Get your finances in order for 2017!
Are you struggling to get your finances in order for 2017? Scroll down for helpful advice and suggestions from money expert Tashema Jackson.
Declutter your finances
Check your insurance policies to see if you are paying for the same cover multiple times
For example, lots of us have mobile phone insurance, but don’t realise that we’re actually already covered on our home insurance or through our bank accounts
Roadside assistance is another type of cover that is often duplicated
Mobile phones
If you are happy with your current handset, and don’t want to upgrade, then consider a Sim Only deal. You may find you can get more data and minutes for a lower monthly price.
Your old phones could also be a gold mine, Apple and Samsung phones can be resold on eBay – make sure you reset your phone before doing so to prevent personal data being unwittingly shared
Energy switching
If you are with one of the big six energy companies, you could save an average of £357 by switching. Switching is simple to do and can be done in less than five minutes. You will then be given a bespoke list of offers for the area that you live in.
Get your cards right
You could effectively borrow for free if you cleverly use the right credit cards. Many cards offer introductory offers where no interest will be charged on borrowing. This effectively gives you an interest free cash loan with no charges to pay for up to 40 months (but there is normally an upfront transfer fee of around 2-4%)
Clean up your credit report
Check your credit report on a free site like Noddle before applying for any credit to make sure you are eligible for the best deals.
If you want to build up your credit score simply make sure you’re on the electoral roll, generate a history of responsible borrowing (i.e. meeting all repayments) and make sure your name is on household bills.
Set a budget and stick to it
Managing your debt is a great first step but you will need to pay it off eventually. Almost all the banks have budgeting apps or pages on their websites. You can sign up for alerts about big spending, going into the red, and all your direct debits.
Rewards for spending
No matter how much you save, you are still going to have to spend in the new year. There are ways to make money from your spending. Credit cards linked to retailers which will offer you loyalty points to for every pound you spend.
Some credit cards will even give you cash back on your spending.