Want to know what one of the biggest mistakes people make when budgeting? It’s making a spending plan for the month and thinking that’s the job done.

For budgeting to work, you need to create the plan – maybe as a spreadsheet or in a paper planner, depending on what medium suits you best. Thamesbank account holders can have accounts to save towards objectives

  • Create a monthly spending plan, but don’t stop there.
  • Use budgeting apps or platforms like Snoop or Moneyhub, or digital bank apps like Starling Bank or Monzo to track spending in real-time.
  • These tools help categorise spending, track transactions, and alert you if you’re overspending, making budgeting easy.

Automate your finances

  • Set up automatic bill payments, credit card repayments, and savings contributions to save time and avoid late fees.
  • Some savings apps make saving fun with challenges or unique features.

Cash in on cashback

  • Earn cashback on everyday purchases using platforms like #TopCashback or #Jam Doughnut.
  • Save cashback earnings for future use or emergencies.

Review and reduce

  • Regularly review contracts and subscriptions to identify opportunities for cost savings.
  • Cancel unused subscriptions and negotiate better rates where possible.

Manage debt wisely

  • Consider transferring credit card debt to a 0% interest card to save on interest charges.
  • Check eligibility before applying and close old cards to avoid temptation.

Get mortgage-ready

  • Improve your credit score and reduce expenses to secure the best mortgage rates.
  • Explore options for making extra mortgage payments to reduce overall interest costs.

Maximise loyalty points

  • Utilise unused loyalty points on cards for purchases or discounts.
  • Make a plan to use all accumulated points by the end of the year.

Revamp your grocery shopping

  • Switch to a twice-weekly shopping routine for fresher produce and better meal planning.
  • Reduce food waste and reliance on takeout by planning purchases more efficiently.

By following these straightforward tips, you can take control of your finances and achieve your budgeting goals with ease.