Inspect your statements
First things first, face up to your demons and open your bank statements. Having sight of these will help you to paint a clear picture of what’s going on with your money. Whilst you’re sifting through, take note of any big splurges so you can work out where you need to cut back. It’s also worth monitoring your direct debits for outgoings you hardly use such as neglected gym memberships or lapsed magazine subscriptions. Cancelling unnecessary payments could save you a sizeable chunk each month.
Brush up your budget
Forget fancy forecasts, brushing up your budget doesn’t have to be complicated. It could be as simple as jotting down your income and expenditure side by side on a sheet of paper – whatever works for you. It might also be worth assessing your savings goals and weighing these up against your budget. Are you saving to go on holiday? Perhaps you want to refurbish the kitchen or buy a new car? In order to reach your milestones, you need to have a plan in place. Add a timeframe to each of your goals to spur you on. If you’re looking to renovate your kitchen, how much would you need to put away each month?
Throw out your clutter
The whole point of spring cleaning is to de-clutter, right? Kill two birds with one stone whilst you’re clearing out; sell your unwanted items for money. You’ve probably got a bunch of things lying around that you could sell on sites like eBay and Gumtree.
Sponge down your shopping costs
The secret to savvy shopping is planning. Before hitting the supermarket, compile a shopping list – it’ll force you to shop with your brain rather than your stomach. mySupermarket’s app makes planning your supermarket shop a piece of cake. This nifty tool allows you to input your weekly shopping basket so you can calculate your bill in advance. You can also compare your shopping list against a range of supermarkets: Tesco, Asda, Sainsbury’s, Morrisons, Waitrose and Aldi.
Sort out your renewal dates
Many of us are guilty of forgetting to cancel direct debits, letting them run on when we could be getting a better deal elsewhere. Pencil all of your renewal dates in your diary to remind you to withdraw or change providers when the contract is up.
Note: Whilst we take care to ensure Hub content is accurate at the time of publication, individual circumstances can differ so please don’t rely on it when making financial decisions. OneFamily do not provide advice so it may be worth speaking to an independent financial adviser about your own circumstances.