Do you do online banking?

How to tighten up your finances

It is probably fair to say that those who are able to effectively organise their finances will be less affected by the on-going economic uncertainty. So whether you’re hoping to apply for a credit card or simply have a better idea of where your money is going each month, a few small changes could go a long way.

Use online banking

If you’re not already signed up to internet banking then it is well worth considering. In the past it was often necessary to head to your local branch in order to transfer money and stay on top of your outgoings and incomings, but this is no longer the case. Online banking allows you to do all this in the comfort of your own home, or indeed while you are on the move due to the increased availability of Wi-Fi, 3G and 4G. It is a simple way to make handling your money easier.

Cancel unnecessary direct debits and standing orders

Taking a look over your bank statement could help you to make a real saving in the long-term. It might be a good idea to make a list of your regular outgoings and think about whether you could do without any of them. Many people in the UK sign up to automatically recurring gym contracts and then lose interest or fail to find the time to attend often enough to get their money’s worth. The same, of course, applies to memberships, subscriptions and all bills that aren’t essential. If you don’t need them then get them cancelled and start thinking about how much it will save you across the course of 12 months.

Find a better credit card deal

If you’re looking for a credit card then it is always worth seeking out a preferential rate. If you already have a number of debts that you are struggling to pay then it may be wise to transfer them to a single card. It is always worth trying to cut down on interest payments and a great way to do this is by making the switch to a 0 per cent balance transfer card.

Stick within your overdraft limit

It’s always a good idea to try your best to stick to an arranged overdraft limit. If you fail to do this then you could be hit with a number of bank charges, which could set you back even further for the following month.

 

*This is a partnered post.

 

 

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