In the current economic climate, it can be difficult to balance your family’s finances. If you’re struggling to stay on top of bills and household expenses then you might already have found yourself using credit cards to get access to extra cash to help make ends meet. However, with a little work, you might find you can cut your expenses in a number of other ways too. Here are a few tips that might leave you with a bit more cash in your pocket.
Stop non-essential payments
Cutting unnecessary spending is a great way to help your income go further. Cancel any gym memberships or subscriptions you feel you aren’t using, as it’s been shown many people fail to make the most of them.
When hitting the shops, be sure to shop around for the best possible deal before buying. This can lead to some substantial savings for larger goods, so why not do some research online before hitting the high street? It’s also important to be strict with yourself and avoid purchasing items on the spur of the moment. Give yourself a little time to think about whether you really need it.
Minimise credit card costs
A credit card can undoubtedly be a useful thing to have, but when not handled correctly it can cause a number of problems. Always pay your balance in full whenever possible, as this means you won’t be charged interest. If you can’t stretch to the full amount, then make sure you pay at least the minimum on time. Failing to do so will see you hit with late fees and harm your credit score – making it less likely your credit card applications for low interest products are accepted in future.
If you already have outstanding debts then it may be worth applying for a balance transfer credit card with a 0 per cent rate of interest. This could give you a little extra time to pay off what you owe without needing to worry about additional interest.
Get a better deal on your energy bills
If you’re willing to take a closer look at your energy bills then you might find a better deal is available with another provider. You could also consider paying your bills by direct debit as this will help you to avoid missing payments and potentially being hit with additional fees.