Taking control of your finances.
Always keep control of your debts by spending less and saving more. If you are struggling to manage your day to day money, we have got lots of practical money information tips to help you take control.
Careful budgeting and being more disciplined in the way that you deal with your money will bring you long-term benefits. Creating a plan that allows you to keep track of where your money is going every month (and how much you can afford to pay your creditors) is essential for a debt-free future.
Our debt information section is a great place to start – you will find information on dealing with creditors, managing debts and looking after your money. For more on money management our budgeting information section is packed with helpful hints on who to pay first, looking after your money, and what to do if you cannot afford to pay your bills.
1 Know your Finances and Take Control:
Managing your financials is one of the most important things in terms of avoiding any adverse consequences. We at Free Debt Helpline have exceptional experience in terms of providing information on finances
Contacting us will provide you with some detailed information about your financial status.
2 Spend Wisely to Reduce your Spending:
It is a universal phenomenon that we spend most of our income on the things that are not included in our shopping lists, but we still end up buying them.
Our team can only provide you with information on debts which you can then use to take control of your income streams and secure your savings. We at Free Debt Helpline do not provide you with any debt advice.
In addition to decreasing your consumption levels, look at these exceptional ideas for reducing your daily consumption, giving you a great saving at the end of the month:
|Reduce Shopping Expenses||Save on Utility Bills|
|• Form a budget and stick to it. The more you stick to your budget, the better your chances are of saving money.||• Use utility in an effective manner and avoid as much wastage as possible.|
|• Look for substitutes in the market offering the same quality but at cheaper prices. Do not hesitate in buying cheaper goods.||• Contact your service provider and obtain information on discounts. Companies offer discounts on direct payments sometimes.|
|• Opt for markets with economy packages. Choosing brands with unstable income will drown you in debts.||• Study by the telegraph shows that to turn off a single light you can save up to £84.00 per year and by switching the Lightbulb type could add to extra savings|
|• Be aware, look for promotional codes and discount offers.||• Use water meters to know your water consumption. Contact your service provider to find out about any offers.|
|• With the increasing use of the internet, it is better to opt for the plan that is feasible economically rather than data. Assess your need and pick the package keeping your idea. At Free Debt Helpline, we can provide information on managing your internet consumption according to your income stream.||• Look for the repairs and maintain them. It is better to minimize the threat than to face the problem fully grown.|
|• Instead of buying three different packages of TV, phone and internet, look for a combined package. Companies usually offer a small discount as well as free trials.||• Shift to another home that has fewer maintenance expenditures. It will be a one-time effort, but it will save you from those extra costly repairs.|
|• Switch to prepaid mobile packages. It will help to keep track of your income on cell phone expenditures more effectively.||• Set aside your mortgage or rent the day you get your salary. This will give you an elaborated idea of your remaining income as well as provide you with the definite structure to plan for your month ahead.|
|• Do contact us if you need information on managing your cell phone and internet expenditures.||• Consider downsizing if possible. It is better to have something than nothing.|
3 Ways to Boost Your Income Stream:
In addition to reducing your consumption levels, you can boost your income streams through various methods. However, boosting your income stream can be difficult, which is why our experts offer extensive information on how to boost your income streams.
Opt for balancing your daily routines. Set a definite pattern and make yourself consistent with it. Going for a second job will increase pressure on you; however, if you set your routine, the pressure will result in fruitful experience. Remember, the struggle today will help you secure yourself for a better tomorrow.
If you own a house on rent, ask any friend or colleague to move in with you. This will not only share the expenses but will help you with sticking to your routines more effectively by shifting the pressure of the rent.
Spend wisely on the most necessary items. This includes internet connection, cell phone, luggage clothes etc. Do not compromise on your necessary items but do not go for expensive items pressuring your budget. In addition, sell unused items.
Freelancing is one of the most common ways to boost your income. Post your skills online. Eventually, you will get started earning remotely.
4 How to reduce your spending
If you are spending less and you are doing the right thing. But could you do a lot more? Here are some ideas on how you can save your money.
- If you plan your shopping and working on your budget, you are unlikely to make impulse buys or spend more than you want to. Use a shopping list and follow it.
- You should never cut back on essential food items - but are there supermarket own- label brands or cheaper brands that offer a better value?
- Consider switching to a cheaper supermarket.
- Coupons and remember to use them and look out for special offers
- There might be reduced grocery items available at the supermarket. Could you take advantage of that?
Gas and electricity:
- If you stay with your current provider, there are other ways you could save your money. Most companies offer a discount for paying by direct debit or you could get a dual-fuel discount if you have gas and electricity from the same supplier. Contact your supplier to see if that is available to you.
- Maybe you can reduce your energy consumption. There are many ways you can do this such as using loft and cavity wall insulation. There might be free offers available.
- If you are a low water user, it might be cheaper to have a water meter fitted in. There are also water saving devices that could be used in the home. Contact your water supplier to find out more.
Telephone, satellite and internet:
These bills can add up, so it is worth reviewing the package that you are on to make sure that it offers the best value available. shop around, use comparison sites or check with your current provider. Here are a few ideas for cutting costs:
- Many people have switched to a combined broadband, phone and TV package. If you bundle all three things in one, it can result in a much better deal.
- You should carefully think twice on what you really need. If you can live without those extra TV channels, i.e.: you can make substantial savings.
- Cancel your mobile phone contract and start using a pay-as-you-go phone if it makes financial sense. With a pay-as-you-go phone you can easily control how much you spend. Please note that bundle deal does not guarantee a saving but it is worthwhile exploring the options available.
One of your biggest monthly bills is your rent or mortgage. If you have a mortgage you may want to review your mortgage interest rate and if you are renting, then you may want to consider options that suit for a lower monthly rent.
Increasing your income:
When times are difficult, finding ways to boost your income is not easy but if you are able to work, never give up, keep on looking for opportunities that can improve your situation. If you are already in work, could you take on a second job or increase your hours?
Here are a few other things you must consider:
- Are you claiming all the benefits that you are entitled to?
- Could you rent a room to a lodger?
- Maybe you could get a friend to move in and share the bills?
- Do you have any unwanted items that you could sell?
Free Debt Helpline are dedicated to uncovering the best money management tips.
Here are a few other things you must consider:
- Debt Advice
- Debt Management Plan (DMP)
- Individual Voluntary Arrangement (IVA)
- Bankruptcy Advice
- Debt Relief Order (DRO)
- Debt Arrangement Scheme (DAS)
- Equity Release And Mortgages
- Sequestration Bankruptcy
- Minimal Assets Process (MAP)
- Money Advice
- Protected Trust Deed
- Debt Remedy Tool
- Online Benifits Calculator