5 Foolproof ways to organise your personal finances in 2018

5 Foolproof ways to organise your personal finances in 2018

The gloom of January is almost over, and the New Year is in full swing. Have you stuck to your resolutions? After the festive expenses, have you aspired to clean up your personal finances and rebuild your bank account?

We’ve created five tried and tested techniques to give yourself some financial breathing space.

organise personal finances

1. Undergo a financial MOT

Whilst you economically recover from the nonstop spending over Christmas and New Year, you might find yourself on the sofa, rather than the pub. This is the perfect time to analyse your financial accounts and tweak any unnecessary costings.

Are you paying a direct debit you’ve forgotten about? Is your investment account performing? Do you have multiple pension policies that may benefit from being unified into one pot? Would you profit from paying more into a savings account this year?

Once the audit is complete, you may discover that you have freed up some extra money.

2. Clean the financial debris

Before you begin to save anything, it is always advisable to pay off any outstanding debts. Ignoring or neglecting your debts will only drag down your finances and create difficulty progressing.

By cleaning your financial slate, you are able to move onto planning your goals.

3. Mark your GOAL posts

By setting yourself financial goals, you will find the motivation to spend wisely and save. Targets which are built around your earnings can help to keep your wallet healthy.

Ensure the goals are realistic and not over-ambitious. This will help you to achieve your targets, stay focused and keep your personal finances in order.

If you have a particular goal in mind, such as a holiday, new car or moving house, print off a picture and stick it on the fridge. The visual reminder will help you to stay diligent in accomplishing your financial goals

4. Earn extra cash

Although it sounds obvious, earning more money means more cash to spend. Do you have anything around the house that might be of value? Any unused phones, DVD’s, CD’s, clothes, anything that could be worth something. These can be sold for reasonable prices online or at city shops.

You might fancy gaining some extra part-time employment. Another job will generate a new source of income and ease the reliance on your current role.

You even find some money making opportunities online, such as partaking in surveys.

5. Check the forecast

Setting up a rainy day fund helps to safeguard yourself for unexpected bills, fines or even loss of employment. Nobody wants to be on the receiving end of those unforeseen setbacks, but it’s always handy to have an emergency pot, just in case.

By setting aside a modest amount each moth, you will cash to fall back on.

Our secret recommendation

Our final bit of advice would be to discover whether or not you are owed any unclaimed money. Sources verify that there could be up to £77 BILLION of unclaimed funds owed to the UK citizens. Some of this cash could belong to you and you can find out for FREE at monimine.com.

Josh Cousens – Monimine. 

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