We each wage a constant war against household expenses. From the monthly direct debits which we pray won’t get the better of us to the quotidian expenses that all add up so fast that they can make our monthly bank statements into troublesome reading. The trouble for most households is that there are so many outgoing expenses that simply keeping up with them can be a bamboozling affair. In the face of this, many of us follow our human instincts and bury our heads in the sand. But while this is a completely understandable impulse, it’s one that can see your monthly outgoings spiral out of control, thereby plunging you into a sunk hole of debt from which it can be difficult to emerge unscathed. If you’re to take control of your household finances you’ll need to make each and every month matter. Here’s how…
Control your car costs
Most families today rely on a vehicle to get them from A to B. But while getting the kids off to school and yourself to work on time are essentials, paying over the odds for your car every month is certainly not. Many households find that they make significant savings leasing a vehicle on a monthly basis as opposed to buying outright. It’s possible to lease a huge variety of cars and vans for less than you’d think. Do Ford Rangers qualify for grant finance? You bet they do! Even if your family requires a large and robust vehicle you may be able to save more money by leasing. While you may never own the car, you will always have access to a reliable vehicle of decent spec.
Conquer your credit card debt
Credit cards are an extremely useful tool that can help finances to cope with unexpected costs from repairing a leaky roof to weathering unexpected car repair costs. Unfortunately, if not carefully managed, credit card debt can place an increasing toll on our monthly finances. Leave credit card debt unattended and your interests rates could rise, pushing your monthly repayments out of the limits of your budget and making the prospect of repaying your debt increasingly untenable. Fortunately, this is easy to prevent and requires just a little diligence and a few minutes of your time. Simply move the debt to a new card with a 0% introductory interest rate and keep doing this when the introductory rates expire. Sure, it requires a little admin and there will usually be a flat fee added to your debt but it can make your monthly outgoings much more manageable.
If this doesn’t appeal to you, perhaps a consolidation loan may be better suited to your needs. It will make your monthly outgoings much easier to manage and could even improve your credit rating.
Get superior savings
Few families need to be convinced of the benefits of a savings account. But that said, there aren’t that many families who are able to make their savings work for them as hard as they should. High street savings accounts tend to have fairly anaemic rates of interest which are unlikely to grow your money in any meaningful way. Opt instead for an online savings account. Since online providers have fewer overhead costs they can offer you more competitive interest rates.
Here are some of this year’s best online savings accounts. So long as you’re able to pay into it regularly, a savings account can help you manage life’s unexpected costs without miring your finances in debt.
Photo Credit: Oli Dale rawpixel
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