How to be more effective with your finances in the New Year.

How to be more effective with your finances in the New Year.

save up, piggy bank, money

Whatever the new year has in store for you, your finances can sometimes play a major role in reaching those goals, therefore, now is a good time to sit down and assess your finances and to budget for a more effective savings plan.

#1 Download apps to budget & track your spends

Control your finances when you are on the go, use budgeting apps to record your outgoing expenses and compare them against your allocated budget.

#2 Set a budget & shop to a list

Review your current outgoing expenses and identify any unnecessary spends before you allocate a budget for your everyday expenses to help you save. Shopping lists are a great way to ensure you don’t overspend.

#3 Change spending habits into saving habits

Are you still paying for the gym membership you rarely use or buying coffee and dining out every day? Identify your spending habit triggers and be realistic about what is worth spending, so you can cut down on those unnecessary expenses to start saving.

#4 Don’t have multiple buy now, pay later accounts

Committing to different buy-now, pay-later providers could result in you not keeping track of how much you have spent. Try to limit yourself to one account so you can keep a better eye on your transactions and manage your repayments on time.

#5 Assess & compare credit products

Your credit product needs might change as your lifestyle changes, it’s important to review regularly how you manage your current credit products and identify if there are ways you can handle your repayments to help you save. If you are planning to apply for a credit product or make a switch, make sure you do your research to find the right product to suit your financial circumstances.

#6 Clear your credit card debt

If you carry a balance every month, you would know that the accrued interest charge will come back to bite you if you only make the minimum repayment. To save money and avoid putting yourself into further debt, reduce your credit card usage and pay off as much as you can every month to get yourself out from the credit card debt cycle sooner.

#7 Monitor your credit reputation

With comprehensive credit reporting now in place, checking your credit score is now more important than ever. A healthy credit score can potentially grant you access to more competitive rates or deals, so keep your credit history clean by staying on top of your repayments to help you save money this year!

If you need help setting up your budget get in touch with Sumz Plus today!

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