The start of a brand new year is always the best time to make some changes in your life, whatever they might be. Whatever the last 12 months have thrown at you, whether it’s the good, the bad, or the ugly, January is the ideal time to commit to a fresh start and grab the new year by the horns.
But first, you need to identify exactly what you want to change and how you’re going to make it happen. For many, the first step is making those all-important New Year’s Resolutions. Anything from stopping smoking, getting fit, or getting healthy – or a good mix of all three – to giving yourself and your family a holiday or celebration to remember.
A financial fresh start
But one thing stopping us all from making any changes could be our financial situation in the first place. OK, so stopping smoking could actually put money back into your pocket, but everything else will probably cost, especially if you’re committed to it, stick to it, and do it well. It might be a new year, but fresh starts don’t always come cheap.
Even getting your finances back on track might require some extra grit, determination, and careful consideration. In fact, many people now consider their New Year’s Resolutions to be money-related. So how can you get more from your money, get your finances back on track, and give them a boost in 2019? If you need some help in giving yourself a financial fresh start, here are a few tips to get you started.
Give yourself a budget – and stick to it
Though a bit boring, budgets are good for us. If you don’t give yourself a realistic budget to work from every week or month, you can find yourself running out of cash long before you’re next due to get paid. To get you started, first record all your outgoings and monthly expenses. This way you can see exactly where you’re money’s going and will help you to pinpoint any overspending to keep you on budget.
When you’ve managed to cut out any unnecessary overspend, this will give you a sum of money left over which you can then hold onto or put it into another account to save. Either way, you should see some extra money in your pocket from week to week. To help you create or manage your budget, there are plenty of budgeting apps available for smartphones.
Check your credit score
Did you know everyone has an official credit rating? If you didn’t, it’s worthwhile finding out what yours is like and how good or bad it is. As soon as you buy, something ‘on tick’, which could be anything from a club book account to your mobile phone bill right up to your mortgage, all the information goes onto your credit record. And that alerts every lender, big or small, how creditworthy you are.
But it also records older debts that have expired, bad debts that are associated with you such as your spouse, and bad debts that are attached to your home address by a former tenant or homeowner. These are all things that could affect your ability to get credit, but the good news is that they’re all issues that can be put straight relatively quickly to help give yourself a better rating.
Go no interest
Otherwise known as consolidating your debt, this usually applies when you have credit card debt with big monthly payments. Paying off credit cards each month can really drain your finances so look into deals offering you 0% interest balance transfer on credit cards. It’s an easy way to cut the interest and charges you get on your monthly bills making repayments much easier.
By transferring your full, outstanding balance to a 0% interest credit card, every payment will go to reducing your bill so you pay off the debt quicker without a large chunk of it going towards interest and charges. Remember, paying only the ‘minimum charge’ will take you longer to pay the debt off, so paying as much as you can afford above that minimum means you’ll be debt free quicker.
Cancel your subscriptions
Let’s face it, a lot of us have taken out a subscription to something (gym memberships anyone?) only to lose interest and forget all about it. Before we know it, another 6 or 12 months have gone by and we end up paying for it all over again. One of the best ways to save cash is to cut out those unnecessary subscriptions.
In fact, making this part of your new budget routine will help you pinpoint the day when you can actually cancel something. So ask yourself: are you using it? Are you or someone in your household both paying for the same thing? Do you need it? If you’re not getting the full benefit from something and you won’t miss it, cancel it.
What about a Logbook Loan?
While all these ideas could help save you money across 2019, it could well be the year that sees you giving yourself that financial fresh start. But even though they’ll save you money over a period of time, there might be the occasion when you need a lump sum for an emergency, or a helping hand when it comes to paying for a special event. And one of the easiest ways to do that is with a Logbook loan from Car Cash Point.
With loans available from £500 up to £100,000, you can get the money you need quickly and easily. If you already own your car with no outstanding finance due, you use it to secure the funds you need with no formal credit checks. So if you’ve had difficulties borrowing elsewhere or have had credit problems in the past, Car Cash Point should be able to help you.
And the best part of getting a loan against your car is, while Car Cash Point loans are never beaten on price, your car is still yours to drive and use as normal over the length of your loan. There’s a range of transparent logbook loans with repayment options to suit your own finances with no hidden fees.
When you’re looking for a fast, safe and easy to understand logbook loan, visit car cash point for more information and apply online. Or call 0330 057 8612and speak to one of our advisors today.