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We’re coming up to the end of the year now, which is always a good time to reflect back on the past year and get ready to start afresh. Of all the things to improve on next year, your financial situation should be at the top of the list. Are you guilty of some of the worst money management offences? Take a look at some bad money habits to leave behind in 2018.
Missing payments on your bills, especially any loans or credit cards, can be a quick way to ruin your credit rating. Paying your bills on time is a basic rule of money management, so make sure you set u some direct debits and make things as automated as possible. If you can’t keep tabs of all of your debt repayments, you might want to check out www.debtconsolidation.loans to consolidate your debts into one simple payment. Showing that you can pay your bills on time will help you to improve your credit score, which could be useful for any big money purchases you make next year.
How much control do you have over your spending? Do you often find yourself living off pennies towards the end of the month? If so, it might be time to cut your overspending and set yourself a budget. Planning for big events such as birthdays and Christmas can be a good way to help you manage your finances on a monthly basis. Why not try cutting back on your spending? Saving money on Christmas presents this year is a good place to start.
Not having any savings
Not having any savings behind you is a tough way to live. How would you cope with a financial emergency like car repairs or a problem with your house? Start off the new year by learning how to save. Look at some simple ways to save money to help you build a nice little rainy day fund and prepare for any emergencies life could throw at you. Why not try a spare change app to help you put aside some more money each month and keep tabs on your spending?
It’s easy to be tempted by a ‘good deal’. Those discount emails that land in your inbox every day can be hard to resist, but often they’re just there to encourage you to spend money on things you don’t really need. Filter your emails into a special folder that will keep them out of your immediate inbox and help you avoid that spending. If it helps, set yourself a treat budget that will help you stick to your budget, but will also mean you don’t have to completely deprive yourself of the things you enjoy.
It’s never too late to change your ways, and making a start now will help you reach your goals faster. Save money, spend wiser and set about to make some positive changes to your finances.
*This is a collaborative post.