Enjoy Summer without Finance Worries
When it comes to having fun in the sun, whether it’s enjoying a week away on an exotic island or taking day trips to local attractions, no-one wants to be worrying about the state of their bank balance. It’s a total buzz kill! Short of winning the lottery (seems unlikely!) here are some ideas for how you can avoid worrying about money this summer.
Borrow
I was always scared at the prospect of using any sort of money borrowing or loans and thought it was better to be overdrawn on my bank account, however, not long ago I spotted an article that surprisingly revealed to me that a pay-day loan can actually be a good alternative to an overdraft for some, particularly if your bank account doesn’t come with an overdraft.
I am lucky that I have an approved overdraft with my Barclays current account so if I accidentally go over for a few days I don’t get charged, however, the article explained that for people who don’t have an approved overdraft there can be steep charges associated with being in the red.
There are some companies that offer credit card alternatives like Polar Credit which offers a credit line that aims to bridge the gap to mainstream finance so responsible borrowers can progress to lower-cost credit and not pay the higher fees and interest rate associated with products such as payday loans, whilst also rebuilding their credit rating. Polar Credit offer access to small sums of money (from £25), so customers can just borrow the amount that they need and only pay interest on that amount. With a dedication to their customers, once you’ve had your account for 12 months the interest rate is dropped by 10%!
Save
I love watching TV programs like ‘Eat, Shop, Save‘ where a family is taught how to reign in their spending habits and start saving money on everyday items as well as big spend items like cars and holidays.
Saving can be easy and mindless if you set up a method that works for you. Having a weekly budget can really work for some – take out your budget in cash and divide it up into jars labelled with a purpose. Make up an extra jar labelled ‘savings’ and at the end of the week put any leftover cash into this jar, then set up the next week’s money and repeat.
If you prefer dealing with ‘digital money’ (like me), try setting up a regular deposit into a savings account from your current account. I always try and move any ‘leftover’ money into my savings account at the end of the month.
Don’t forget to look to the future. Many dream of a relaxed and fulfilling retirement, but reaching that goal takes more than wishful thinking. It demands careful planning and strategic saving throughout your working years. Figuring out where to begin and how to handle the intricacies of retirement planning can seem daunting, but it’s crucial for securing a comfortable and enjoyable life after work.
Sell
I have been having a massive clear-out at my house over the last month or so. A much-needed clear-out! It’s only when you go room to room and really look at what it is you have accumulated that you discover how much stuff you really own!
Of course, a proportion of that stuff you have in your house will be things that you haven’t worn or used in months (or years). This stuff is your secret savings account that you never knew about. Why not have a stall at a boot sale or list some items on auction websites?
Popular items at a car boot sale include clothes, accessories, kid’s toys, baby goods, shoes, furniture, ornaments, photo frames, jewellery, books, CDs and DVDs. Top items to tell on eBay include home decor, garden accessories, technology, fitness, fashion and collectables. Everyone has these sorts of things knocking around at home so why not have a look through your cupboards and give it a go?
