A new years resolution may include being healthier or reducing the amount of alcohol consumption but for myself it’s always been the time to look over financial expenses and income so that I can set myself up nicely for the year ahead. We all like to spruce up things at this time of the year, whether that may be decorating that old tired looking room or rejuvenating your clothing so lets use that same mentality when it comes to sorting out your money – where it comes from, where is it going and where are you saving it (if any).

Review Your Finances

Carrying out a full review of your finances is important for many reasons, but one of the most important ones is to make sure that you are not paying over the odds for something or “wasting” money on subscriptions (etc. gym pass) or services that are no longer being used.. becoming complacent and paying the same prices for services may be a easy to leave alone but it could be costing you a small fortune if you don’t shop around for the best deals.

Take Action and Make A Change

While debts may not seem like an area where you can make a massive saving and something we don’t like to think about all the time, you may find merging all your credit cards, logbook loans, instalment loans and payday loans into one manageable loan with a better interest rate saves you a huge amount. Consolidating these high-cost short term credit into a lower interest guarantor loan could be easier to manage in the long term. As always it may be worth speaking to a financial adviser so they can look over the finer details of your existing loans.