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Your 5-Step Money Workout

12th Jun 2017 | UK Plans

Summer is almost upon us – and we couldn’t be happier! Whilst many people will be busy getting ready for the hotter months ahead, let’s not forget the health of our finances, too.

With this 5-step money workout, you could improve your cash flow, protect your loved ones and stay one step ahead of any financial surprises!

Your 5-Step Programme

1. Work out a budget

The first step to any money workout is a clear budget of all your incomings and outgoings. Start by listing all your incomings, then make a list of your direct debits and monthly bills (don’t forget to include any monthly bank account fees). Once you have done this you can give yourself a weekly or monthly spending budget for groceries, entertainment, travel costs etc. Don’t forget there are some fantastic apps for budgeting which can help you to better identify any opportunities for cutbacks.

2. Plan for life’s little surprises

Don’t have much in the way of savings? The main issue with this is, when life’s little surprises hit, the dreaded credit card comes out – and that can lead to a spiral of debt. From a major car repair or an eye-watering vets bill, to the boiler going on the blink, setting aside a small amount of your salary aside each month will pay off in the long-term.

3. Where there’s a will...

Arranging or updating your will might not have been on your to-do list this month, but there are so many reasons why it should be. Without a valid will, your home, money and everything you own will be divided according to the Rules of Intestacy. Depending on your situation, there is a risk that your partner or perhaps your children could be left with nothing. Don’t take the risk! Arranging your will now, while you’re able to, can provide enormous peace of mind for you and your family.

4. Plan ahead to protect your family

Arranging a pre-paid funeral plan will ensure that your loved ones are protected against rapidly rising funeral costs, which could potentially save them (or your estate) thousands of pounds in the future. It will also help to ensure that they won’t have to make potentially upsetting decisions on their own. With a funeral plan in place, all they’ll need to do is make one simple phone call for everything to be taken care of.

5. Use comparison sites for your renewals

Don’t fall into the auto-renewal trap – very few companies will reward you for your loyalty! Staying with the same company for your car insurance, home insurance and utility bills without comparing prices each year could cost you hundreds or even thousands of pounds. For ease, visit the leading comparison sites and instantly discover how much you could save.

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