Life gets in the way. It is busy, it is chaotic, there is so much to do. Organising things at home is often put to the bottom of our list of priorities. However we should all regularly check that our money is working for us and our bank accounts are in order. Let's have a look at how to clean up your finances.
A Regular Money Night
One of the best ways to keep on top of your money is to have a regular money night. Pencil it in on the calendar, block it out in shared diaries. This is important. You need to look at how much you have been spending, where you can cut back and the overall health of your finances. Look at what expenses you have coming out of your account every month and what you need to be paying for on top of regular spending in the coming weeks. Payments for things like insurance policies are cheaper when they are paid annually, rather than monthly. So if yo can plan for those, you can actually save money. You might also see shortcomings in your household income and looking at things regularly will ensure you don't make errors. A regular money night can help you clean up your finances.
Use Automation
One of the best ways to clean up your finances is to use automation. There are some great banking features, possibly within your online banking, that allow you to set up rules. These can include moving money into your savings account on the same day every month. You can also find third party apps and digital challenger banks that help you to save when you spend. Round up features can be used when you buy things, rounding up the amount you spend and putting the difference into your savings fund. Automation makes life easier and can help you create an improved monetary situation for yourself.
Ensure You Know Where Everything Is
Where are all your finances? Do you know where your savings are? What bank accounts you have? If you even own those premium bonds anymore? A simple spreadsheet will help you to maintain the knowledge of where everything is. You can even use your regular money night to update the amounts so you have a better view of your total financial picture. If you have accounts scattered everywhere, it is so easy to forget about things. Make sure that both you and your family know where your money is.
Look For Cheaper Rates
When you know how much is being spend on your bills, it can open your eyes as to where your money is trickling away to. It also makes you switch off the lights when you aren't using them! When prices are going up, see if you can find a cheaper deal. It might not always be an option with increasing energy prices, but if we can save in other areas we can plug those gaps. New customer offers are available on broadband, mobile phone contracts and TV subscriptions. If you are out of contract, search for a new one and you could save plenty of money. Earning extra if you go via a cashback site too. The best things about owning your own home are being able to make your own decisions regarding things.
In order to clean up your finances you first need to lay them all out on the table, warts and all. Address those issues with debt, figure out ways to pay off what you owe and work towards better financial health. You'll be so pleased when you get a handle on this money side of life and keeping a close eye on it from here on it, will help you keep smiling.
