5 Strategies to Make Your Money Go Further

Make Your Money Go Further


Our financial advisors, at ADN Financial Solutions, have put together five proven strategies to make your money go further…

1. Create a Budget

Creating a clear budget will help you live within your means. It will also ensure bills are paid on time, boost your credit rating and increase your chances of being accepted for a mortgage. Plus, it may highlight areas where you can cut back, so you’ll be in a better position to save up for the things you want like a holiday or new car.

You will need a detailed breakdown of what’s coming in, what’s going out and when. There are some excellent budgeting apps like Toshl available or your bank may offer an online budgeting tool. The Money Advice Service has a free online budget planner that’s easy-to-use and will help you take control of your finances. Click here to try the planner out.


2. Make Savings

Putting a little away each month can soon add up and will provide a buffer should you have any unexpected expenses. It’s also important in helping you to achieve your financial goals like saving a deposit for your first house, for when you have children or for your retirement.

Setting up an automatic ‘sweep’ of your current account allows you to transfer any extra money left at the end of the month into a separate savings account. Or you may find it more effective to set-up a standing order so that the amount you want to save comes out as soon as you get paid – before you have a chance to spend it.

ISA savings accounts often offer the best return as you don’t have to pay tax on the interest. ADN Financial Solutions can offer advice on the best ISA savings accounts currently available.


3. Pay Off Your Debts

Paying off loans, credit cards and store cards will free up a lot of money wasted on paying interest. Focus on paying off the debt with the highest interest rate first, but make sure you don’t break the terms of the agreement and always pay the minimum monthly amount on any other debts you may have too.

If you have reached a point where your debt is unmanageable, it’s important to talk to the lenders as soon as possible and explain your situation. You can also seek professional, free advice from the National Debtline charity by calling their Freephone number 0808 808 4000 or click here to visit their website.


4. Get the Best Rates & Cashback

Checking whether you’re on the best interest rate available is a great habit to get into. Most accounts offer a competitive rate to begin with then decline over time with banks relying on the fact that you haven’t noticed or can’t be bothered to switch. However, switching accounts is often the best way to get the most beneficial rate, and with most banks focused on obtaining new customers, many offer an additional switching bonus in excess of £100.

Getting money back on the everyday things you spend on will also help you manage your finances better. Santander’s 123 current account pays 1% cashback on council tax, water bills and Santander mortgages (up to £1,000). It also pays 2% on gas & electric bills and 3% on mobile, home phone, broadband & TV packages.

Natwest and RBS also offer a cashback deal for new and existing current account holders, giving back 1p for every £1 spent on your debit card.

It’s also worth checking that you’re on the best mortgage rate available. ADN Financial Solutions offer a free mortgage consultation, so if you’d like to review your mortgage please call us on 02392 822 616.


5. Spend Smart

If you make most payments with your debit or credit card it’s easy to loose track of how much you’re spending. But if you withdraw the amount of cash you think you’ll need for the week you’ll be much more conscious of your spending habits as you’ll be able to see the amount of money in your wallet dwindle. Keeping a spending diary will also help you keep track and asking for receipts will help you do this. So, if the amount you’ve withdrawn doesn’t last until the end of the week, you’ll be able to review which purchases you can cut back on.

Other tips for spending smart include;
• Cancelling gym memberships that are rarely used.
• Planning meals for the week and writing a shopping list will avoid food wastage.
• Shopping in supermarkets rather than convenience stores.
• Taking advantage of special offers – even bulk buying items you know you’ll use whilst they’re discounted.
• Getting loyalty cards for the shops you use the most, so you can build up points to use towards future purchases.
• Prepare a packed lunch to take to work rather than buying lunch out every day.
• Make your own coffee to take on the commute to work.
• Invite friends over for dinner rather than dining out in restaurants.


Please note: All rates mentioned in this blog were correct at the time of posting. The value of investments and pensions and the income they produce can fall as well as rise. You may get back less than you invested. Your home may be repossessed if you do not keep up repayments on your mortgage.

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