When it comes to checking your bank balance if it causes you to break out into sweats each time then you may be in need of some guidance to rectify your current financial situation. Apparently Brits alone are wasting nearly £500 each year on bad habits so there is no wonder your bank balance and you may be in need of brightening up.
Asses Your Available Income
If you are looking to brighten up your bank balance the best place to start is to calculate any debt you have may accumulated. The best way to assess your available income is to work out your current monthly income, the amount you spend in a month and the amount of debt you owe. Work out how much money you can pay until all those credit cards and overdrafts are paid off. Once you are debt free not only can you rejoice in no longer owing anyone money you can start to save for your future creating a more than bright bank balance.
The best thing in life you can do when it comes to your finances is to create a savings account for emergencies. If you haven’t already got an ISA, be sure to shop around for banks that can give you the best deal on your savings account. A savings account is a great way to cushion any blow when emergency expenses arise. If you have a lack of money to transfer into a savings account you could always look into high cost short term credit which could tide you over until payday. Just ensure that your emergency saving account is only used for emergencies not for when you need a holiday or an added edition to your wardrobe.
Don’t just shop around for the best savings account shop around for everything. There are now various sites out there committed to providing consumers with the best deals on holidays, cars, and even fridges. A study has revealed that a third of people could have saved a balance of over £500 when it came to making a big purchase. Many people each year are overpaying on their mobile phone contracts so why not review your tariff? Contact your supplier and ask to reduce the costs, if they prove too difficult to budge find another contract elsewhere as there are dozens of sites dedicated to finding the cheapest mobile phone contracts.
Alternatively another way you can boost your bank balance is also selling all your old mobile phones and devices. Companies will buy your old phones and recycle them- you get paid for reducing your carbon footprint.
Cut Unnecessary Spending
If you truly want a healthy looking bank account then you will need to evaluate your income and your monthly expenses. All bills and debt has to be paid first but then work out how much you are spending in a month and what the money is going on. If you reduce your spending you can increase the amount of money you can save. It has been proven that Brits alone are wasting over £500 a month. Areas like takeaway food, commuting costs and other unnecessary expenditures is a good place to start. Limiting the amount of takeaways you have a month and walking to work rather than spending money on public transport or fuel could all add up and make a big difference.
As well as saving money for the future and any emergencies that could occur, all these tips will help your bank balance stay bright.