Rebekah MayMany people assume that improving their financial position takes years. Well, we’ve got some good news for you… You can actually start to improve your finances in less than an hour!
Block out some time in your diary, and complete these three simple tasks – your future self will thank you!
1) Set New Budgets
Coronavirus has forced people to re-evaluate how they spend their money. For some, cash once spent on hefty commuting fares and in pubs, is now working its way into savings accounts. But for others, cost-cutting is essential while they navigate a new world of redundancies and reduced pay.
Whatever your current situation, it’s worth putting some time aside to review your budget. Focus on what’s most important to you and make sure that’s where you’re directing your money.
Think about how much money you need for your fixed expenses, like your bills and then divide the remaining balance out between groceries, eating out, transport and so on.
You can keep track of this by noting each of the values down on a spreadsheet or make life a little easier by downloading a budgeting app, like Emma.
With this money management app, you can set a total monthly budget, or you can budget by category. The app will also track your spending throughout the month, using helpful nudges to make sure you don’t overspend.
2) Review Your Recurring Payments
Subscriptions are a cost-effective way of paying for a service. The only problem? Companies have made it so easy, many people end up paying for services they no longer use.
Reviewing whether you still want, need, or can afford these payments is a great way to reduce unnecessary spending.
Looking through all your bank statements to see which subscriptions you’re paying for each month can be a little tedious. Try downloading an app that does all the hard work for you.
Emma is an example of a great app that displays all your subscriptions in one place, helping you spot any unwanted payments. The Emma app will even let you know if your latest subscriptions cost more than last month – a handy reminder that you may need to contact your supplier.
3) Reduce Your Monthly Bills
Paying bills is arguably one of the worst things about being an adult. It’s especially awful when you realise companies don’t often reward your loyalty, only offering the best rates to new customers.
Don’t waste your money by staying on old plans. Find ways you can save money by looking for cheaper alternatives on your energy bills and broadband. You can even save money on your home, car, and holiday insurance simply by shopping around.
Apps like Emma make switching to a cheaper plan a complete breeze. All they ask is that you fill in a few details, and in a matter of minutes, they’ll suggest new plans that could reduce your yearly bills by hundreds of pounds!
Summary:
It’s up to you to start taking control of your finances. In under an hour you can improve your finances, and be well on your way to reaching new financial goals.
We’d love to hear how you’re getting on with these tasks, so let us know on Twitter and Instagram. Know any other top tips for improving your finances quickly? Start a new conversation on the Emma Community forum and help other money-savers improve their finances, too!
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