New Financial Year, New Financial Habits

Apr 3, 2014 | TC blog

It’s the start of the new financial year and a perfect time to make some simple changes to make sure your financial habits lead to a more secure future.

In an ideal world, you would write down a list of your monthly expenditure and analyse where savings could be made, from that morning visit to Starbucks to the complete Sky package. However, this can seem like a huge task and actually quite scary.

Why don’t you pick just one expense that you think is making money tight and keep track of how much you spend. Once you’re happy that you’ve got that expense under control you can move onto the next worrying expense. Baby steps rule!

Open your bank statements! It’s a good habit to review where your hard-earned cash is going every month. Who is that £10 a month direct debit going to and is it still necessary; can you shop around and get a better deal on insuring Fido? Just one change will save you money month after month.

Build up a savings safety net. How nice to know that the next time the car decides to refuse to start you can pay for any repairs without flexing the plastic. Save 20 pences in a jar and cash in at the end of the year. Or even better, decide to put away a set amount every month into a savings account and then set up a direct debit to make sure it happens.

It goes without saying that tax-free saving is an excellent habit to get into. Read last week’s blog for the full low-down on the new ISAs announced in this year’s Budget.

Do you ever lie awake at night wondering what would happen to the cat if you died? Make sure the Kitekat never runs out by taking out a life insurance policy. Shop around and you can get good life insurance for the monthly cost of a skinny latte.

Take 15 minutes every day to follow financial blogs or catch up on the financial papers. Knowledge is power and like everything else, you can’t be afraid of something you understand.

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