There are things in our lives that many people like to avoid, and discussing your financial situation is possibly one of them. Not all of us like to be reminded of the credit card bill, the amount we spend on food last week or the fact we talked ourselves into buying yet another pair of shoes. But the truth is, if you have a better handle on your finances, in terms of what you pay out for and the things you are committed to, then actually you may find you are in better position, and affordability and savings opportunities could increase. Which is only a good thing. I wanted to share with you some of the ways that you could become more financially savvy, and in return help you potentially save a fair bit. You are welcome.
Not just buying at first sight
When out and about, it can be very tempting to buy when you see something and feel tempted to splash the cash. A jumper you have fallen in love with, a pair of shoes that you must have. But often the best idea is to walk away and consider the purchase more closely. A look online on websites that are great for shopping comparison will help you identify the best possible place to purchase that item and for the right price. You may end up savings yourself a small fortune by regularly doing these checks, and not just for clothes, but for any sort of purchase that you wish to make.
Could you bring the cost down of an expensive weekly bill?
There is one bill we pay out for weekly that we can end up spending more than is necessary but yet we have complete control over what is actually spent? Have you guessed it yet? The answer is your food shopping. Each week you may spend a big amount, but do you end up throwing a lot away? Or not actually needing everything you have bought? Instead try meal planning and writing a list of all of what you need. Another tip would be to change the place you shop and even switch from branded to unbranded items. The savings can be quite drastic.
When was the last time you scrutinised your bank account?
One thing that we don’t do often enough is scrutinise our bank balances to ensure that we are only paying out what is necessary. We can be guilty of burying our head in the sand and just accepting what is left, but you couldn’t be paying more than is needed or actually paying for things you don’t need, want or use. A quick check will highlight the exact figures and give you a better overview of your current financial situation.
Are there opportunities to boost the bank balance?
The next thing to think about would be whether or not there are opportunities to boost the bank balance. The obvious place to look would be your home. You may have cupboards filled with unwanted things, an attic full of stuff and a basement overflowing with things. These could be sold online on websites like eBay to help boost your bank balance. You might also want to use your spare time wisely and check out some of the best money making online side hustles you could try. Smoe of them take minutes to do and can be quite lucrative over time.
Is it time to turn your attention to debts?
You may find that a big chunk of your outgoings is dedicated to debts, and this can be a big issue for many. So if this sounds like you the time might be to try and resolve the situation once and for all. Consolidating debts into one payment each month could help you have a plan and a lower monthly cost as you start to pay them off. You might also want to think about things like zero interest cards that you could balance transfer to, which can help keep the costs down.
Switching providers could save you a heap of cash
Finally, you may have regular bills for things like insurance or energy but when was the last time you switched providers? The truth is loyalty can often not pay off in these situations and the best deals are saved to entice new customers. Comparing and switching providers could give you a hefty saving and doing this regularly can ensure you only pay what is necessary.
I hope that these tips help you to become more financially savvy with your own personal financial situation.