My Financial Broker is a credit broker and not a lender. Warning: Late repayments can cause you serious money problems. For help, go to https://www.moneyhelper.org.uk/
The New Year is a great time to put a plan together and overhaul your life for the better – especially financial resolutions that can help you get closer to your money goals. If you are thinking about how to handle your finances in the coming year, we’ve looked at five financial resolutions you can consider:
Do you have debts that you want to reduce or completely pay off? Do you want to save for a down payment on a house? Whatever your goal is, you should be as clear and concise as possible.
It’s not enough to say “I want to have more money in my savings account”. Your resolution should be something you can actually achieve, such as “I want to save £100 a month and have £1,200 in my savings account by the end of the year”. Working towards a goal like paying for a holiday can also be a good incentive to save.
Managing your debts can sometimes seem like a mammoth task, but putting in some work to achieve a positive will result will leave you financially better off in the future. Make a list of all your creditors and outstanding balances, work out your monthly salary, and set a budget each month that prioritises paying off these outstanding balances over things like entertainment, eating out etc.
If you need help, StepChange offers free and impartial advice, or you may even want to consider getting a debt consolidation loan.
If you’re serious about making long term savings, an Individual Savings Account (ISA) is a great way to save. You can save up to £20,000 tax-free, and you can easily create an account through your bank or building society.
The important thing is to check the terms of the ISA carefully before committing. Some won’t let you take money out without a hefty charge, for instance, which may not be the right option for some people.
Did you know you can save over £650 in a year with the penny saving challenge? The idea is that you save an increasing amount each day until the end of the year. You start at £0.01 on day 1, £0.02 on day 2, £0.03 on day 3… all the way up to £3.65 on day 365. By the end of the year, you’ll have £667.95!
You could easily do this with online banking or you can use actual coins in a jar, which is much more visually impressive!
Managing your finances in for the coming year doesn’t have to be difficult – there are thousands of online banking and budgeting apps out there that can ease the burden.
Your credit rating is used by lenders to help them decide how likely they’ll be repaid on time if they grant you a credit card or loan. The better your credit score, the more likely you’ll qualify for larger loans, mortgages and credit cards.
You can take small steps to improve your credit rating, such as registering to vote or taking out a small loan and repaying on time. We don’t believe ‘no credit check loans‘ really exist, but we can help you find payday and instalment loans for people with bad credit.