Sometimes payday does not stretch far enough and unexpected expenses mean more monthly outgoings than incomes. Finding solutions to these financial worries is highly important – and here are five tips to help.
Cutting down or switching brands
Unnecessary expenditures are one of the main causes of running into debt. There are some luxuries that we just don’t want to give up on but some personal cutbacks might be needed to avoid debt. Three simple solutions in this area can be applied: switching brands, shopping around for deals and changing tariffs.
Food and utilities are essential for living but money can be saved by buying the equivalent store brand products instead of name brands. Being more efficient with how we use domestic supplies and utilities can also translate to significant savings, with lower consumption leading to less expenditure.
For those plagued by unexpected costs, Kwik Cash payday loans could be the ideal solution. Payday lenders offer same day loans that give you the power to cover unexpected bills or payments via one short term loan that is repaid on payday.
These loans are a practical short term solution as the simple application only takes minutes to complete and the funds can be transferred to you in as little as a few hours. Using these loans responsibly is highly important and it should be remembered that they are not designed to be a long-term answer to debt management.
Finding free fun
A social lifestyle is always desirable but unfortunately it does not always seem affordable. Weekend social activities can become expensive but shopping around for discounts or cheap days out may be the solution. Applying the same cost effective mentality you use at the supermarket could mean being able to afford a break or two and there are plenty of options for free fun too – such as visiting local museums, art galleries and parks.
Comparing tariffs on gas and electricity providers is another good way of cutting expenses. Energy prices are rapidly increasing in the UK but there is still a highly competitive market. Energy companies offer promotions and fixed price deals to entice customers so it’s important you evaluate the tariff you are on.
The government has also recently announced legislation which will force energy companies to advise consumers on their lowest available tariffs. This will make it easier for the average household to find the best deal with price comparison sites comparing costs across the industry to provide a more comprehensive picture of the deals available.
Be savvy with savings
Investing in high-interest saving accounts is another good way of preparing for unexpected expenditures. Investing in Cash ISAs can currently return up to 2.8% on investments and be opened with an investment as low as £1.
Shopping around for the best rates and deals is a necessity in order to protect your money and make it work for you. Investment ISAs and Fixed Rate Bonds are also available but are favoured by high sum investors.