It’s not easy keeping on budget, especially if you’re juggling work, travel and the cost of running a home and car.
So how do you stay on top of it all if budgeting really isn’t your strong point and you’d rather be planning your next holiday than sitting down with a spreadsheet and calculator? In fact, staying on track financially doesn’t have to be as time consuming as you might think. Get a few simple steps in place and your finance can run itself while you get on with the fun stuff in life.
Everyone needs something tucked away for a rainy day or if the car breaks down, or the washing machine blows up. The easiest way to save, is a little at a time and regularly. By looking to see how much you have left at the end of each month and setting up a standing order into your savings account, you won’t even have think about it. Some banks offer a sweeping scheme where any extra money in your account after a certain date will be swept into savings, helping you save even if you have an added expense or an unexpected windfall.
Get it set up, forget about it but know that it’s there when you need it. The same can be said for your household expenses. If you’re not already on Direct Debit, get everything set up to leave your account the day after pay day. If you’re worried about how much you’re spending on energy, consider getting a smart meter installed in your home. At the very least, watching the numbers creep up will have you running around turning all the lights off when not in use.
A necessary evil but once a year you’re going to need to think about your car insurance. If you’ve built up your No Claims Bonus, then you should be entitled to a reduced rate in any case but you’ll still want to shop around. Check out: https://budgetboost.co/best-car-insurance-comparison/ to see what you can get for your money or visit an insurance broker who might have access to deals that you can’t find online. Of course, like everything, read the fine print. Make sure you know what you’re getting for your money, especially if you take your car abroad regularly. Some insurers will only cover you as a third party in the case of an accident outside your home country, so weigh up the risks versus the cost.
Paying your insurance in one go generally works out cheaper and means you don’t have to factor it in to your monthly outgoings.
Getting yourself set up and organised with your bills and savings is the best thing you can do to keep you on track. Have a good idea of how much you spend on food and make use of comparison sites that will tell you where the cheapest store is for your weekly shop. Take care of the little things and save your money for what and who you really love.