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Making Sure Your Home is Financially Frugal

Sep 25, 2013

When you finally graduate college, it is very important that you manage your finances. If you are just about to start your first job, it is vital that your finances are kept in order. Here is how you can stay on top of your finances:

Create a budget

It is imperative that you make a budget. By writing down all expenditures, you’ll know exactly how much money has to be paid every month. When this is compared to what your income is, you’ll know about any spare capital. When you have a workable budget, you won’t spend beyond your means.

Pay bills within days of each other

If you have many bills to pay throughout the month, it is recommended that they are taken out of your account within several days of each other and not sporadically. Utility companies might enable you to change when payment is taken out of your account; your bills, like credit card companies, may offer you the choice of when your bill is due. When bills are taken out of your account within a few days of each other, you’ll be able to manage your finances more effectively.

Clear your debts

If you have a considerable credit card bill or any other form of debt to pay, like student loans, they should be cleared as soon as possible. By setting aside a particular amount of money in your budget every month, your debt levels can be reduced. When you no longer have debts, your credit history will improve.

Choose a credit card which charges a low rate of interest

You might have many credit cards. However, this isn't necessary because you should only have one credit card. If you have a credit card which charges a significant rate of interest, your bill will be very high if you don’t pay back what you owe to your credit card company. If you want to have a credit card bill, you should choose one which charges a lower rate of interest. Therefore, when you pay your credit card bill on time, you won’t have to pay a lot in interest.

Pay off your mortgage quicker

Although you might not want to have any mortgage payments when you just start out, this might not be possible. Learning how a mortgage can be paid off quicker can be done and a mortgage calculator will definitely help. It is in your best interests to pay off your mortgage as soon as possible. This is because you won’t have mortgage payments anymore and you’ll have extra capital which can be spent elsewhere.

Choose an ISA

The current interest rate for savings accounts is very low and as little as 1% might be given. If you have a considerable sum of money in your savings account, you won’t get as much in interest. However, an Individual Savings Account (ISA) can help because you can take advantage of a much higher rate of interest. More than 2% can be offered and some ISA’s give a 2.5% rate of interest. It is recommended that you find out about ISA’s which are being offered by other companies than where you currently have a savings account. This is because you could find an ISA which offers a better investment rate of return.

Shop at other supermarkets

You might be spending too much money on your weekly shopping bill. Many supermarkets, are cheaper than others and the same quality produce can still be bought. You could discover that up to 40% can be saved when you shop elsewhere. In fact, you might wonder why you haven't shopped at other supermarkets before.
These tips just scratch the surface. Many other ways to be frugal depends on your own situation. Make it a financial habit to reduce expense, the Halifax can help .

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