Disclosure: collaborative post
If you’re currently frustrated with the state of your finances, the last thing you want to do is sit and do nothing about the situation. You will only become more aggravated if you dwell on your position.
Instead, be proactive, as this is the best way to take control of your finances. And rather than decide on doing something to improve matters tomorrow, why not do what you can today? You will start to feel better about your situation if you do, as you should be able to make a few key changes.
#1: Look for better deals on your household expenses
Are you tired of paying over the odds on your household utilities? Are you unhappy with your slow internet connection, dodgy phone line, and increasing insurance premiums? If so, get online and start comparing prices. You should be able to find better deals on everything from your broadband to your car’s online insurance. Admittedly, you might not be able to make the switch immediately on some things, especially if you are locked into contracts, but you can still get an idea of what else is out there.
#2: Open a savings account
If you don’t have a savings account yet, today should be the day that you open one. You can do it quickly and easily online, although you might need to deposit some money immediately with some banks and saving companies. And if you do have a savings account, you might want to check on their interest rates, as you might be able to find an account with more favourable rates elsewhere. Start by visiting Which, as they have advice and account comparisons from a range of banks and financial institutions.
#3: Reduce the interest rate on your credit card
If you’re a good customer and your credit rating is good, your credit card issuer might agree to lower your interest rate. There is no guarantee that they will say yes, but there is no harm in asking. If they do say no, you might want to transfer your balance from one credit card to another if you find something with a lower interest rate. There is advice on this given at the Money Advice Service, so have a read. They also have advice on how to freeze your credit card debt if you’re struggling financially, so check out all of the information they can give you.
#4:Cancel anything you don’t need
Are you still paying subscriptions for magazines you don’t read? Are you paying for any streaming services you rarely use? Are you paying for services you aren’t using on your mobile phone? If so, cancel them, as the sooner you take away these needless expenses, the sooner your finances will start to improve.
You can do all of these things within the next couple of hours so don’t procrastinate if you’re feeling the pinch. A little bit of proactivity will yield financial rewards for you, so do something rather than nothing, and benefit from the extra money you will have in your account from this day forwards.
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