At the start of the new year everyone is doing their best to watch their budget and keep their spending down. As we head into 2022, here are some tips to help you keep your grip on your finances.
Address any financial concerns head on. Stop pretending that issues will go away if you just ignore them. Open that letter from the bank. Return that phone call from your insurance provider. Switch energy provider if you are concerned about rising energy costs. Get in touch with a financial advisor if you do not know the best way forward.
Sit down with your bank statements from the last six months at least. Look at where your money goes every month. Start with the major expenses, including rent, debt repayments, insurance, and bills. Account for your weekly food budget. Include small costs such as coffee on the way to work and impulse online purchases. Find out where every dollar and cent is going.
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Find out if you could be eligible for assistance and support. Apply for a VA home loan if you are a veteran applying for a mortgage. Look at what support you can apply for if you are a public servant, such as a teacher. Talk to your home loan supplier about FHA loans if you are going to struggle to make the deposit for your mortgage.
Look at a range of options before you commit to any financial commitment. Read reviews and compare feedback with your expectations. Talk to friends and family members who have been a similar situation. Read the fine print and terms and conditions carefully. Understand your commitments clearly before you agree to any loan or long-term investment.
Identify areas where you can make cuts that will not cause too much of an impact. Look at your subscriptions to streaming services for movies, TV, and videogames. Consider cutting any memberships that you are not actively using. Plan your meals at the start of the week and write a detailed shopping list to avoid spending money on take-out. Take your lunch and coffee with you to work instead of buying it on the way. Use public transport to get to work and save money on gas. Keep up your payments on insurance and other essentials.
Set an amount of money that you can put aside every month into your savings. Find out what pension plan your employer offers and use it. Stay up to date with the latest retirement fraud advice and pension scams. Avoid putting all your money into one investment.