Create your household budget — this is the foundation of any good financial plan, you need to know where your moneyis going. Make sure you plan your meals and shop accordingly to avoid unnecessary expenditure.
Utility Bills — phone your current providers and see if cost savings can be achieved, be it Electricity, Gas, TV, Phone or Broadband there are several competitors in each of these industries so savings are possible
Health & Car Insurance – there is a refund due on Health insurance) depending on your plan type) and at time of writing this article rumoured refunds on car insurance policies. Keep an eye on correspondence from your insurance providers regarding these refunds.
Life Assurance policies — ,any people are paying life assurance and mortgage protection cover, these should be reviewed as soon as possible as significant savings could be made.
Mortgage repayments – if you have lost your job or are on reduced salary contact your mortgage provider to apply for a moratorium on your mortgage repayments – this is often the financial area causing people the most concern
Beware of the credit card — banks charge outrageous interest on credit card balances so be careful, it’s great to have a line of credit but if you’re paying back 17 or 18% interest on the outstanding balance you owe, that’s going to add further financial strain on you
Limit the online impulse buys — one of the ways people are passing time at present is browsing online and picking up “bargains”.
Streamline your Direct Debits – Work out what direct debits you need to keep, should keep and can do without.
Pay yourself first — now more than ever we see the importance of a “rainy day” fund as a financial buffer for people.
Do a tax return – have you claimed back available tax relief on medical expenses? Did you know you can review the last four years?