7 tips to get your family finances in order – at Christmas and beyond – Craven Herald

HERE are some simple money saving tips to help you in the run up to Christmas and into 2021.

1. Work out what you can afford and try to stick to it

By working out your family incomings alongside your outgoings, you’ll soon spot easy ways for saving cash, such as cutting down on takeaways or shopping trips for a single item. If you’re looking to track your finances more closely you could also look to use an app.

2. Use the internet wisely to save big

Online comparison sites are one quick way to save money, but consider using voucher code websites or buying online through sites where you can receive cashbacks on purchases from many top brands and stores, so you could soon see the savings mount up.

3. Manage your credit cards

Christmas usually means more money being spent and using your credit cards is a way of spreading the cost. However, if you’re just clearing the minimum payment on credit cards, despite having cash in the bank, then it’s worth doing the maths to work out what’s actually doing more for you. DON’T borrow for Christmas, but if you must, get a 0% card.

4. Review your insurance cover

Being under-insured or over-insured will cost you money either way. Put a date reminder in your diary a month before the renewal and you’ll then have enough time to shop around and get the best quote for your specific needs.

5. A New Year’s resolution to get your children involved in saving

Coaching and teaching children the value of money can instil the financial skills they’ll need as an adult – and even stop them from wanting you to spend so much! Why not set up jars around the home for them to put coins into instead of buying sweets or toys? Seeing the coins mount up encourages saving and skipping impulse buys.

6. Start saving early to spread the cost

A typical family is expected to spend £725 on Christmas 2020, according to Nationwide Building Society. Yet many leave it until December. So next year, why not budget to put money aside from January?

7. Finally, don’t forget about your pension pot

For many people, retirement may feel a long way off, but with UK life expectancy increasing it pays to think ahead.

These tips are just a few simple ways to keep an eye on your finances – and there’s no time like the present to start. Keep a list of what you save each day, and you’ll soon be encouraged to save harder and faster as the amount grows.

For support and advice around planning for your financial future contact David Porter on 01756 620000 or email david.porter@armstrongwatson.co.uk