New Year New Financially Stable You Can Be

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New Year New Financially Stable You Can Be

Now the Festivities are Over

It’s time to get back to reality with a thud, and as thousands of Brits log on to their online banking to check the damage done over the Christmas period, a sense of dread sinks in across many households in the UK.  The season of excess can take its toll on your finances, especially if you took out loans or credit credits before Christmas to fund the present buying and endless number of parties throughout December.  It’s important to get back on top of your money management and budgeting as quickly as possible in January to avoid any negative impact on your credit file.  Here’s a few New Year’s resolutions which you should be making (and keeping!) as we enter 2016.

Budgeting

Those festive season credit card bills may be landing throughout the course of January, so it’s vital you know where you are up to with your money before they do.  Many people get paid early in December, and while the cash boost is welcome before the big day, the next pay date can seem like a lifetime away.  Write down what you have left in your account, and compare it against any outgoings you know are due before your next payday.  This will allow you to get a clear idea on how much you have left to spend on essentials like food shopping and other living costs.  Missed payments to loans and credit cards will show up in your credit file, so set your stall out to make the money available on the date the repayment is due.

Switch and Save?

As part of your New Year plan, maybe now is the time to find out if your current utility providers are the best deal you can get?  Switching your Gas & Electric or even broadband provider can be a great way of cutting down your bills.  Shop around and look at some of the current deals in the market place.  Starting the switching process can often prompt your current provider to lower your price plan as well, so it’s worth looking in to.  Even if you don’t end up switching, you can still end up with lower bills than you had in 2015.

Consolidate – Debt Consolidation Loans

If you took out borrowing prior to the Christmas period you could now find your monthly outgoings have significantly increased.  Especially if the borrowing was from a high interest, short term lender.  It might be worth looking to see if you can bring all of your outstanding credit together with debt consolidation loans.  A debt consolidation loan will allow you to have one fixed monthly payment going out on a date that suits you, and could lower the amount you are paying out to your debts each month.  Stretching the borrowing over a longer term could mean that you are paying more for the credit overall, but you could get that much needed breathing room in your monthly budgeting by consolidating if it is available to you.  As always, failure to keep up with the repayments of the new loan may have a detrimental effect on your credit score.

I’m in the RED!

If after you have carefully gone through your income and outgoings and find that you a left with a negative figure, it’s time to seek help.  The earlier you can do this the better to stop the situation getting any worse.  Take a look at the Money Advice Service website (www.moneyadviceservice.org.uk) where you can get lots of tips on budgeting and money management.  You can also find lots of sources for free debt advice both face to face and on the phone.

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