![]() ![]() "Comparethemarket’s research shows that one in three customers could save up to £188.28 annually by switching to a cheaper broadband provider alone. With inflation currently around 10%, bills are set to increase dramatically this year," says Hélène. "Most broadband, phone, and TV providers raise their prices every April in line with inflation, plus many broadband suppliers add an additional 3.9% at this time of year. Hélène Barnes, cost of living expert at Comparethemarket, says it’s particularly important at this time of year to review utilities to see if you could be paying less. "Avoid spending more than you should by setting a budget and sticking to it focus on spending only what you can pay off in full every month.” “It can quickly become a problem, which in turn can damage your credit score and impact your ability to obtain affordable credit in the future," says James. Overspending happens to everyone from time to time, but it is especially easy to fall prey to this when you own a credit card. If this split doesn't work for you right now, simply adjust the ratios for your situation. This means allocating 50% of your take home pay on your needs (bills, food, minimum debt payments), 30% on wants (eating out, leisure, sport, etc) and 20% towards the future you (saving for emergencies, short term and long term goals). If you are struggling to save, try using the 50/30/20 approach to budgeting. ![]() "Look for areas you might be able to cut back to help you reach your financial goals faster.” “Make sure to review your budget, noting whether you're spending within your limits or overspending in specific categories," says James Jones, head of consumer affairs, Experian. Budgeting helps you direct money towards your necessary expenses and your financial goals. Use our checklist of financial tasks to create a plan that works for you: #MONTHLY Update your budgetĪ budget is crucial for good financial health, so sprucing it up should be at the top of your spring cleaning to-do list. Everything you need to know about the Budget. ![]()
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