Top Tips For Your Finances
Good money management, whether on day-to-day expenditure or when saving for one of life’s big moments, can help you achieve your financial goals. Here at Scotwest we have come up with some simple tips to help all savers.
Top Tips for Saving Monthly
These tips might help you cut your regular monthly spending.
Top Tips for your Big Day
Check out these tips when you’re planning for a wedding.
Top Tips for a Financial Makeover
Give yourself a financial makeover with these top tips.
Top Tips for Buying a Car
Whether you’re buying pre-loved or shiny and new we’ve found some great advice and tips online.
Top Tips for Saving Monthly
These tips might help you cut your regular monthly spending.
Make a Savings Goal
The best way to stay motivated when saving is to have something to save for – a holiday, wedding, a new home. But even if you don’t it’s easier to save if you set yourself goals either a main goal or milestones throughout the year. Using our Budget Review you can compare your incomings and outgoings to set yourself achievable targets and seeing in black and white how much you are spending may highlight savings you can make right away!
Create a budget
This can be done by having a look over your last two months expenses. Seeing it on paper can make you see what you are really spending each month. This will stop you spending more than you can afford. You can download our Budget Review to help create your own budget.
Every Penny Counts!
It’s not just your monthly outgoings that you need to manage. Keep a careful eye on your day to day spending – you might be surprised to find out just how much your regular morning coffees add up to over the course of the month! And do you really need that bagel with your coffee? Saving even £1 a day will make a difference.
Shop Around
It’s never been easier to switch your gas and electricity supplier and you could save hundreds of pounds a year. There are many price comparison websites which allow you to easily compare tariffs with your current supplier and maybe find a cheaper alternative taking you a big step closer to reaching your savings goals.
Saving Without the Effort
An easy way to get into the habit of saving regularly is to take yourself out of the process! If you work for one of Scotwest’s Select Employer Partners you can save with us directly through your payroll. Soon you won’t even notice the money coming off your wage but your savings will be growing. Find out if your employer has signed up with us here and join Scotwest today or you can always ask your HR team about becoming one of our partners.
Christmas is Always Just Around the Corner
Christmas can be one of the most expensive times of the year. Instead of worrying over gifts and food for the family come November, start saving now! One of the most popular ways of saving with Scotwest is with our Christmas Savings Account – spread the cost of the festive season through the year and we’ll automatically pay out in November.
You Have Lots of Data
Less than half of us use up all our allocation of data and minutes on our mobiles every month. Downgrading your tariff could lead to significant savings over the course of your mobile contract, bringing your savings goals a step closer.
The 3 Day and ‘3 for 2’ Rules of Shopping
Research shows that impulse buying is one of the biggest hurdles in reaching your savings goals. Take some time to think about whether you really need that ‘must-have’ gadget – it will still be there in a few days.
While you’re shopping your head might be turned by 3 for 2 offers – while some of these can save you money, others may encourage unnecessary spending – think carefully about whether you need those extra items.
Treat Yourself
Yes, treat yourself! Saving shouldn’t be a chore. When you reach any of your savings goals you deserve a little reward. Say ‘yes’ to that evening out, or enjoy that bagel with your morning coffee. But don’t blow all your savings that you’ve worked towards!
Top Tips for your Big Day
Don’t forget these tips when you’re planning for your wedding.
The Budget
Consider your current finances and how much you can sensibly afford to save towards your wedding each month. This will help you set your budget, allowing you to plan your big day realistically.
Savings Account
A Savings Account is the most simplistic way to save for your wedding. However, if you find it difficult to put away money each month, why don’t you look for an account that enables you to set up a regular direct debit facility? This means you chose how much and how often you want the money transferred into your savings account. You will be amazed how quickly it adds up.
The List
List all the essentials, such as marriage licence fees; then, your own ‘must haves’ e.g. transport, the dress etc. then, finally, your ‘would-likes’ – live band, favours etc. Now see how far your budget goes down this list. If it doesn’t stretch – don’t change your budget, change your list!
The Bargain
Consider ways to save on the cost of your big day. Haggle with your suppliers, book your venue out of season, make your own favours and think about hiring your outfits versus buying them.
The Urge
As you approach your big day, resist the urge to ‘up-grade’ or add in small extras to make your wedding day more special. It already is special, and these ‘little treats’, will add to your costs.
The Gift List
Many couples already live together and have what they need to start married life together. If guests want to give a gift, consider asking for a donation towards your honeymoon. This will not only help you financially, but will make it even more special knowing it’s your friends and family that have sent you there.
Top Tips for a Financial Makeover
Give yourself a financial makeover with these top tips.
Overhaul your Finances
Overat Money Saving Expert there’s a great article on taking a day out to cut your household bills. Pick up some great tips here – http://www.moneysavingexpert.com/family/money-help
Review and plan your spending
Spend some time looking at how you are spending your money. What months had more outgoings and use this to plan your budget for the coming months. Think ahead to any major events, such as weddings, holidays, birthdays or Christmas and start planning for how you will pay for them now.
Check your suppliers
Are you paying too much for your gas, electricity, home or car insurance? Use comparison websites to investigate if you might benefit from switching, but remember to include the cost of switching; sometimes insurance companies charge an administration fee to switch if you have not reached the end of your insurance period. Are you using all of the minutes or data in your mobile phone contract? If not, you could change to a less expensive tariff.
Make small changes
By making small changes to your spending habits e.g. taking cash out to pay for your supermarket shop, you will be more aware of what you are spending.
Avoid impulse purchases
Ask yourself, just because it is on sale, do I really need this? If it is not essential, don’t buy it there and then; take time to mull it over. You may find that it is not something you so desperately need or want after all.
Make money goals
Write down your plans and talk them over with someone you trust and agree to update them on your progress. You are more likely to stick to your goals if you have someone to encourage you to keep going.
Make realistic goals
Start small? Are your savings goals that you have set achievable? If you are finding yourself getting discouraged while you save as your target is far from sight, perhaps you should set your sights a little lower (especially if you haven’t been a regular saver before). The more savings goals you achieve the more confident you will get in your ability to make those savings!
Facing a financial struggle?
Don’t keep silent. Seek help as soon as possible. Talk to your creditors and let them know your situation. Seek impartial, free debt advice to help you find a way back to financial health. YOu can find contacts to debt advisors in our Sources of Help and Advice download.
Top Tips for Buying A Car
The Scotwest Car Loan is available at an amazing rate of 3.9% representative APR for borrowing between £3,000 and £30,000 and we’ll pay your dealer direct, leaving you more time to find the right car following these tips!
Buying New
There’s little more exciting than buying a brand new car but think carefully about what could be one of the largest purchases you will make. CarBuyer.co.uk has provided a vital list of tips on buying shiny and new here.
Buying a Used Car
Choosing pre-loved over new can save you thousands of pounds. The brilliant Money Saving Expert site has 20 tips for buying used from essential checks, test drive checklists and much more here.
The Fine Art of Haggling
Did you know that 64% of hagglers are successful in getting a better deal? Thanks to Money Advice Service for that fact and these great tips on bartering with your dealer.
