The cost of living is increasing. That includes food, heating, travel and electricity. It is time to check to make sure that you remain in the Happiness Zone. To qualify for the Happiness Zone you need to have more money coming in than going out. If you are already there, pat yourself on your back. For those not there, it is worth looking at some ways to make some savings.
1) Reduce the cost of your credit. If you have ongoing, ‘never-ending’ credit card balances, you will be paying a very high interest rate. Check out possible personal loans to see if you can save on the costs. Changing it into a loan will also mean that the debt will eventually be gone! If your debts are too high to deal with by means of a personal loan, find out about remortgage possibilities. You may be able to score twice – once by lowering the costs of your credit, and secondly by lowering your mortgage payments by getting a better mortgage interest rate from another lender. It will cost you nothing to find out what your options are. Just give us a ring.
2) Really face up to your financial situation. Take the last 3 months and see what your spending has actually been. List out everything. Then compare it to your average income. You will soon see how much you need to cut back. Or, if you are already in the Happiness Zone, you can look at savings for the future.
3) Make sure you are not paying more tax than you have to. If you are employed, you should check your Tax Coding to see if it is correct. The Tax Man has certainly been known to make mistakes. If you are over 65, check to see that you are making the most of the extra personal allowance to which you are entitled. That can save almost £500 a year in tax. If you have investments, do not forget to take advantage of your Capital Gains Tax Allowance. It allows you to take profits out of your investments of up to £10,600 without having to pay any tax at all.
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