Ad – this is a collaborative post in association with Polar Credit, written by me.
Many people fall into bad financial habits that can be damaging to their long-term well-being. They might pay too much for certain items, ignore bank balances or make late utility payments regularly. Do you know how much you spend on groceries, laundry and housing every month? These are all numbers you should be aware of to help get a good overview of your finances. Here are seven things that you can do right now to improve your family finances.
- Eat In
You might be able to find great recipes online or at the local library for making fun, healthy meals. Restaurant dining can be expensive, including petrol for transportation, meal costs and waiter tips. You can save a lot of money with a packed lunch, and cooking in bulk can save you even more, as well as saving on electricity as you’re only cooking once!
- Home Entertainment
With television, Internet and home movies for rent, families can find numerous cheap home entertainment options. Local movie theatre prices – including petrol and popcorn – can add up! You could set up DVD swaps with friends and family – a great way to see films you may not pick usually. Spending time at home is a great way to help control your budget.
- Coupons and Discounts
Many brands, products and stores offer special coupons, discounts and sales. You can save more money by reducing your grocery bill, so always check for discounts before buying. A quick google of the website name and ‘discount code’ will more than likely give you a couple of discount options – even if it’s free postage. Every little helps!
- Buy In Bulk
When you buy in large quantities, you can save money on per unit costs. This allows you to store supplies for emergencies too. There are many shops which allow consumers to buy in bulk, like Costco or other Cash & Carry stores. Don’t forget supermarkets sell things like rice, pasta, detergents and loo roll in large packs.
If you are going to the same event, why not carpool with friends? Saves petrol and parking when you split the costs between you all! Also public transport can work out pretty cheap if you buy a group ticket. If you live close to a colleague can you each take a week of driving and then swap?
- Control your credit rating
Find out what your credit rating is & then make an action plan to make it better. If you do need money at short notice to help cover costs between pay days or jobs then then companies like Polar Credit help getting a line of credit. With them you only pay for what you borrow, even if you have been approved for a larger amount. It’s a little like a credit card in that is has a minimum payment, but the money is deposited directly into your bank and there is no physical card.
With low interest rates, it might be time to refinance. You might find a lower interest rate or repayment schedule that best fits your budget. Taking control of your finances is an important step in being free. By cutting unnecessary costs, you can improve your family finances and credit score.