12 New year money resolutions for a profitable 2017
At the beginning of the year lots of people set a new year resolution to help them change their lives. By February, most resolutions have been broken but that doesn't mean that it's too late for change. Pounds Till Payday, a loan company, have some advice on how to give your finances a makeover for a profitable 2017.
Budgeting each month is important to ensure that you can afford all of your essential bills and food but it's also crucial to factor in savings. Saving is a great practise to get into and can help out in multiple situations. It can be hard to get into the mindset of saving and not spending but setting budgets of what you want to achieve can be a big motivation. Get clear in your mind of what you want and how much you need and even how long it will take to reach your goal. Different bank accounts offer different benefits so do your research on any charges that might occur or the interest rates. Some accounts also cap how much you can save so if you are putting money aside for a big purchase like a house, make sure you can save without restrictions.
Even if you don't have anything specific in mind to aim towards, it always good to have the money aside. You never know when a big appliance could break or your car could need repairs so savings can help you avoid having to take out loans to cover the cost. You might even decide to go on a impulsive holiday and booking in full can help save money on the trip.
Thinking frugally and being more thrifty with your money can mean that you get a lot more than what you pay for. Keep a record of what you have left each week for groceries and plan ahead. Meal planning for each day can be a time consuming activity but, it can save you money. It will give you a clear list of things you need to buy when you go shopping, which allows you to avoid picking up items on a whim. Choosing the stores own brand versions instead of branded can mean you are getting the same product for a cheaper price so always try the cheapest versions where possible. Planning your meals and sticking to the plan can also cut down on food waste and having food readily available in your kitchen will mean you resist the temptation to spend money on expensive take away food.
Being thrifty doesn’t just apply to everyday costs, you can also apply it to bigger purchases. If you’re looking to spend money on new furniture or electronics, try second hand or charity shops. It might not be the latest designs but you can save 50% or more than buying brand new. You can also cut down your spend on utilities by using comparison sites to find out the cheapest suppliers for energy or broadband providers.
Improve your credit score
A few missed payments can lead to a big dent in your credit score so it's always a good idea to know what your credit report looks like. Your score can effects lots of things from taking out a loan to which car insurance you can choose from. If your score isn't good, take a look at what is causing it. If you aren't on the electoral roll at your current address, this can give you a negative score and is easily changed. If you have debts outstanding then it's better to right your wrongs with lenders. Work with them to arrange a debt management plan and stick to the repayments.
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