AD| The next few months will be the most stressful for many. It feels like everything is going up in price, people are scared to put their heating on and worried about how they’ll afford food. Then on top of this, Christmas is less than two months away, which strains our finances.
Here are some tips on how to get through the next few months.
Face your fears
After years of avoiding my own financial situation, I now face it full-on. I check my bank balance often, I know what is in my savings, I know what is due out and due in, and I know how much is left on our mortgage.
Previously, I’d avoid checking my bank account as I’d be scared I could be in my overdraft. It was an awful feeling. Now I’m not afraid to check. I know how much is in my bank because I’m in control of my finances, so when I check, it’s not a shock to me.
This allows me to make better spending choices and helps me feel in control of my money.
Cancel subscriptions you don’t need
If you are paying £3.99 for an app every month that you don’t use – then get rid of it! All these things add up quickly and could save you quite a bit over the year. Why not even put the money into savings for Christmas or birthdays? It might not be much, but it will help towards food bills or some gifts.
Use cashback sites
Search for a discount code
As above, always check for a discount code. A lot of stores have codes live for 10% or 20% off which can save you a few quid! This is especially good for Christmas presents this time of year.
Consider if an overdraft is right for you
If you need a bank account with overdraft, make sure this is right for you. In some cases, it might be good to have instant access to credit when you need it but if you think you’re at risk of spending it, you can get it reduced to avoid debt. Only use your overdraft if you know you can pay it back the following month to avoid getting into the habit of being in it every month.
Know when your bills are coming out
To avoid getting into debt or running out of money, make sure you know when your bills are due to leave your bank account. This lets you control your spending appropriately, rather than thinking you have more money than you actually do due to a bill you forgot about! The easiest way is to put this in your calendar so you can see what is coming out of your bank and when.
This can be an awful time of year for those that are struggling and I really hope that post about winter money management helps some people out there that are feeling stressed out about money.