How to take control of your finances

by Hannah from money.co.uk

Action Plan:

Action Plan Resources Q&A Journal Successes Discuss

Action Plan Overview

From finding the right financial products & cutting the cost of your debts, to earning more interest on your savings & spending less on bills. We show you how to take control of your finances & start making your money work harder.

		a	Find out: How much do you get paid?
		b	Find out: How much do you earn from other jobs?
		c	Find out: How much do you earn from overtime?
		d	Find out: How much do you earn in bonuses?
		e	Find out: How much do you receive in tax credits or benefits?
		f	Find out: How much do you earn in interest or dividends from savings and investments?
		g	Find out: What's your average monthly income?

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		a	Do: Get all of your paperwork together
		b	Work out: How much do you spend on compulsory expenses?
		c	Work out: How much do you spend on essentials?
		d	Work out: How much do you spend on luxuries?
		e	Consider: Do you need to budget for any big expenses?
		f	Work out: How much do you spend each month?
		g	Work out: What's your disposable income?
		h	Decide: Do you need to cut back?
		i	Do: Complete a budget and stick to it

		a	Find out: How much do you have in savings accounts?
		b	Find out: Are you paying more interest on your debt than you're earning on your savings?
		c	Decide: Should you use savings to pay off your credit cards?
		d	Decide: Should you use your savings to pay off your mortgage?
		e	Consider: Should you use spare cash to pay off your overdraft?
		f	Work out: How much of your savings should you put towards your debts?
		g	Find out: Could you earn more interest on your savings?

		a	Work out: How much do you owe in total?
		b	Do: Speak to your lenders
		c	Work out: Can you cut the cost of your mortgage?
		d	Decide: Should you arrange a low rate credit card balance transfer?
		e	Decide: Should you consolidate your debts?
		f	Find out: Can you cut your interest repayments using a credit card you already have?
		g	Consider: Could you pay a lower interest rate by using a low rate personal loan?
		h	Work out: How much have you saved in interest payments?
		i	Work out: How much can you afford to pay off your debts each month?
		j	Do: Split your repayments between your debts
		k	Work out: How long will it be until you're debt free?
		l	Decide: What's the best way for you to make repayments?

		a	Find out: Can you cut the cost of car insurance?
		b	Find out: Can you cut the cost of home insurance?
		c	Find out: Can you cut the cost of life insurance?
		d	Find out: Can you cut the cost of pet insurance?
		e	Decide: Do you need health insurance?
		f	Decide: Do you need payment protection insurance?
		g	Decide: Should you get mobile phone insurance?
		h	Do: Shop around for travel insurance
		i	Consider: Should you get car breakdown cover?

		a	Find out: Can you cut your utility bills?
		b	Find out: Are you eligible for a council tax discount?
		c	Find out: How can you spend less on food?
		d	Find out: Can you get a cheaper mobile phone deal?
		e	Find out: Can you cut the cost of broadband?
		f	Find out: Can you cut the cost of childcare?
		g	Find out: Can you cut the cost of keeping a pet?
		h	Do: Cut the cost of entertainment
		i	Consider: How can you spend less on Christmas?

		a	Do: Apply for your credit report
		b	Do: Check the details on your credit reports
		c	Do: Get smart with your credit applications

		a	Find out: Could you reclaim bank charges?
		b	Find out: Could you reclaim PPI charges?
		c	Find out: Could you reclaim credit charges?
		d	Find out: Could you reclaim mortgage exit fees?
		e	Do: Find lost accounts
		f	Do: Reclaim higher rate tax relief

		a	Consider: How can you earn extra money?
		b	Find out: Can you get a pay rise?
		c	Do: Get a cashback credit card
		d	Find out: Are you entitled to maintenance after your divorce?

		a	Do: Compare credit cards
		b	Do: Find the best savings accounts
		c	Do: Compare current accounts
		d	Do: Compare mortgage deals

		a	Do: Set a savings target
		b	Find out: Do you need a pension?
		c	Consider: Can you afford to invest in shares?
		d	Consider: Could you invest in property?
		e	Do: Start saving for early retirement
		f	Do: Work towards becoming debt free