What are your New Year’s resolutions? Have you made any financial ones? After the heavy spending over Christmas, now is a good time to make a personal pact to re-evaluate your incomings and outgoings and begin balancing your books.
Whether you need to look at how you’re managing your money, or you have to make some big funding decisions, here are some tips to help you begin 2019 on the right financial foot.
Even the most organised among us can be tempted to blow the budget during the festive season. If you spent more than you expected to this year, why not start saving for next Christmas? Having savings set aside can help towards the cost of things like birthdays and Christmas or act as a financial safety net should you need to find emergency funds for some reason.
Look at your bank statements for the last 12 months so you can see what comes in and goes out. Once you have a clear idea of the regular payments you’re making and the amount you have left after the essentials are covered, you can decide on your budget and work out how much you can afford to set aside each month.
Next, select a savings account. If you don’t already have one or it’s been a while since you last looked at the best value accounts on the market, this is a great time to start doing your research to find the right one for you.
Change Things Up
Another way to revamp your money management in 2019 is to look at some of the things you spend on to see if you can make some savings. Again, it’s worth looking at your regular expenditure to see where you can find alternatives.
For example, if you have always stuck with the same energy supplier, you could save money by switching to a different one. Shopping around can make all the difference in the long run.
Similarly, if you received some valuable gifts at Christmas, perhaps some jewellery or an expensive watch, you may need to update your household insurance policy. Check what’s covered and compare with other insurers if you want to see if you could reduce the monthly insurance payments.
Trade in What you Have
Your car is probably one of the most expensive things you own. As well as the cost of the motor itself, there’s also the insurance payments and running costs to consider.
If your resolution is to get your finances in order, assessing how much you’re spending on your car and exploring your options if you trade it in for a different model could potentially work out more cost-effective. Get a valuation from somewhere like AA Cars to ensure you’re getting a good price.
However you choose to reassess your money matters this year, it’s good to start as you mean to go on by making some financial resolutions and aiming to stick to them.
*This is a collaborative post