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Arena Magazine 2006 Issue 3 Summer Arena |
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5 tips for Tackling your finances
Help with tackling your finances.
1. Deal with debt
Your debts should be your priority. If you can't pay off your credit cards completely, try to transfer your debt to a card offering interest-free transfers for six or 12 months. If you're in real trouble it's worth talking to your bank and perhaps consolidating your debt. You can check out the Citizen's Advice Bureau web site at: www.adviceguide.org
2. Reduce your mortgage
It's worth shopping around for a mortgage provider on a regular basis. There's commonly a charge if you move your mortgage but this is often less than the money you'll save. You may not even have to switch lenders if yours knows they need to offer you a better deal to keep you.
3. Switch service providers
Insurers, banks and utility companies are competing for your business - make them work for it. You can cut your energy or phone bills by hundreds of pounds with just half an hour's research on the internet. And take a good look at the interest rates on your bank account, others may be more generous.
4. Start to save
A clever way of saving is to set up a small standing order from the account into which your wages are paid and into a building society account. And don't be scared of cash ISA's: just think of them as really good savings accounts into which you can pay a maximum of £3000 a year.
5. Manage yourself
Stick to your shopping list - don't buy things on a whim. Keep a spending diary for a week: you'll be surprised what you spend your money on. Try to use cash instead of cards and be sure to set yourself a weekly budget.
Watch it!
Phone users getting excited about the prospect of being able to watch live TV on their mobiles should be careful. A TV licence will still be required even if you have no other television. Fortunately the new technology is covered by your existing licence... as long as you have one!
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