No matter what your financial situation, I’m sure we could all agree that there are aspects of our money management and spending habits that we know we could handle better. Taking control of your finances is the best way to budget your incomings and expenditure and help you to fully understand how money moves in and out of your household. Before we start investing our money or attempt to save our money for a lavish holiday, it is important to get your finances sorted, for good. When executed in the right way, we can all become experts in managing our finances and this will go a long way in not only improving your quality of life at the present but also give a sense of security for the future. Here are a few ways in which you can make the best use of your bank account so that you are never left lacking for money at the end of the month…
Take Care Of Your Account
Any income we receive goes into our current accounts and it is here that you should start evaluation your finances. One of the best ways to implement a better handing of your finances is through making sure your income is always greater than your outgoings. One way in doing this is through accurately budgeting and regularly checking up on the things you spend money on and cutting out unnecessary expenditure.
Review Your Direct Debits
Many of us choose to pay off certain bills or make payments through a direct debit (and some companies even offer you a discount when doing so). While this is a great way to help you have peace of mind and not have to worry about manually processing a payment, it is important that you check up to make sure you are not overspending.
Prepare For Standing Orders
If you make payments on a regular basis (for example rent payments) then a standing order can be ideal as you can manage the amount you send. To improve how money flows in and out of your account be sure to transfer a fixed amount over from your current account to the account you pay the standing order from (for example a joint account) at the very start of the month so that you aren’t left guessing how much money you will have at the end of the month.
Consider A Short Term Loan
If you are ever left in the position where you are having to pay out for an emergency expense or are in the unfortunate position where you are left being unable to make your pay check stretch to the end of the month, then it may be time to consider a short term loan. A payday loan will allow you to receive a lump sum of between £100 and £1000 and will help you to boost the amount of money sitting in your bank account. While it is not a long term solution, it can help you avoid having to go into your overdraft and build up debt as a result.
Clear Your Overdrafts
Many bank accounts come with the added option of having an overdraft which lets you spend more than what you actually have in your account. In many cases banks allow you to take out a certain amount before adding on interest on the amount you take out. For the purposes of saving money it is suggested that we all avoid relying on the overdraft and clear your overdraft as quickly as possible. This will ensure you are not left paying out far more than you borrow and will protect you from incurring long-standing and damaging debts in the long run.
Following our handy tips should really help you make the most of your bank account and the money you have within it!