After the indulgence of Christmas Day, the manic bargain-hunting of the Christmas sales and the toasting of the New Year, it's time to sit down and think hard about what you would like to change, and how.
If you feel you have been on a rollercoaster of highs and lows in terms of your finances, or if you just want a little more financial security, making some resolutions can set you on the road to a better financial future. You may have some ideas of your own, but to start you off, we have gathered together some resolutions that could improve your money management and boost your savings.
…start saving more
If you have been worrying about the toll an unexpected expense could have on your budget and your bank balance, then it's time to start building up an emergency fund. Saving can be tricky, especially when the purse strings have already been drawn tight, but putting aside even the smallest amounts can start to add up. An easy access savings account is the ideal place to build up an emergency stash as it means you can access funds immediately. Check out our top easy access deals.
…pay off my credit card
Chances are that your credit card has taken a hit over the festive period, but a new year means a new start. To tackle your credit card debt, think about transferring the balance to a 0% interest balance transfer card. All you need to do then is to work out how much you need to pay each month to clear the balance before the interest-free period ends. To do this, divide the debt by the number of interest-free months, which will give you a minimum monthly payment.
…boost my pension savings
Retirement may be a long way off, but it is never too early to start thinking about your retirement fund. If you have not yet enrolled in your company's pension scheme, do it! It's also a good idea to see if there is any way you could increase your contribution to give your pension pot a significant boost. If retirement is not so far away, it may also be a good idea to start thinking about your options. Check out our annuity planner for ideas.
…shop around for better deals
If energy prices and insurance costs are starting to rack up, it's time to shop around. Looking around the market for cheaper deals could save you some money, so starting hunting so that you are ready to make the move when it is time to renew your policies or tariffs. You can make a start with our energy comparison tool.
Do you keep missing payments? Do you have no idea how much is in your bank account right now? Well, now is the perfect time to start taking charge of your money. Set up direct debits so that you never miss an important payment and make it a habit to check your bank balance regularly.
…be a savvier shopper
Taking advantage of vouchers can help cut the cost of your shopping – check out our voucher page for a good starting point. Cashback credit cards can also put some welcome funds back into your pocket, so check out what's on offer and whether you could benefit.
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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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