Simple tips on how to boost your personal finances

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For most people, money is a key issue in their lives. While it may not be the most important thing to you, it certainly helps to have enough to live on and so that you can build up some savings. The great thing about being able to save extra money is that it is there to help out with unexpected costs or to treat yourself with after a while. Of course, you might find that this is easier said than done with the many bills that arrive each month!

With this in mind, it really is a great idea to take steps to cut back on your costs. Boosting your personal finances in this way is a sensible step to take and is not as hard as you may think.

Easy ways to save more

If you want to start saving more and spending less, then here are some superb ways to do just that:

  • PPI claim – this first tip to help boost your personal finances could be applicable to you if you have ever had a financial product sold to you, such as a mortgage, loan or overdraft. In the past, some unscrupulous institutions sold people Payment Protection Insurance that they did not need as part of the financial product. If you were mis-sold PPI, then you can put in a claim to recover some of the cost now. If you are wondering how to claim PPI, don’t worry as it is easy with the claims management companies that you can use to help you.
  • Cut back on luxuries – it has been reported that the total number of takeaway meals in the UK each week is a whopping 22 million! This shows that a lot of people are eating luxuries like this far too often, and it will cost you lots of cash. Try to cut back on treats like this and you will be amazed how much money it will save you over the year.
  • Keep an eye on your overall spending – another great tip to help boost your bank balance is to keep track of all expenditure. One problem that you may face in terms of costs is that you simply don’t know what you are spending or what it is on. Record every purchase that you make and you will soon see where your money is going and how to cut back on this to save more.
  • Budget – this is probably the most classic piece of advice that you will hear about in personal financial advice, and this is because it is one of the best! Set clear budgets on all your spending – this includes what bills you have to pay each month and also how much to spend on food shopping or on treats such as nights out. Once the budget is set at a level that is manageable, it is important to stick to it! Many people are tempted to make an extra purchase here and another round of drinks there, but it soon adds up.
  • Shop around for energy providers – another great tip on how to boost your finances is to look at the amounts that you are paying each month on your energy supplies such as gas or electricity. If it appears to be a large amount, then speak to your provider to see if you can get a cheaper tariff. If this is not possible, then shop around with the other providers to get a better deal on your energy bills.
  • Use direct debit – in the business world, the first Saturday after month-end is normally referred to as “Millionaire’s Day”. This is because most people get paid at month-end and so immediately head out the next day to spend their money. The problem here is that you will most likely spend everything that you should be making last the month and also saving all in one go! Instead, set up a direct debit to leave your account on payday each month to transfer a set amount into your savings automatically.

Let your money work for you

There is no doubt that a lot of people want to spend less and save more but find it difficult. As the above tips show, this need not be the case. If you take the time to plan your finances and work within a fixed budget, then you will soon begin to reap the rewards. When you add on extra ways to boost your savings, such as PPI claims, they will soon mount up to the desired level.

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About Editorial Team 49 Articles
Watch My Wallet has everything you need to know about money, written by real people who’ve been there. Inspired by the philosophy of Early Retirement Extreme (ERE), our goal is to make informed decisions about our finances in order to achieve financial independence.

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