Budgeting Wisely in the New Financial Year

As we get into the new financial year you’re bound to notice a lot of adverts and news stories about where your money goes and who’s doing what with it – you might yourself have realised that you’re never watching the TV channels which you’re paying extra for, or paying way too much on your mobile bill for only the odd bit of calling, texting and internet use. If you feel that your wallet could benefit from a few lifestyle changes then maybe you should think about budgeting! Courtesy of Saga Legal, here are a few tips that will help you mend your ways of wayward spending.

Update your Will

While you’re budgeting for the future, it makes sense to think about what will happen to your estate beyond that; seeing a legal advisor to discuss making or updating a Will makes a lot of sense if you don’t wish to leave things to chance. It might sound scary when you think about it, but drawing up a Will is something that will not only give you peace of mind for the future, but your loved ones too as you can all be sure that those matters are taken care of.

Shop around for insurance cover

It could be that, once you’ve sorted out the insurance on your car, home or beloved gadgets, you put the form away to gather dust and renew without a moment’s thought. However, any change in your circumstances could mean that you save money on a renewal – or even if you decide to go with another insurer. You’ll find that your car insurance will cost less if you move house to what’s designated as a ‘safer’ area – so be sure to check out what the competition is offering once in a while by visiting price comparison sites.

Drop a costly bad habit

And if there’s something that you’re indulging in a little too much for a tighter belt to justify, perhaps it might be worth thinking about cutting back on that excess! Whether you’re on 20 cigarettes a day or a couple of takeaway coffees, cutting out these bad habits would be good not only for your health but also your wallet! The NHS provides advice for anyone wishing to kick their smoking habit; ask your doctor for more information or go online.

Save, don’t spend

A good rule of thumb is to save 10% of your income every month; however, the previous points covered from our budget tips should afford even more leeway. Shop around to find an account with a bank or building society that offers the best interest – placing your savings in these accounts will ensure that the money you’re saving is still working hard to get you a great return of interest. Whether you’re saving for a rainy day or looking out for your little ones’ futures, it’s worth speaking to a financial advisor to discuss the different kinds of savings accounts you should invest in.

“A bargain ain’t a bargain unless it’s something you need”

In terms of consumer spending, truer words have never been spoken than this – think about it the next time you’re out shopping and lay your eyes on something shiny!