Five money resolutions you should make this year
Never mind losing weight or giving up the booze - these are the resolutions that you really need to stick to!
So we are into 2013. How are your New Year's resolutions going? Have you managed to stay off the booze? Made it to the gym? Kept the cigarettes at bay?
There is one thing that deserves a resolution that you’ll actually stick to, however – your money.
Following on from last year’s blogpost about the resolutions you shouldn’t make, we have five top tips to keep you on track in the year ahead.
Budget, budget, budget!
It’s a misconception that only people who have debt need to budget. Even if you’re flush it still pays to have an idea where your money is going every month.
Budgeting is a great thing to teach your children too. The sooner they understand the value of money management, the better.
If you have debt problems, our online advice tool Debt Remedy will structure your budget and look at realistic payment options for your debts. If you’re not in the red, Lovemoney has a fantastic MoneyTrack tool you can use.
Shop around
Make this the year where you always shop around for the best deal. The supermarkets are constantly trying to outdo one another in the bargain stakes and you can find out who’s offering the best value prices instantly at MySupermarket.
Start a Christmas savers account
The horror of a wallet-bashing Christmas still fresh in your memory? It can strike a fatal blow on your money, one made worse by a lack of preparation. Saving a little each month will soften the blow.
Many people can feel that saving for Christmas isn’t practical, but putting a small amount away each month will make a difference, even if it just means an extra round at the Christmas party!
Buy a little, save a lot
Picking up one or two little gifts or stocking fillers every month can also mean less stress for you next Christmas.
This rule also rings true for birthdays. If you see something that’s not too expensive but ideal for an approaching birthday, get it!
You gotta switch
It seems that our utility bills are always on the rise and it’s prudent to make sure that you’re getting the best deal.
A lot of people shy away from utility switching, out of fear that it’ll be endless hassle for very little saving. With our utility switcher, or Lovemoney's energy switching service, you can find out in minutes if you can get your electric and gas cheaper elsewhere.
What’s more, there’ll be no interruption in service when you switch – everything is taken care of behind the scenes.
More on debt:
Healthy food and a healthy bank balance: you can have both
The dangers of multiple payday loans
Overdrafts: the debt problem you didn't realise you had
New laws mean credit card debt can affect your mortgage
Budgeting was easier when we were paid weekly
Why a 0% credit card could mean 100% trouble
Losing your job isn’t the only cause of middle age debt
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I've been self-employed for over 20 years. For the last 5 there was been a gradual slide down hill. I do have some savings now (It took me about six years to build up a sensible client-base btw, in which time I had built up considerable debt. However this was paid off within about three years of really getting going) In January so far I've taken in about £146. Not so good then... We still have the expenses of course, so my savings are taking a hammering, and checking things out, because I have saved it means I get no help! Oh well, it was my choice and quite frankly I would not be a wage-slave again.
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"So they use summer usage"? Surely you provided annual consumption figures?
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2) but don't spend so much you outweigh the savings (if you can save 50p by going to the next supermarket, but it takes a £3 bus ticket, it isn't actually a saving) 3 and 4) Or... don't buy stuff you don't need. I spent about twenty quid on presents this year - for nine presents. Oh and my scraps and rag boxes are looking a bit peaky. Need to load up Freecycle again to get restocked. Stocking fillers? No thanks, we do more useful or tasty things for less. As for switching: we did about three months ago (so they use the summer usage as the estimeate), so it's quite unlikely that the rates have improved enough to make it worth the penalty fee. I'll stick with 'stop being so damn cheerful when everyone else is morose' for mine, thanks.
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24 January 2013