Make and Save Money
If you are fearful of the government cuts, due to the economic climate, then we received an email recently which can help you, and open your eyes to where savings can be made during this difficult time.

Making money, AND saving money seems to be the key here.

The email we received recently came from a lady who was also concerned with what was happening on the economic front, but she also wanted to do something about it.

Sarah then set about looking for ways she could save on her outgoings, and amazingly, she told us that she had not checked her bank account in any detail for a few years.

The first thing Sarah did, was to log into her online account, and download her statement for the whole 12 months, and see where money was being lost. Subscriptions, direct debits, standing orders, and much more. Sarah was amazed at some of the payments she was making that she even FORGOT she had set up – and for services she didn’t even use anymore.

Amazing!

We also suspect that very many other people in the UK are in a simialr position, of paying out sums of money without even knowing about it. Actually, MANY companies make a lot of money this way; by enticing consumers to set up direct debits, and standing orders which they will quickly forget about – only to realise 12 months down the line, when the company has made a nice little earner out of you.

Here is what we suggest you do:

  • 1. Download all your bank statements for at least 12 months.
  • 2. Filter all the essential payments, like gas, electric, mortgage, etc.
  • 3. Then filter all the subscriptions you may even have forgot about, or quite simply do not need any more.

Don’t forget, all it takes is a few £7.99 standing orders per month to be in the position of  hemorrhaging hundreds of pounds per year – often without your knowledge.

Once you have fine-tuned your finances this way, then you will know exactly what amount of money you need to live on.

This is then the perfect starting base for you to see what is coming in, and what is going out.

Once you are in this situation, it will clear your mind, as to what steps you need to take to start making additional income. Don’t forget, that money is money, and whether you are saving it, or earning it, if it means disposable income in your bank account, then it does not really matter where it comes from – it is still a credit for you.

Obviously if you have less money coming in, than you have going out, you will want to quickly remedy this as fast as you can; otherwise after 12 months you could be in a serious deficit, and this are conditions what can slowly creep up on you, but in turn, can lead to serious debt.

Also, once you know what your financial situation is, you will be far more confident in moving forward. There are people out there that will physically hide their bank statements, for fear of the realisation of how much debt they are in.

Don’t make that mistake – It is a slippery slope.

Take the bull by the horns today; find out exactly what your position is, and then you will be absolutely clear on where your next move should be.

Do not play games with your finances.