You will only need to pay the cost of the accommodation, which generally won’t change greatly over the space of a few months or more.


Share accommodation

Generally speaking, the more people you have in an apartment, the lower the costs will be. With apartments, you usually pay for the accommodation, rather than per person. If you can get a good group of people to share your accommodation, you will really drive your costs down.


Borrow summer clothes

As soon as a holiday approaches, most of us start to worry about the clothes we will need and the huge cost of going on a shopping spree. However, this is generally unnecessary spending. Holiday clothes are often not worn again, so ask your friends and family if you can borrow some summer clothes from them. This will instantly cut down your costs before you even get on holiday.


Free activities

Believe it or not, you don’t usually need to take a lot of spending money on holiday, you just need to be careful with your cash. Instead of lying around at the pool all day, ordering endless drinks and snacks, take a walk and see the local sights. Not only will you get exercise and some knowledge of the place you visit, you will also save a lot of cash at the same time. There are always plenty of free activities to enjoy on holiday, even if it’s just a simple walk in a park or a day relaxing with a homemade picnic.



This is often a more cost effective option, as you can buy your food at the local supermarket and make up your own meals in your hotel or apartment. The option of self-catering can save you a lot of the expenditure of eating meals out all day every day – which can add up. This isn’t to say that you don’t enjoy the odd meal out here and there, it’s just about being sensible with your cash.


Cashback websites

You should always make your holiday booking via a cashback site, if possible. This will help you save money, as you will usually get a percentage or flat fee back after making your booking. Most people don’t use these websites but when you consider you are getting money for purchases you were already making, it makes sense to do this. This might also give you some extra cash to spend on your holidays, so it is worthwhile.


Pay cash

It is a good idea to use cash instead of credit cards when you are spending money on holiday. Not only is this a better way of managing your finances, it also saves you paying interest fees. When you pay cash, you can set budgets for each day and it makes it much more manageable to control. If you use cards for all your spending, you will have much less control over your spending and this is the way you end up accumulating a lot of debt.

6 Ways To Make Money Quickly


6 ways to make money quickly

An unexpected bill has arrived or you completely forgot your rent is due and you have no cash left in your account. Sound familiar? This could be a complete disaster, but before you start panicking, there are things you can do to get cash quickly, so all is definitely not lost here. Believe it or not, many of us find ourselves in these situations and more often than we would all probably care to admit. Taking positive action is an important way to cope with these situations, sitting around and worrying will definitely not do anything to solve it. These are some methods you might want to use to make money for your bills as quickly as possible.


1. Sell online

There are probably loads of items just lying around your home, which you could quite easily sell on to make some extra cash. It may not be much, but every little helps in these situations. Quite often, debtors will be happy to accept at least some kind of payment, so anything is much better than nothing. Sell your items on eBay, Amazon or even Facebook groups and you never know how much you could end up making.


2. Do some freelance work

If you have some useful skills and experience, you might be able to pick up some freelance work from websites such as Upwork. There are usually projects you can work on, which due to the urgent nature, will probably pay out quite quickly. Alternatively, you might want to ask around to see if anyone needs some odd jobs taken care of around their home or even try some dog walking or babysitting when you have spare time.


3. Ask friends and family

No one really likes to go to their friends and family when they are down on their luck, but if you really need some cash – they will understand. It happens to everyone at some point and anyone who is worth being in your life, will not look down on you for asking for a loan. The good thing about borrowing from friends and family is that you can get the money quickly and means you are not robbing Peter to pay Paul. However, it is a good idea to only ask friends and family who you think have extra cash to spare, as otherwise you might put them in a position to lend money when they can’t afford it.


4. Payday loans

Although there should always be careful consideration when taking out any kind of debt, payday loans can often act as a lifeline for many people in these kinds of situations. As long as you can definitely afford to pay it back and you take into account the interest on it, payday loans can help you deal with any finance shortfalls, so you can pay your bills on time. If your friends and family are not able to help and you need the money quickly, payday loans can offer a quick and easy solution. Payday loans are usually paid out within the same day as the application is made, which is ideal if you are in dire need of some funds.


5. Get an advance

It might be impossible, but if you don’t ask, you won’t get. If you have exhausted other avenues, it may be worthwhile asking your boss if they could give you an advance until you get paid. This is probably a more common request than you might think and you never know what the answer may be. Some companies just won’t have the capability to do this, while others will be happy to help out. Have a quick word with your boss and see what they say.


6. Temporary assignments

If you are working part-time or have some spare hours over the weekend, have you considered taking on a temporary assignment. If you contact recruitment agencies in your local area, you never know what work they might be able to offer you. The great thing about this is that you are usually paid weekly, so it can be a good option if you need your cash quickly. It is important not to over-work yourself but even if you do this for a few weeks, you will feel a difference in your wallet.

How To Get Your Finances In Order Through A Savings Plan

How to get your finances in order through a savings plan

If your current financial situation is far from perfect, it might be time to start a savings plan. There are many reasons why you might want to save. A financial nest egg can be useful when unexpected bills arise, such as car repairs and you need access to funds quickly. Some people use their savings to pay for special occasions, such as birthdays and Christmas, or holidays. Savings can be a good alternative to taking out credit and although it can be difficult to do this, it can help you stick to a tight budget.


Getting started

If you are considering saving some of your cash, there are some considerations you must make first. It is important to pay off any outstanding debts, before you start saving and in particular, priority debts such as rent and electricity. You should also look at your budget and what you have left over each month to put into your savings pot. There are likely to be some ways you can cut back on your spending, so you have extra cash for your savings. For example, you may be able to walk to work instead of taking public transport or prepare your lunch, instead of buying it. A good way to think about it is non-essential items versus essential items. If you need to purchase something, such as your weekly food shop, then of course, this is essential and you can’t go without. However, there are bound to be times when you are spending money frivolously on items you really don’t need. Even small amounts can be used to improve your savings.


Set up a direct debit

The best way to ensure you stick to a savings plan is to set up a direct debit each month and make sure you can’t access it quickly. It can be too tempting to keep moving your savings into your current account, if you can view it every time you log into your account. If the money comes out and you can’t get quick access to it, you are less likely to go to the hassle of moving it into your account, which means your savings will grow. Don’t worry if you can’t afford to save much; every little helps and you can always increase your savings if your financial situation improves. If you can even afford to save £10 a month, it is better than nothing!


Long term versus short term

There are two types of savings; long and short term. Short term savings are those which are usually for a specific occasion, such as a wedding or birthday, while long term savings might be a nest egg for retirement. If you are saving for short term reasons, you should make sure you choose an account which allows you access to your funds within the set time you need it. However, if your plan is to save for the long term, it is more beneficial to choose an account which doesn’t allow access for 5-10 years or more. There are all sorts of options when it comes to savings accounts, so just choose one which is best suited to your needs. It is always best to go for the accounts with the highest interest rates, as you will get more out of your money when you do this.


Improving your savings

When you start saving, it can become quite addictive and can make you much smarter with your spending. If you want to start increasing the amount you are saving each month, start setting yourself goals for how much you are looking to save. It may be that you are quite happy to save only £10 a month, but this might gradually increase to £50 per month. If you set goals, you will have a target to focus on and this will make you better with your savings. A clear budget is also essential for improving your savings and looking at different ways to cut your spending. It is also important to shop around with your savings account, so you get the best possible deal based on the amount you save. You want to maximise your savings and comparing accounts is the best way to do this. There are always ways to improve your savings, you just need to be smart with your spending!