Do you have money problems because you get paid at different times to when your bills need paying? Or does your pay burn a hole in your pocket so you can't save? Here are some typical things I hear: "I get paid every 4 weeks and it's hard to make sure money is in the account when monthly direct debits come out"; "We spend too much at the start of the month and have nothing left for the … [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.
Apps that help you budget or save money
Here is my pick of apps and other #FinTech (Financial Technology) products that help you budget and save if you live in the UK. They are aimed at people who are short of money. It doesn't include apps getting you to invest in the stock market. But if every month is a struggle, you find it hard to manage on the money you have, leave enough in your account to pay the bills and have a small … [Read more...]
2 apps that make it simple and painless to save
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 Chip and Plum, 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...]
Has your budgeting gone off track?
If you have decided to take control of your expenditure, you may get depressed when it doesn't all go to plan. Improving your finances is a journey – one that takes time and planning. And as with all journeys, there can be stops and starts along the way. Don't let these derail your plan! I'm talking in this article about a plan to clear your problem debts. This could be forced on you if you … [Read more...]
Save a house deposit or pay off debt?
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... they may know nothing about the current … [Read more...]
Avoid insurance rip-offs if you pay monthly
MoneySupermarket have found that on average people are being charged an extra £73 to pay their car insurance monthly. And as more than 45% of people do this. Do people realise the extra cost? The Financial Conduct Authority's Thematic Review of Provision of premium finance to retail general insurance customers may sound dull - but read on if you are one of the millions who pay for your car … [Read more...]
Have a cheap holiday at home!
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 2018 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. I asked some friends when they had done this and what they did, there were a wide variety of … [Read more...]
Keep a spending diary – or get an app to do it for you!
If you feel your money just vanishes or you are worried your budget isn't realistic, tracking your spending will give you the facts you need to take control. Without knowing what you actually spend, all too often plans to cut back are just good intentions that don't work in practice. Why you need a spending diary Many people have little idea about what they spend - it feels as though their … [Read more...]