Published: 04/01/2021

Tips for your financial New Year's resolutions


Here at 1Plus1 Guarantor Loans we have some tips to help you make and keep your New Year resolutions

Make 2021 the year to sort out your finances

  1. Sort your debt out!

Carried away with your Christmas spending and in debt?  If you’ve spent a little too much over the festive period, now is the time to start sorting that debt out.

If your credit card balances have racked up and you’re paying a chunky rate of interest, you should try to transfer those balances over to a 0% balance transfer credit card.

If you aren’t able to do that and you have a family member or friend who is prepared to act as a guarantor, a guarantor loan from 1Plus1 Guarantor loans may be a solution. As we are responsible lenders, a guarantor loan is subject to both you and your guarantor passing our affordability and credit worthiness assessment in our application process.

  1. Start a savings habit

Money can be tight especially in the New Year, so saving regularly can be difficult. If you work out a budget and make a few cutbacks, you’ll find it much easier.

Maybe get rid of that gym membership you’ve been paying each month. If you aren’t working from home, start taking your own packed lunch to work rather than buying one every day?

Set yourself a target you know you can stick too. Even if it’s only a small amount each month. It soon adds up. Set yourself a realistic target. Telling yourself you’ll start saving half of your salary each month is likely to be impossible.

Of course, once you’ve done this, it’s important to choose a suitable savings account to put all of that extra money into.

  1. Lower your food bill

For resolution number three, start cutting those food bills! Save some pounds around the hips too!

Dropping the big brands and going for supermarket own brands, buying from deep discounters and planning ahead, rather than impulse buying can save pounds on your bills.

You can also check out how to save money on your groceries with these tips to cut your grocery bills and keep an eye on the weekly supermarket deals that will help you spot where the best bargains are to be found.

  1. Save on your car costs

Make 2021 the year to reduce your car costs. Filling up with petrol each week can hurt your purse or wallet! If you want to save money, try to avoid using your car wherever possible and walk or cycle instead. If you do need to use your car fairly regularly, there are still lots of things you can do to keep the costs down. Check out how to find the best fuel prices near you.

Maybe a new more efficient car would help? A guarantor loan with 1Plus1 Guarantor Loans could be the answer, subject to creditworthiness and affordability.

  1. Retirement planning

It’s easy to forget to plan ahead and prepare, especially when times are tight. The earlier you start, the better off you’ll be when you do retire.

Don’t put off starting your pension any longer. If you’ve already started contributing, try to increase your contributions in 2021.

If you’d prefer not to use a pension and are planning to rely on your ISAs or property instead, it’s important not to leave it too late.

  1. Cut your energy bills

A lot of us pay far more for our energy bills than we need to, so make sure you shop around using comparison sites and switch to a better deal. You could save hundreds!

  1. Earn rewards

It doesn’t always mean cutting back to improve your finances. So, our last New Year’s resolution is all to do with being rewarded for your spending.

Every time you shop online, make sure you use a cashback website such as Quidco or TopCashback.

Whether you’re shopping online or on the high street, it’s a good idea to use a rewards credit card. Just make sure you can afford to pay off the bill in full each month to avoid getting high interest charges.  Don’t spend to save! Happy New Year from 1Plus1 Guarantor loans.


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