The space between Christmas and New Year is often a nothing burger, as we wait for the old year to finally go and new one to arrive.
But this offers the perfect opportunity to check over your finances and ensure you have a clear plan in mind for next year. Over the next few days, I will offer some suggestions which may help you to keep your finances in fine fettle. The trick is to avoid the inertia which financial companies rely on to bolster their profits. But it does take a little work.
A good place to start is to make sure you know how your cash flow sits. My surveys should that more than half of households do not have a good handle on the money coming in and going out. Remember that financial stress as measured by cash flow in registering as high as ever, so more people would do well to get a grip on their cash flows.
Next look at the date for car and house insurance renewals. Write them down. This is important because most will auto-renew, but it is likely your existing company will be price walking you up meaning you will likely be paying more than a new customer would.
Third make a note of your current mortgage and savings rates on your accounts. Keep a note of the current rates you are paying or receiving. And keep up to date with the deals as they come and go. Many banks change rates on their products at odd times, and often do not pass full savings on. Funny that!
Finally, today make sure you know the type of credit card you have, if you have one.
Collect all this information and make a note somewhere you will remember and revisit it often. This could save you thousands across the year and help your finances survive in 2025.
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