Is your main aim in 2022 to be better with money, clear your debts or save a house deposit? This could be a New Years Resolution - perhaps the result of a Christmas financial hangover. You could think of this as being a financial detox for when your bank balance looks sick and your debts look bloated. Or you could need it at any time during the year when you realise things have to … [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.
Piggy banks are not just cute money jars for kids. Piggy banking is also a system of dividing your money into different ‘pots’, or accounts. This approach is also known as "sinking funds", "jam jar accounting" or "the envelope method". Each pot represents a different aspect of your future spending. Benefits of piggy banking You may have seen people talking about piggy banking on MSE or … [Read more...]
The number of people setting off for the shops in post-Christmas sales in 2021 was down by more than a third compared with 2019. Lots of us are still bargain hunting though, we have just switched to online. But in-store or online, how do you spot the real bargains? It's great to take advantage of a Sale - but can you be sure you are not the one being taken advantage of? There is a whole … [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 Basic, an app that take the hard work out of saving. It moves small amounts that you won't miss from your bank account into a savings account several times a month. Originally this … [Read more...]
Here is my pick of apps and other #FinTech (Financial Technology) products that help you budget and save if you live in the UK. My interest here is people who are short of money. It doesn't include apps getting you to invest in the stock market. But the budgeting apps will also help anyone who doesn't have debt problems but wants to save more, for a house deposit, a big holiday or to improve … [Read more...]
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...]
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...]
Want to lose weight or get fit? Millions of people will have this as their main New Year's Resolution for 2022. A depressing number found they were eating and drinking more in 2020 and 2021 because of the stop-go lockdowns. And a desire to be social and celebrate when you are allowed out often involved a lot of calories. But some new ways to exercise emerged during the pandemic. Many … [Read more...]