While it’s wonderfully convenient, contactless also makes spending far easier. Contactless payments are encouraged far and wide, while an increasing number of “No Cash” signs are popping up. In a post-covid “don’t touch” world, cash is a dirty word. Keep your delivery receipts so you can write down everything you buy, put each item into categories and try to work out how you could do better. If after all this you’re still over spending, find out where the problem area is. If you see non-perishable everyday items on offer such as toilet roll or shampoo, it makes sense to buy it in bulk. The Aldi and Lidl websites show weekly offers so you can go with an idea of the bargains you want to bag. If you prefer to feel before you buy, then create a meal plan for the week and write a shopping list or take pictures on your phone of the contents of your fridge, freezer and food cupboards before you head to the supermarket, to stop you doubling up and minimise waste. Online grocery shopping can help to manage costs and avoid being tempted to spend above your budget. So when it comes to controlling your household budget, it’s worth digging out all your regular bills – mobile, utilities, insurance and broadband – and making a note of the date the contract ends, at which point, review your deal and ensure you are on the best package with your current provider and consider switching if you can save. They are not likely to be charging you any less than a brand new customer. There is no brand loyalty for staying with one company all your life. Everyone’s doing it and if they’re not, it’s because they can afford to throw money down the drain. Switch, switch, switch! Why pay more for your mobile phone, utilities, home insurance, internet or broadband contract when you don’t have to. Saving to buy your first home? See our advice guide on ‘how to buy your first home’ Use Google to check prices, and don’t forget the delivery charge. Yes, you should support local high street businesses where you can, but not at your expense. Whatever you’re about to buy in a shop, if it’s something you don’t need today, you may be able to find it cheaper online and have it delivered tomorrow. Whether you’re buying a product or service, shopping around online and researching your purchase is the best way to ensure you’re not paying over the odds. You can save up to £4,000 a year and the government will top this up with a 25% monthly bonus. Another option is a Lifetime ISA, or LISA, which is a type of account designed to encourage people to save for their first home or their retirement. If you can put away a little bit of money each month into an ISA, you may be able to grow your savings depending on how this is invested. Grow your savings by making ISA contributions Fudget A budget planner, personal finance and expenditure ledger that creates simple lists of incomings and expenses so you can keep track of the balanceĤ.Mint A free app that allows you to see all your accounts in one place, categorises where your spending is occurring and stays up to date with recent transactions.You can set a monthly household budget and the app can help you stick to it. Consider a budgeting appīudgeting apps on your phone allow you to easily record what you spend your money on so you can find out where every penny is going and make changes. Start using it daily and you’ll feel a lot more in control of where your money is going. Get it glued to your home screen and check out what tools they have that can notify you of your balance on a regular basis and warn you when you are about to become overdrawn. Get your bank app working for youĪll banks have a free app to help you manage your money online, make payments and review your spending. If you are saving to buy your first home, you’ll want to get an idea of how much you will need to afford to buy. But it is essential to set a household budget if you want to avoid that sinking feeling when you get to the end of the month and are left wondering where the money went.
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