10 quick wins to get your finances on track
Does it ever feel like you’re way behind the curve and getting started is just too much effort? I hear this a lot, so I thought I would share with you a few quick wins to get going, because momentum builds and getting started is half the battle, don’t you agree?
So, if I can get you to make a few quick decisions, then you’ll be off and away, and before you know it you’ll be retired with your £1m pension fund.
So here goes, your top 10 quick wins;
1. Set up the Bank Account System
I know this sounds like a big job, but honestly, it’s not. Right now, go online and register for online banking, if you have it great, you’re already halfway there. Ensure all your bills are being paid from this account and your income is also paid in. Now review each item and ask; do you need it? do you want it? Can you get a similar experience for less?
Make sure all your regular bills are less than 50% of your net income. Ensure your weekly WAM is no more than 30% of your net income or c.7% for the weekly payment. Direct 20% of your net income onto the minimum payments of your debts, then into premium bonds and save £1000. Once you have £1000, direct it onto your debts as an overpayment, the smallest balance first.
Find out more information on my Bank Account System by clicking here.
2. Shop Smart
Every time of year can be an expensive time, so make sure you shop smart! It means you’ll have more money available for the pleasure’s in life. Go to www.idealo.co.uk and bookmark this page so that you use it every time you shop online, it searches the internet for the best price, saving you £’s, so you don’t have to.
3. Get paid for shopping
Go to www.topcashback.co.uk and www.quidco.co.uk and sign up for accounts and download the web widget which notifies you every time you visit a retailer who pays you a commission, if you’re spending money, get paid for it.
4. Get discounts on shopping
So here’s the best part, you will be able to find the best price using idealo, you can get paid for shopping from the cash-back sites, now joinhoney.co.uk will provide you with any discount vouchers from the retailer which are available, so you don’t have to pay full price, if discount codes are available.
5. Credit Score
Unfortunately your credit score does matter, it’s not essential, but having a good score means you’ll pay less on debt, and although I want you to repay all debt, some debt like your mortgage will take some time to repay, so having the best rate pays in £’s. Go to www.Experian.co.uk and sign up for your report. If it needs improving, I suggest this is an investment you continue with, if your score is good, then cancel your subscription and check in every six months or year. There are free options, but the reason they are free is that they sell you more debt! You don’t want more debt and the small investment to a free impartial report will outweigh the risk of taking out more debt, you think you won’t now, but you may!
6. State Pension
This is the pension paid to you from your state retirement age, and the amount you receive is based on your earnings through your lifetime. However, as with anything in life, mistakes can happen and it makes sense for you to check your entitlement now, before you need to receive your income. You can do this one of two ways either using a paper form BR19 (you can download from my members area) or by going onto the Government Gateway.
7. Previous Pensions
So many people move employment and leave pensions behind or forget about the personal schemes they have started. The Pension Tracing service helps you get finally well organised and track down pensions you may have, you can do it online, or via post by clicking here https://www.gov.uk/find-pension-contact-details
8. Getting Organised
It’s nice to be organised but it’s better for your executors, the reason is that when they administer your estate on your death, it’s a time intensive job, having all the paperwork to hand, makes this job that little bit easier. Buy yourself a safe, either one to keep papers, or maybe a larger safe to hold your valuables. Keep your will, LPAs and title deeds in her.
9. Register land against fraud
Did you know fraudsters try to sell, let and even mortgage property they don’t own! The land registry can alert you if suspicious activity occurs on your property. Sign up here, it’s free and easy to do. www.gov.uk/protect-land-property-from-fraud
10. Wills & LPAs
I left this to last, not because they are least important, but because I hope you already have them, they are essential. Having a will in place will ensure what you want to happen, is carried out after you have gone. You need to appoint guardians for your children, otherwise social services will look after them. If you want your children to inherit, not your surviving spouses new partner, you need to put this in the will, otherwise, your children may lose out.
Your LPAs are probably more important than you will, because you’re still alive, but unable to look after yourself. Appointing Attorney’s in your LPA will allow life to continue, that little bit easier for the ones making the decisions, and it’s a lot less expensive than using the courts, which is the alternative.