Let’s face it, everything feels a little topsy-turvy right now. And even the simplest of tasks such as going shopping is incredibly lengthy and stress-inducing. Things are a little different but now has never been a better time to work on your financial growth and your current financial standing.
Whilst at home it’s tempting to internet shop and buy things we don’t need, or even spend a huge amount of money on takeaways and purchase items on finance. However, don’t let lockdown lead you into some poor financial decisions. Instead, read on for how you can kickstart your finances whilst you’re on lockdown.
Disclosure: collaborative post
Invest in your future
Do you have a pension pot? Or do your children have junior ISAs? If not, there’s never been a better time to invest in your families’ future by getting all your saving pots, pensions and ISAs in order. When you take the time to secure your financial future, you’ll feel better!
When was the last time you checked your phone tariff? Or your utility bills? Comparing and switching your accounts is the simplest way to save money. From your TV and broadband package to your mobile phone tariff, credit cards and savings accounts. Compare prices online and consider haggling if you speak to someone over the phone – you might get an even better deal!
Set yourself a financial goal
Many of us dream of owning our own homes one day, and there’s no reason why that can’t be your goal. However, smaller goals that would be considered more achievable in the short-term are also great ways to kickstart your finances. The following are some great examples:
- Staying out of your overdraft
- Not using your credit card for a month
- Paying off all your credit card fees for this month
- Living within your current financial limits
Learn to budget
Has your monthly expenditure increased during lockdown? Or are you spending less? Whatever your circumstances, you need to learn how to budget accurately. That way you can make the most out of your money, make it go further and potentially save more. Going through your incomings and outgoings will give you a clear picture of where you should make improvements.
Look at insurance
If something goes wrong, can you afford to put it right? From renters insurance to life insurance policies, taking out insurance policies makes sense, and it will protect you and your loved ones if anything should go wrong.