We’d all be a bit happier if we felt in control of our money wouldn’t we? Taking charge of our personal finances is a goal many of us have… and struggle with. Here are five great things to consider if you’ve got money on your mind…
Move your bank account if it’s not working for you
Surprisingly few people switch their current accounts. The place in which you hold your main account is vitally important and there are often cash incentives offered to tempt you to move from one provider to another. It’s worth spending time finding the right account that suits your circumstances – some offer free travel insurance or a bonus if a certain amount is paid in each month for example – so that you can benefit from the best deal.
Organise your paperwork
It’s hard to manage your finances properly if you don’t know where all your paperwork is. Having a drawer stuffed full of letters doesn’t count either. Keep a file of all the documents and bills you need. That way they’ll always be to hand whenever you need them.
Never be afraid of asking for help
Whether it’s an expert advisor in your bank or a friend or family member, asking for the help from others can really help you to get on top of your finances. Sometimes you need a little nudge to help you find the right deal or you’ll find that someone you know has been through the same situation as you and can offer you the benefit of their wisdom. Don’t be embarrassed – it’s good to talk.
Evaluate your spending on a regular basis
Many of us have got into the habit of shopping around for car insurance or other items that require an annual renewal, but it’s important to do that for ongoing bills too. If it helps, pinpoint a specific month in the year when you’ll do this and sit down and review your outgoings, using online tools to help. Look at utility bills, mobile phone contracts and subscriptions and check that you’re getting the best possible deal – letting these things drift along could cause you to get ripped off.
Yes, you can spend if you are in control
Too much financial advice focuses on the negatives. Yes, it’s good to cut unnecessary spending and save money on things that you’re over-paying for, but there’s a danger of becoming scared of spending anything or feeling nervous and anxious about managing your money. There’s nothing wrong with getting an emergency or home improvement loan with avant credit should a cost arise or snapping up a new car on a favourable finance package from a Ford dealer when you need a new motor.
If you’re in control and have costed it all out, these things can help you fund the things you need. Managing your personal finances is all about making sure you’re in a position to be able to safely use such methods, giving you a healthier and happier relationship with your money.