My main goal for 2016 is to get out of the (albeit small) amount of debt that I’m in so that I am in a position to begin saving for my own home before the end of the year. The thing is, i’m bad with money. Like, really really bad. I know that if I want to pay off my debts I need to make some changes and the best way to do this is to plan. To stay accountable for my, erm, accounts (and who knows – maybe even give someone else some ideas on saving money this year) I wanted to write up a blog post on my plans.
Lowering Interest Rates
I began my money saving mission at the end of 2015 by opening a new bank account with a lower overdraft interest rate and I have also applied for and (surprisingly) been accepted for a credit card, which I will be using to pay off my catalogue debt at a much much lower interest rate. By lowering my monthly outgoings for these payments I am hoping to clear the debts much quicker as I will be able to pay for the debt itself rather than the interest.
Get Cashback on Everything
When it comes to cashback, I’m a fairly new convert and I wish I’d have discovered it sooner. You click on a special link, buy things as you would usually and get some money back for it? Brilliant! My personal favourite is Topcashback as they sometimes have ‘snap and save’ cashback where you take a photo of your receipt if you’ve bought any of the items they’re promoting, upload the photo to the app or the website and the cashback gets put into your account once it’s confirmed. Super simple. In the past few months I’ve probably made around £80 cashback just from buying things online as I normally would.
Make Better Use of Money Made Blogging
Believe it or not, I sometimes make money from this here blog of mine. Shock shock horror horror. Usually I just put the money into my main account so it gets treated like anything else, but for the upcoming year any cash that does come my way from Little Babble will be going into a separate account to help with the clearing of money owed!
There we have it, these are just three of the ways that I’m hoping to make 2016 the year I finally get into the black and level out my finances. Are you in the same boat? Are you planning on making 2016 the year that you save money? Do you have any tips?