Before you’ve even broken your first New Year’s resolution, why not check one off and make yourself financially fit in 2019.
If you’re hoping to go into the New Year feeling in control of your financial situation, here are some key ways you can ensure that you’re money confident over the year ahead.
Streamline your debts
If you have lots of different credit cards, or other forms of debt, you could simplify your situation with a balance transfer card or a debt consolidation loan. These allow you to bring all of your debts into one place, paying them back to one lender. This can serve to make your finances more manageable, and could also help you pay less interest as balance transfer cards often offer 0% APR for an introductory period.
Always remember, there is no one-size-fits-all approach here. If you do plan to consolidate, make sure you thoroughly research what option is best for you.
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Could you be paying less for energy?
There’s still a good few months of cold left, meaning your energy bills could be a pain in your pocket. Government figures show you could be saving around £200 a year by switching supplier. To make this just that little bit easier, we’ve partnered with Runpath so you can compare more than 350 energy tariffs, with 120 available to switch directly to.
If you’re a homeowner, are you on the best mortgage you could be? It’s worth checking to see if you could switch lender and get a better rate. Lots of people feel it’s more hassle to search and switch, but you could make some real savings by shopping around. However, make sure you are aware of any charges that may be incurred by switching.
Make the most of any savings you have
Are you making the most from your savings? One option might be to round up all the odds and ends in random accounts and place them in one savings account which pays a higher level of interest. Rates might be pretty low at the moment - but every penny counts.
Create a budget
Look at your income and outgoings and create a summary of assets and debts. Be honest about how much you spend and where. Could you make savings? Do you have any big plans for 2019, a wedding or a big holiday? If unnecessary spending is a weakness, keep a diary of everything you spend for a couple of months and see where you can make cuts.
Check your credit report and score
You can freshen up the way lenders, banks and card providers may view you in the new year by giving your credit score the once over. The better your score is, the more likely you are to be offered good credit deals, which can save you money in the long run.
There’s a few ways to check up on your credit report and score: