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Resolution Revolution 4 Easy Changes to Better Manage Your Money

28 March, 2017



To celebrate the start of a bright and shiny New Year, why not join me in the Resolution Revolution?

Let’s have a money makeover, a cash clearout, a dosh dustdown… getting the drift??

Here are 4 things you can do to make life and managing your money much easier in 2013:

1/ Start a savings account so that next Christmas doesn’t find you wondering what to do at the last minute! 

Whatever you can afford is a step in the right direction. Putting away just £5 every week will mean that you have £260 in the pot by this time next year!

2/ Check whether you have old bank accounts by visiting http://www.mylostaccount.org.uk/

This can help to track down old current accounts, savings accounts and Premium Bonds.  There are millions of pounds out there just waiting to be claimed!

3/ Check that you are on the best fuel tariff available to you

EDF are currently offering a 2 year fixed deal until June 2014 – highly recommended as there are no early exit fees. You can compare energy prices to find the best one for you over at http://www.uswitch.com/gas-electricity/

4/ Prepare a budget

Write down everything that’s coming in, everything that’s going out and see what’s left, if anything.  If the answer is nothing, then it’s time to take action.  Use the budget sheet as a prompt to starting a family discussion about where the family expenses can be cut.  Remember that your priorities are shelter (rent/mortgage), warmth (fuel costs) and avoiding bailiff action which increase costs (council tax).

The Money Saving Expert website has some great resources to help you start budgeting – you can check them out at http://www.moneysavingexpert.com/banking/Budget-planning.

Involving older children in budgeting serves 2 purposes. Firstly, they are far more likely to be engaged and committed to helping reduce the family expenses if they have been involved in the decision making process.  Secondly, it is vital preparation for when it’s time for them to fly the nest and have decisions of this kind to make for themselves.

All of these should help you enter into the new year with a greater sense of well-being about your financial future… and theirs!

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