Home > Finance > Give Yourself a Money Makeover

Give Yourself a Money Makeover

By: Emma Eilbeck BA (hons) - Updated: 27 Oct 2012 | comments*Discuss
 
Money Saving Money Extra Money Managing

You may not think twice about updating your wardrobe, so why should your finances be any different. If you haven’t checked how your finances look for a long time then it may to time to whip them into shape.When it comes to money, many people are lazy, not on purpose, but many of us can are guilty of opening accounts or taking out mortgages and then forgetting about them for months or even years.From time to time you need to make sure that you look at your finances and give them a revamp, just like you would give your appearance.

Where To Start With Your Money

When it comes to managing your money you should start at the beginning and look at all your outgoings in comparison to you earnings, alarm bells should start ringing straight away if you find your outgoings are more than your earnings, but even if they are not, you could still find there is room for improvement.

Your second step should be to look at what comes out of your account routinely every month or bimonthly, this is things such as household bills, phone bills and any loans that you may be paying back.It is all too easy to put household bills to one side and take for granted the amount you normally pay cannot be lowered.

Every three to six months you should phone around a couple of gas and electricity suppliers to see if they can offer you a better deal than you are already on and ask them if they can keep you informed when they have new deals. You should do the same with you telephone, internet and any other regular bills you have coming out of your account.

Gym Membership

One of the ways that gyms can make extra money is by people taking out gym memberships, normally when making New Year resolutions and continuing to pay them even when they do not go, don’t fall into this trap, if you are not using your membership cancel it. You may also find there are other ways that you can still exercise without having to pay gym membership, it may work out cheaper to buy things such as weights or an exercise video and do your exercise yourself from home.

Mortgage And Loan Payments

One of the biggest outgoings you are likely to have is your mortgage and loan payments. You should make sure that you remortgage your current deal every time it comes to an end in order to get the best deal. This may mean getting in touch with your mortgage provider or mortgage adviser to discuss what your options are. Once your current deal comes to an end then it will revert to a higher rate unless you get in touch with your provider and remortgage onto a lower rate.

The same methodology applies to any loans you may have, if you have savings stashed away you should think about using them to pay off any loans you have. You may not like the idea of this but it will help when managing your money and prove cheaper in the long run as you will not be paying as much interest on your loan. After a couple of years of paying back your loan you should look at what other loan companies are offering and whether it would be cheaper to pay your existing loan off using a new loan at a lower interest rate.

Credit And Store Cards

It’s easy to be tempted to adopt the “buy now pay later” mentality when it comes to using your credit cards. If you are finding that your bank balance at the end of every month is running a bit low then you may need to consider taking a break from your credit and store cards. Store cards are a good idea when you need a bit of extra money and buying something expensive and want the one off discount, but unless you are willing to pay off your bills on time, then you will not be saving money.

Little Extras

The best way to keep track of your money is to carry a notepad around with you and write down everything that you spend, you will soon find that you are spending more than you thought and that there is a lot you can cut down on, for example making your lunch instead of buying it, it is the little changes that can lead to you saving money.

Giving yourself a money makeover can be just as rewarding as giving your appearance a revamp but you get the extra bonus of being able to save yourself some money.

You might also like...
Share Your Story, Join the Discussion or Seek Advice..
Why not be the first to leave a comment for discussion, ask for advice or share your story...

If you'd like to ask a question one of our experts (workload permitting) or a helpful reader hopfully can help you... We also love comments and interesting stories

Title:
(never shown)
Firstname:
(never shown)
Surname:
(never shown)
Email:
(never shown)
Nickname:
(shown)
Comment:
Validate:
Enter word:
Topics
Latest Comments
  • LifeCoachExpert
    Re: Fighting Peer Pressure
    Bigsisterblues - Your Question:My brother recently go married, but I am not sure he fully accepts responsibility for his decision. He…
    23 March 2017
  • Bigsisterblues
    Re: Fighting Peer Pressure
    My brother recently go married, but I am not sure he fully accepts responsibility for his decision. He sought advice from family and the…
    22 March 2017
  • Merlene Ottey
    Re: Taking Responsibility for Your Actions
    You do have to accept your limitations though...not everyone could run as fast as Usain Bolt even if they put in the…
    10 March 2017
  • She can she will
    Re: Taking Responsibility for Your Actions
    All I'm seeing in most of these comments are people who still don't get it and are still blaming everyone else and…
    10 March 2017
  • LifeCoachExpert
    Re: Relaxation Therapy Through Art, Dance and Drama
    Dance-mom 107 - Your Question:My daughter and her friend currently run a small dance group. They want to…
    6 March 2017
  • Gmoma
    Re: Family Relationships
    You have taken the first step to restoration by reaching out.....Td Jakes has a word for you......google him and watch how his words from the…
    4 March 2017
  • Dance-mom 107
    Re: Relaxation Therapy Through Art, Dance and Drama
    My daughter and her friend currently run a small dance group. They want to be able to offer sessions to…
    3 March 2017
  • scholastic
    Re: Family Relationships
    Dear I'm a single mom of a 13years old daughter and a divorcee to his step dad.I feel depressed most times though I am jolly person I work at…
    20 February 2017
  • meadang
    Re: Accepting Other Peoples Differences
    i will use that because that will great
    17 February 2017
  • LifeCoachExpert
    Re: Overcoming Your Fear of Rejection
    Bug - Your Question:I put off talking to people in business,afraid of being let down. Why am I like this. I know how to…
    7 February 2017
Further Reading...
Our Most Popular...
Add to my Yahoo!
Add to Google
Stumble this
Add to Twitter
Add To Facebook
RSS feed
You should seek independent professional advice before acting upon any information on the LifeCoachExpert website. Please read our Disclaimer.