If you are still recovering from the holiday period and your bank account is looking less healthy than you would like, then it may be that your budget needs some TLC. Buying presents, decorations, and food would take a toll on anyone’s bank account, especially if you were struggling in the first place. The new year is the perfect time to start adjusting, though. Take some time to review your finances and use the tips and trick below to feel confident rather than anxious when you open your bank statement at the end of each month.
1. Check Your Direct Debits and Cancel Where Possible
If you aren’t in the habit of checking your bank statements regularly, then you might not even know what direct debits are coming out of your account every month. We’ve all fallen into the trap of signing up to a subscription service that has a free trial with the intention of canceling it, only to completely forget about it and spend hundreds of dollars out of forgetfulness. Start by going through all your accounts and checking any direct debits that you have set up and audit them. You may find a few that you can cancel straight away, saving you money each month instantly. After this, you can review the subscriptions you have that you may not need or could consolidate. TV streaming services are a good example of this. Do you need four different streaming providers? Try to cut the fat wherever you can.
2. Start Using Cashback Sites
This is another great way to save money by simply clicking one extra link. Cashback websites offer money-back on almost every popular retailer, so by going through cashback sites whenever you buy something, you will save a small fortune over the course of a year. To find a cashback offer, start by simply Googling the website that you are planning to but from, for example, ‘macys cash back’ and then look for the best cashback deal you can find. When you find it, just sign up to the website and then click on the cashback link. You can make the purchase as normal and you will be rewarded your cashback as soon as the purchase is approved!
3. Shop for a New Cell Phone Deal
Cell phone contracts are another way that people get locked into a 12 to 24-month deal and end up paying significantly more than they need to. By the end of a two-year contract, you will be paying significantly more for the phone and amount of data and calls that you could get now. Comparison websites are a great place to check to see if you are getting your money’s worth. Take some time to check your contract and see if you are using all the texts, minutes, and data that you are paying for. It may be that you can reduce your plan in line with what you are using. SIM only contracts have also become more popular in the last few years, with options to get into rolling contracts that you can opt-out of any time.