If you’re looking to save some money it’s a good idea to make a detailed budget that lets you see where your cash is currently being spent, and offers an overall view of your finances.
You’ll need to collect together your income and expenditure details, including annual costs such as insurance, car expenses, birthdays and holidays. If you find that you’re spending more than you earn, at least you’ll be able to take action to remedy the situation.
So what areas might you target to save money? Your biggest expenditure is a good place to start.
If you want to be able to budget better over the long-term, you may want to consider switching your mortgage to a fixed rate if it’s not already – even small interest rate increases can have a noticeable effect on your financial situation.
By changing to a fixed rate mortgage – of between two and five years, for example – you’ll have greater peace of mind, and be able to budget with more confidence each month.
Energy costs have soared in recent years, and it’s always worthwhile checking that you’re on the best tariff with your current supplier. If not, it’s easy to switch to a lower tariff with a new provider.
The switching process can be completed online, and the supplier you’re moving to should deal with most of the formalities. If you don’t want to switch, however, and you’re on a variable rate, consider whether a fixed tariff would be a better option.
With so many price comparison websites available, it only takes a few minutes to shop around to find the best price for large purchases. This can be done from the comfort of your own home, and you’ll get a good idea of how much you should be paying. When you’re buying insurance, in particular, using a price comparison site is the best way to keep down costs and save some money.
By car sharing with work colleagues or friends, you can cut the costs of fuel and parking, as well as reducing wear and tear on your own vehicle. Some workplaces offer incentives, such as vouchers, to encourage employee car sharing schemes which have become increasingly popular in recent years.
We often take out subscriptions and buy memberships that we don’t use, so check your bank statements for any direct debits or standing order payments for gym memberships, for example, or subscriptions for magazines that you don’t need any more.
For more ideas on how to save money each month, whether it’s to help you pay down debt or save for the future, call Scotland Debt Solutions. Our expert team specialises in helping Scottish residents to take control of their finances and deal with debt. We offer free consultations, and operate from five offices around Scotland.
While being a time of celebration and spending time with those closest to us, Christmas can also end up being an extremely expensive time of year.
Credit card debt is unsecured so you don’t need to worry about any of your assets being repossessed, but getting behind with credit card repayments can still cause an alarming spiral into debt.
Our Scottish based team can help advise you on your debt problems.