With the economy still in an uncertain place, it’s important to organize your finances in any way you can. This might mean keeping tabs of your spending, or it might mean applying for a low interest credit card with a provider like MBNA â“ so let’s find out more.
Here are five ways to manage your money:
Consolidate your debt
Do you have an outstanding balance on credit or store cards? Perhaps you’re finding it difficult to pay your monthly bills? If so, it’s worth transferring all or part of your debt to a credit card with a lower interest rate. This is known as a balance transfer and will help you take stock of your outgoings before they spiral out of control. You’ll only have one monthly bill to think about and will be able to pay off the money you owe, without accumulating extra charges â“ so it’s worth thinking about.
Apply for a specialist credit card
If you already have a credit card in your wallet, applying for a new one might seem like a chore â“ but a specialist card could save you money. If you’re a football fan, for example, a football credit card will give you access to a wide range of special offers and discounts and will allow help you feel part of an exclusive club. You’ll also receive reward points whenever you spend and will be able to claim a wide range of football merchandise and goodies â“ which could come in useful now the new Premiership League season’s underway.
Make the most of internet banking
Paying a bill or cashing in a check used to mean long, tiresome treks up and down the high-street â“ but this is no longer the case. Now, you can manage your incoming expenses and outgoings via the net and can keep an eye on the amount of money in your account. If you don’t have an internet banking log in discuss this with your bank and try to arrange one as soon as possible, as it will make your life a lot easier.
Open a savings account
Whether you’re saving for a deposit on a house, or want enough money to enjoy a fun-filled retirement, why not open a savings account? Simply put money aside every month â“ via a direct debit transfer â“ and try not to withdraw it until you have a nice nest egg. A little extra cash will come in useful down the line and will give you the financial security you really need.
Stay within your overdraft limits
Times are hard at the moment. That’s why it’s important to stay within your overdraft limit. If you manage to do this, you’ll avoid bank charges and will be in a stronger position when you next get paid. While many banks offer an emergency fund â“ available if you go over your overdraft â“ it’s not wise to dip into this, as you might find you receive a charge every few days.
Managing your money is easier than you may think, so take control today.