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Blog Homepage > 5 Great Tips to Get on Top of Your Finances

18/03/15

We’ve pulled together our top tips to help you get on top of your finances and become a smarter saver.

 

1. Plan a budget

We’ve made this point before, so we won’t go into great detail beyond saying that a budget is a necessity for every household. Budgeting really helps you to visualise the money you have to spend. If you’re an over-spender, a budget is an absolute must. Draw up a document to track your incoming money against your expenditure, all last-minute buys included! Know how much you want to save and really consider how you’re going to get there.

 

2. Pay with cash instead of plastic

Paying with your debit or credit card can make it feel like you’re not really spending money, which is where the danger lies. It happens: you’re browsing and suddenly you’re buying a new coat even though you don’t actually need one. Out comes the debit card and there goes a chunk of change. If you limit yourself to paying with cash, you’ll always know exactly how much you’ve got to spend. If you have a credit card and the interest is starting to lose the run of itself you can:

  • Set up a direct debit specifically to pay towards the money you owe
  • That budget we mentioned? Make a list and decide what you need your credit card for. At the very least, accountability will help towards reducing impulse buys
  • Go through your statement carefully. Reviewing your account means you’ll be in control of your spending. Ignoring it or being nonchalant means you may end up spending more than you should, and the interest will only climb higher.

 

3. Invest in any and all relevant insurance

Car insurance and mortgage protection are legal requirements, but there’s no harm in being prepared for your future and investing in some extra insurance. While you might think you’re too young or healthy for the extra policies like life insurance or health insurance, they are absolutely invaluable if something were to happen. While life or health insurance might seem like a luxury, are they really something you can afford not to have?

 

4. Claim your tax back!

A lot of people aren’t aware of how many tax schemes and incentives are actually available to them. There are more than you’d think and they range from covering medical fees to claiming tax back on renting a home to a private tenant. There are also plenty of incentives like the Cycle To Work Scheme that are well worth checking out.

 

5. Consider your retirement

As with looking into life and health insurance, you might think you’re far too young to worry about retirement, but the truth of the matter is that the demographics are changing. We’re living longer lives and the ratio of working adults to retired people will decrease over time. The retirement age is also changing, with the State Pension increasing to 67 in 2021 and to 68 in 2028. Having a solid pension plan is more important than ever. It’s not exactly exciting, but it pays to be prepared!

 

Plan for your financial future with our complimentary expert advice. Make your appointment today: click here or call us on (01) 420 0991.

 

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