Get Your Finances Into Gear This New Year

Taking control of your finances is one of the most common New Year’s Resolutions, a perfect illustration that millions all over the country will be worrying about money this New Year. Not being in control of your money can be stressful and make you worry, especially after the money draining festive period.  

The New Year’s Resolution Show spoke to bad credit car finance specialists Reufused Car Finance and they gave us their tips for getting your finances under control so you can enjoy life more.

The first step to improving your finances is to take an overall look at your situation. It can be easy to bury your head in the sand, as actually looking at what you owe can be daunting. If your credit score is particularly bad, now is the time to try and repair it. You can access your score online for free or with a free trial from sites such as Noddle, Experian and Equifax.

If you credit score is on the poor side, it’s a good idea to take steps to fix it. Having a bad credit score can affect you in a number of ways such as being able to get credit when you need it to buy a car, a house or take out a loan for another purpose. If you are accepted with a bad credit score, you will be subject to higher interest rates than if you had a better credit score.

One of the easiest things to do is to check whether you are on the electoral register. Whilst this doesn’t improve your credit score, it makes it easier for lenders to verify your identity and your address which can improve your chances of being approved when applying for credit. If you have defaults, County court judgements or arrears contact all of the lenders and set up repayment plans that you can afford.

Set up a budget for yourself based on you incoming and outgoing finances. You will need to write a list of all the household bills you need to pay, your living costs, financial products, travel costs and anything else you might need to pay for (birthdays etc.) There are very good, free online budget planners to help you work out your expenditure. If you have more money going out than you have coming in, you’ll need to look at where you can make some cuts.

Start by looking at what is necessary and what isn’t. If you have subscriptions to things such as beauty boxes or anything similar, then consider whether you should keep them. If you have a membership to a gym or fitness club that you don’t use then save your pennies and cancel them.

Consider keeping a spend diary or spread sheet to keep track of everything you spend. Be very precise about everything you spend and don’t miss anything out, even the small things, as these can add up. There are also tons of great apps out there to help you keep track of your spending which is great for when you are on the go.

Don’t be drawn into taking out more debt with low interest rates or an interest free period. There are loads of ways companies and bank entice you into getting into debt, so don’t be tempted if it isn’t necessary. Most of us will have to apply for finance for large purchases, however it’s important to make sure that you stick to your repayment plan and only borrow as much as you can afford to pay back.

If you aren’t keen on taking out finance for purchases, set a goal for yourself instead. Whether it’s a new car, your dream holiday, or redecorating your home, keep yourself on track by working towards your goal. Check back in 3, 6 and 12 months to monitor how you are doing.

Follow these tips for a good start to 2017 and keep you finances in order! ​

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