10th February 2022

Now is the perfect time to review your finances and see if you could make any improvements. To help you out, we’ve come up with some hints and tips to get your finances fighting fit for 2022.

Monitor where your money goes

Most people think nothing of having numerous direct debits, standing orders, and subscriptions linked to their bank accounts but forgetting to cancel those you no longer need put an unnecessary strain on your finances. Start 2022 by going through your bank statements and making sure you’re not still paying for anything you no longer use.

Create a budget

Writing down a budget is one of the most effective ways to monitor exactly how your money comes in and goes out. There are lots of budget planners available online but this one from Money Saving Expert will help you manage your money, fast. It may also be worth researching the different budgeting apps that are out there too.

Try to avoid adverts

We all like to treat ourselves to a new purchase every now and then but spending more than you can afford can quickly land you in financial trouble. To curtail your spending, unsubscribe yourself from every retailer’s email list in your inbox – if you make it harder for them to contact you, you’ll reduce your exposure to adverts and decrease the chances of you making purchases you don’t really need.

Don’t overspend on your mobile bill

With data having overtaken the number of text messages you send and the duration of phone calls you make as the main expenditure on a monthly phone contract, overspending on your mobile bill has never been easier. If you frequently use more data than you prepay for, adjust your contract by contacting your supplier and adding extra data to your tariff. By eliminating excess charges, you could make a significant monthly saving almost instantly.

Find out what benefits you’re entitled to

Many of us don’t know about all the financial benefits that are available to UK citizens but there are more than you think and, what’s more, you may be entitled to some you didn’t even know existed.

Check out https://www.moneysavingexpert.com/family/benefits-check/ to find out if you’re missing out on any and, if you are, how to claim them.

Ensure your taxes are in order

The last thing your finances need is a hefty and unexpected bill from HMRC because you’re on the wrong tax code, so get your latest payslip, P60 or a pension advice slip and visit https://www.gov.uk/tax-codes to make sure you’re not under (or over) paying. Let HMRC know immediately if you are.

How we can help

We offer a range of savings accounts and affordable loans to help you manage your finances. To find out more and for answers to some of the most commonly asked financial questions, click here.

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