Bad Credit Budgeting Tips

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Bad Credit Budgeting Tips

If you’re looking for Budgeting Tips and have Bad Credit

It is common knowledge that having bad credit can limit the amount of finance options available on the loan market. Loans offered to those with bad credit are usually more expensive, therefore if approved for a bad credit loan it is wise to get your finances in order and keep a close eye on your monthly spend.

An efficient way to do this is to create a budget plan. This can be achieved using a simple notebook or via a spreadsheet. The budget plan has to contain all of your current outgoings, in terms of mortgage / rent, energy bills, TV subscriptions, food spend – literally everything that you currently have to spend money on each month. Once you have listed everything that you have to spend to maintain your home life, you can then determine what you have left as disposable income each month. Keeping track of your spend on a daily basis can help you to identify unnecessary spend, which is essentially over spend.

Sticking to your budget can help you to ensure that your priority repayments and your debt repayments are covered each month, which will add to improving your credit rating.

Please see Below for some Budgeting Tips.

Record and keep track of your spend. After creating your spreadsheet, keep a notebook handy to record any spend on a daily basis, in addition to this keep your receipts. At the end of the week add this to your spreadsheet to keep track. This will allow you to see exactly how much money you have left at the end of each month.

Set up direct debits.  Many companies offer discounts to those that set up direct debits for bill payments. . Ensure that the direct debits are set up to leave your account on, or just after your salary is paid into your bank account. This could save you money and ensure that your bills are paid on time giving you a realistic idea of how much you have left to spend each month.

Set up Online Banking.

Doing so is  a great way to keep an eye on your finances and keep you up to date with your incomings and outgoings.

Avoid impulsive purchases. Think about what you actually need, not what you really want to have.

Start saving. Once you have determined any unnecessary spend, why not put some of it away in a savings account. Even if it’s just £5 a week, in time this could make a difference to your finances.

Leave debit and credit cards home. Only withdraw a certain amount of cash from your bank account and use this during the week – only take what you think you will need each day to cover necessary small purchases, leave any credit or debit cards at home to avoid temptation to spend.

Get good deals by shopping around. If you need to make a large purchase, renew your car insurance or get something repaired make sure you shop around to get the cheapest deal.

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