The world of finance can be a minefield but Raspberry Finance is here to make everything a little more transparent.
From financial jargon no one understands to contradicting advice and a bombardment of information, it’s not surprising why so many switch off when it comes to personal and business finances.
Raspberry Finance is a family run financial blog, here to explain the world of finance in real-life terms that are easy to understand, digest and implement into your everyday lives.
Take a look at some of our top financial tips below and please get in touch if you have any comments, a story to tell or any advice of your own.
Be Honest with Yourself
The first step to becoming financial aware to take a look at your personal or business finances and give it an honest review.
Look at your incomings and outgoings and evaluate where you’re spending, what can be cut out and where you can make improvements. This will only work if you’re honest with yourself so don’t sugar coat it.
Review your Credit Providers
I assure there is always a better deal around the corner and it’s always worth the effort.
Switching bank accounts can not only save you money in interest and service fees but some providers even pay when you switch (up to £150) which a perfect bonus for a better deal.
Transfer Credit
If you have an outstanding credit card or overdraft and you’re paying interest then you should definitely consider switching provider to a balance transfer card.
These cards will often be 0% for 12-28 months allowing you to pay off the debt without incurring more charges.
Repay on Time
Banks get you when you don’t pay on time so ALWAYS ensure you pay the minimum amount to ensure you don’t get stung.
If you’re struggling to pay then speak to the provider and be honest, they will be able to help you.
Avoid Payday Lenders
A company who offer you up to £5,000 without asking for much upfront should always be avoided.
A single missed or late payment can result in interest rates out of this world (up to 2,0005) meaning your £100 loan can turn into thousands of pounds in a matter of days.
These lenders will stop at nothing to reclaim their money including bailiffs, court and so on, so please do not use these lenders.
Set a Budget (and stick to it)
Whether this be daily, weekly or monthly; setting a budget can really help you to keep control of your finances.
Make sure the budget is doable within your financial situation and stick to it as best as you can. The budgeting frame of mind will stick with you and you’ll appreciate things a lot more in the future!
Pay into your Pension
At the age of 20 it’s hard to think about being 80 and retired but as soon as you’re working you should be paying into your pension.
It is now law for all employers to pay into your pension, and your contribution comes straight out of your paycheque so you don’t even notice it.
If you’re able to, pay in more each month – your future self will really thank you!
Have any financial tips for the Raspberry Finance community? Get in touch today by contacting us!