It’s almost the start of the new tax year for those of us here in the UK.
Now, I don’t have my own business (so there are no taxes to see here Mr Taxman), but for us non business folk, there are a few things we can do to keep our finances in check.
Check your spending
Review your spending and work out if you are spending more than you earn.
It can be daunting, but doing this will give you a good picture of what your situation is.
If you are spending more than you earn, take it as an early warning, decide what to cut back on and budget accordingly.
Remember, simple things like making your own lunch for work could save you at least £720 per year. Read my post How Do They Afford It.
Checking your spending shows where your money is going. I realised I had spending I could not account for under ATM withdrawals.
Once I started using my card to make most of my purchases I could see where it was going and make changes.
Pay and pension
If you work for a great company, you might get an annual pay rise in April (or another month), or if you have a work based pension, your contributions may increase this month. Check, and bear it in mind when reviewing your spending.
Here is some useful information aboutUK workplace pensions.
If you can, save. As little as £10 per week will save you over £500 a which could really help you out if you are in a bind or just let it grow and grow.
If you can afford to save more, do it.
I’d suggest keeping your savings separate from your day to day money so you don’t spend it.
Read my post Save It for A Rainy Day.
Close unused accounts
For example, I had a bank account which I hadn’t used since 2006, keeping safe a grand total of (drum roll please) £5.
I finally got around to closing it last year withdrawing my £5 and the accumulated interest of £1.18.
They put me through an hour long process to close it, they do like to make it difficult which is why I never got around to it before.
It didn’t make a huge difference to my life but it is one less thing to do.
Reduce your bills
You could save on utilities (i.e. power, mobile phone, home internet, credit card provider).
I found I was paying more for my internet because after the introductory deal ended, I was being charged a higher price. One phone call later and I got the cost halved without having to change provider.
I usually have a look at the Money Saving Expert website for some pointers when shopping around.
I should add that you can do these things at any time of year, but if you haven’t already, why not now?
If you found this post useful, please do let me know below, and share it with others who may too.
Thank you for reading and enjoy the rest of your weekend! 😊