You have the A level grades - well done! There are now just a few weeks to get organised for uni in September 2021. What should your top priorities be for managing your money? And what should you avoid? Living on a student loan is hard You will probably get more money in your bank account than you have ever had before. But most students find it harder to manage than they … [Read more...]
Budgeting & Savings
Good budgeting is the cornerstone of dealing with debts. The basics are covered in Top tips for simple & realistic budgeting that works.
If your debts aren't out of control but you want to pay them off as quickly as possible, taking control of what you spend will help you get there faster.
And having some savings will make it easier to stick to a budget month after month, rather than having a crisis every time an unexpectedly large expense happens.
Are you worrying about how to afford the heating this year? There are some very big price rises coming in 2021, see Energy bills to rise by at least £139 for millions of households Millions of people on benefits or a low income can get £140 off their electricity bill through the UK's Warm Home Discount scheme. All the large electricity suppliers and some of the small ones offer this. There … [Read more...]
A reader asked: "A friend said not to pay my defaulted debts off but save money towards a deposit for a mortgage - is this a good idea?" It's often unwise to rely on friends for debt advice... They may be guessing, their situation may have been quite different from yours, or they may be assuming what happened to them years ago is still useful today. And in this case, the friend may know … [Read more...]
A few taps on your mobile and that handbag, those kids' clothes or this kitchen gadget is on its way to you. Very convenient with busy lives and little time to go to the shops. Or when the shops are shut because of lockdown! But when money is tight or you want to save for something important, or you are just bored with being at home all the time, it can be just too easy to overspend. … [Read more...]
Have you made some New Year Resolutions about savings, budgeting or debts for 2021? 2020 has been a strange year for many millions of people's finances. Half the country is better off, half is worse off. Some have gained from losing their commute costs and not being able to go on holiday or eat out as much. Others have seen their business destroyed or lost their job. And many are still in … [Read more...]
Want to lose weight or get fit? A depressing number of people found they were eating and drinking more in 2020 because of the lockdowns. So millions of people will have this as their main New Year's Resolution for 2021. In many areas gyms are closed. That may be good news as too many people who join a gym in a fit of enthusiasm in January go once or twice in February and then hardly at … [Read more...]
Want to be better with money in 2021? If you ate, drank and sat on the sofa far too much over Christmas, you may be thinking of detoxing your body and getting fit. A Money Detox is the same approach for your finances if your bank balance looks sick and your credit card bill looks bloated. Perhaps this isn't just a nice-to-do but you NEED to be better, because you have lost your job or … [Read more...]
Having a cheap holiday at home may not sound a lot of fun. If you are trying to blitz down your debts (is that one of your New Year resolutions?) it can be a huge gain. If your credit card is maxed out you may not have an option - but you can make a deliberate decision about what you do instead. By "at home" here, I mean in your own home! Not what the newspapers have taking to calling a … [Read more...]
Should you have money left each month but it just seems to vanish? If you are paying off debts, you may still want to put a bit aside so it's easier to cope with unexpected problems. This article looks at Plum and Chip, two apps that take the hard work out of saving. They move small amounts that you won't miss from your bank account into a savings account several times a month. I like them … [Read more...]
If you want to cut your expenses, food should be high up on your list. Food shopping is a large part of most people's budgets and it's also one that you have a lot of control over. It's not easy or quick to cut what you spend on rent, council tax or transport costs, but adopting a few new food habits can help you reduce your grocery bill and still eat well. Plan, plan, plan Planning is the … [Read more...]