Top 5 ways to take financial control
UK debt is at an all-time high. Credit spending, taxation and house prices (to name but a few) are affecting new age groups and demographics. So, here’s 5 simple tips you can use to take control of your finances and keep debt at bay.
- Look for the best deals– time is precious and most of us choose to save time rather than money when it comes to finding the best deals…especially for bills! But finding the best deal for you has never been simpler. Checking online comparison sites, such as Compare the Market will let you find the best deals and tariffs in minutes. https://www.comparethemarket.com/energy/electricity/
- Keep an eye on your finances– we know checking your bank balance after a heavy weekend can be alarming. But keeping an eye on your finances is a simple and free way of managing your expenditure. Budget your monthly spending and monitor your outgoings!
- Cut credit spending– credit spending can be a good way of improving your credit rating. But be warned! Spend within your means. Credit debt is now accredited to being the biggest cause of debt in the UK. If you start missing payments then the interest will increase the amount you owe and the creditors could send bailiffs or ‘enforcement officers’ to recoup what you owe.
- Use logic not impulse– we are all guilty of making a regrettable purchase. This is usually a result of an ‘impulse buy’ and you choose to purchase something through emotion rather than logic. A good technique to stop impulse buying is assessing how much you really want/need it. Tip- when you see something you like, ask the store to reserve it for you or make a note of what the item is. If you still want it 24 hours later, come back and make the purchase.
- Seek professional help– if you are struggling with debt, you are not alone. Debt affects the majority of the UK. But there a number of solutions out there that could help you achieve a debt free life. Speaking with an impartial expert who can provide you with a debt management solution that’s personalised to your circumstances, could be your first step towards living a debt free life. If you are looking for a solution your debts, call us today on 0800 881 8722.