By Bright Advice
Despite it feeling impossible at points, the end of 2020 has finally arrived and what a year it was! Let’s hope that 2021 can be the start of a more predictable chapter for us all. One thing is for sure, at the start of every year so many of us face the financial struggle of paying off Christmas. Making financial resolutions can help us to tackle this, as well as create a structured plan of action for the year ahead. For this month’s What’s The Buzz? article, Bright has shared some of their top tips for getting the pounds and the pennies in order this year.
DEMOLISH YOUR DEBT
Whether your debt is from a Christmas splurge, from the challenges of 2020 or even before COVID-19 existed (although it feels impossible to remember a time without it) – assessing what debt you have and planning how to tackle it is the best place to start. If the debt you have is on a credit card, make sure you carry out a ‘balance transfer’ onto a 0% interest card. This means you avoid incurring any additional costs, and you can set up a realistic monthly repayment plan that works for you. If you have a lot of debt and you’re struggling to see the wood for the trees, it may be worth seeking professional financial advice and guidance.
‘SAVE THE PENNIES AND THE POUNDS WILL LOOK AFTER THEMSELVES’
Saving money can seem like a daunting prospect, especially if you’re facing debt or feel like you’re already financially stretched. However, if you set aside time to work out a proper budget, you may be surprised at just how much you can save when making minor changes. Make a list of every single outgoing that you have, including necessities such as utility bills, as well as non-essential outgoings such as tv subscriptions. Ask yourself whether each item on the list is 100% necessary to you and eliminate anything you don’t use.
CUT BACK ON THE FOOD BILL
If done effectively, this can be such an easy way to instantly start saving money! Making swaps from prestigious and well-known brands to supermarket own brands can massively help. Making a meal plan that works for the whole family is also key to success. It avoids you overspending on food that you don’t necessarily need, whilst cutting down on waste too. Finally, if you have a freezer – use it! Frozen vegetables are a fantastic, longer-lasting alternative to fresh ones, as well as being so much cheaper. Also, if you hit the shops at the right time, you’ll be sure to find a food bargain that’s nearing its sell-by date, but suitable for freezing!
SEEK FINANCIAL ADVICE
Reaching out for some professional advice from a qualified advisor surrounding your finances is often hugely advantageous. Whether it’s general advice you need, or more specifically relating to pensions, investments and or wealth management – a financial services firm is able to confidently offer you the advice you deserve, with you and your needs at the forefront.