With the cost of living rising and debt being on the minds of many, working out what鈥檚 best for your finances can听feel overwhelming.听Laura Howard, money expert at offers 5 tangible tips to help keep your head above water. 听
Ensure that a credit card is your servant, not your master听
Used to their best advantage, credit cards can be a useful support for your finances. Depending on the card you choose, it can help spread the cost of a one-off major purchase, or clear existing card debt 鈥� both interest-free.听It can pay you back in rewards or cash, or present a cost-effective way to spend overseas.听
If you start to pay interest on your credit card however, the cost will soon outweigh any of these benefits. And if you find you are leaning on credit cards to meet the cost of everyday essentials which you are unable to clear every month, 颈迟鈥檚 definitely time to reconsider your options. 听
After all, adding credit card interest payments into the mix will only make the situation worse. Contact an independent debt charity for advice.听
Protect your credit score 听
Your credit report is nothing less than听gold when it comes to accessing credit agreements, ranging from a mobile phone contract to a mortgage. It even counts when it comes to being accepted as a tenant on a rental property or opting to pay for your car insurance in monthly instalments. 听
Now more than ever then it will pay dividends to take good care of your credit report. If you haven鈥檛 checked your report in a while, you can sign up to a free trial with credit reference agencies such as Experian or Equifax.听
If you are applying for credit, ensure 颈迟鈥檚 through an eligibility checker, too. This runs an invisible 鈥榮oft search鈥� against your credit report which reveals the likelihood (expressed as a percentage) of being accepted for the loan or credit card, say, before you make a formal application.听
This avoids the prospect of having to make further credit applications if the first one is turned down. These show up on your credit report, and can put off subsequent lenders听compounding the problem. 听
Consider a smart meter听
There鈥檚 no such thing as cheap energy at the moment. But a smart meter, which your energy supplier will install at no cost to you, at least makes it easier to monitor what energy you are using. It also sends data directly to the supplier so that you only pay for what you use.
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Take advantage of rewards听
If you鈥檙e a frequent shopper at a particular store or supermarket, find out what loyalty cards or apps, if any, it issues. It鈥檚 a hassle-free way to rack up rewards鈥痺hich you can then use for discounts on future spending 鈥� what鈥檚 to lose?听
Download a budgeting app听
Budgeting apps, such as Snoop, allow you to keep closer tabs on your spending by grouping all of your financial accounts together in one place. They allow you to set budgets, break your spending down into categories to identify any potential waste, and 鈥榬ound up鈥� spending to the nearest pound, automatically saving the difference.鈥�
Many of the apps offer at least a basic version which is free to use.听
