Your four step rainy day action plan!

Turn a drizzly day to your advantage - and whip your finances into shape!

So as it turns out this 'barbecue summer' hasn't quite gone according to plan.

I often find myself wasting unexpectedly rainy days, because - with my outdoor plans scuppered - I tend to mooch about aimlessly, feeling annoyed and sorry for myself.

In fact, a rainy day can present a great opportunity to whip your money matters into shape. Next time your plans are widdled on by the weather, try following this four-step guide and see if you can't get into a better financial position within 24 hours.

1. Spring clean your accounts

First, you need to work out just where you and your finances stand. That means tackling unruly paperwork, opening threatening-looking letters and filing all your bills. Once you've taken this first step, everything else will seem much more manageable.

If you haven't already, you also need to put together a thorough and realistic budget. Once you've found and opened all the relevant documents, sit down and work out exactly how much money you have coming in, and how much is going out.

This Statement of Affairs calculator is an excellent tool to help you do this. All the steps that follow rely on you knowing just where your money is going; so if you only have time to tackle one of the action points in this article, let it be this one.

And if you're not sure where to start, our Manage on a small budget goal will point you in the right direction.

2. Eliminate interest payments

Once you've drawn up a budget, you should able to clearly identify any interest payments you're making.

For example, you might be paying interest on credit card, personal loan or overdraft debts. If the rates are high, you may find you owe more in interest payments than you originally borrowed!

If you are paying interest, it's worth seeing if you could save money by switching your debts to a credit card that offers 0% interest on balance transfers.

The market leader is currently the Virgin Money Card, which charges 0% interest for an impressive 16 months. Unusually for a credit card, it also allows you to transfer non-credit card debts (like personal loans) onto it, through a process called money transfer.

Remember that a balance transfer fee is likely to apply (2.98% in the case of Virgin Money). And of course, that 0% interest rate doesn't last forever, so you'll need to pay the transferred debt off as quickly as possible.

0% balance transfer cards are generally only available to customers with excellent credit ratings - so it's important you check your credit score before you begin the application process.

Having said all that, eliminating interest payments in this way could save you several hundred pounds, so it's definitely worth investigating your options!

For more ways to get your card debt under control, read our Pay off credit card debts goal and Demolish your credit card debt in six steps.

3. Bash those bills

If you started your rainy day action plan early, I'm guessing you've reached about lunchtime! So, make a nice cup of tea and a sandwich and move onto step three: Beating down your bills.

After your mortgage or rent payments, household and food bills are likely to be two of your biggest monthly expenses.

First, read our Cut your food bills goal and think about how any of the suggestions could be built into your regular routine. To make things manageable, you could start by making three money-saving changes to your grocery routine, and incorporate more as the weeks go by.

Second, make sure you're getting the best possible deal on gas and electricity. If you haven't switched suppliers in recent months, you could probably could save money by doing so now.

Use lovemoney.com's utilities comparison tool to check out all your options; and read the Lower your household bills goal to find out more.

4. Start saving

Once you've cleared your debts and squished your outgoings, you'll be in the position to think about saving. Why not get that 'rainy day' fund started on a really rainy day?

In the current economic mess (with all the job insecurity that involves) having an emergency savings pot has become even more important. And even if you're only able to squirrel away a tiny amount every month, you'll be getting yourself into a savings habit that will stand you in good stead for the future.

An instant access account will let you get your hands on your money easily if and when you need it. One I'd recommend at the moment is the Egg Savings Account. It offers a decent rate of interest at 3.25% AER - and also allows unlimited, penalty-free access to your cash. Note that this rate includes a fixed bonus of 2% for the first year.

Alternatively, check out the ING Direct Savings Account which offers a guaranteed interest rate of 3% for the first year.

For a host of helpful savings tips, read our Build up an emergency savings pot goal.

All done? Great - now we just need the sun to come out!

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