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Improve Your Credit Score With These Budgeting Tricks

If your debts are getting on top of you, you might be able to free up some extra cash with a couple of budgeting tricks. Find out how you can do this here.

Taking control of your finances can seem daunting – especially if you struggle to repay your debts each month. Fortunately, there are several budgeting tricks you can use to reduce your outgoings and free up some extra cash each month.

Create a budgeting planner

A budgeting planner contains all your debts and outgoings. For example, this should include rent, council tax, loans, and subscription fees. In short, anything which you get charged for on a monthly basis will get listed here.

Once you have a clear idea of how much you need to spend each month, then you can look at ways to free up some cash for these expenses. For instance, a gym membership can vary in cost but around half of these are purchased but not used regularly.

Consequently, if you are struggling to get to the gym, it might be worth closing your account and saving on the cost.

Are you paying too much for your food?

Many households throughout the UK unfortunately waste food. To avoid this, consider writing a list and preparing your meals for the week. Furthermore, combine with the budget planner to identify how much you can reasonably afford to spend and look at cutting costs where appropriate.

It’s also worthwhile collecting points on a reward card and keep an eye out for special deals! You could be surprised at how much you can save through one of the smaller, budget supermarkets.

How does this help my credit score?

Budgeting this way will help you get a clear idea of how to comfortably spend your money. Cutting back on the non-essential purchases and finding cheaper deals will give you more funds to repay your debts. By making the regular repayments, you should eventually see some real improvements in your credit score.

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How else can I repay my debts?

If your debts are starting to get unmanageable, then a good solution might be to apply for a consolidation loan. This can help you pay off your existing debts, leaving you with only one manageable monthly payment to complete every month – making things much easier.

To find out more information about this, talk to us today. We’d be happy to discuss your circumstances and find a solution which is right for you.

Consolidate My Debts
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APRs from 5.8% to 89.9%

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Unsecured Loan Representative 69.9% APR

Borrowing £7,500 over 36 months, repaying £502 per month, total repayable £18,083. Total cost of credit £10,583. Interest rate 69.9% (variable). The lenders on our panel offer loans for 12-60 months, with rates from 5.8% APR to 89.9% APR. The Representative Example is based on all loans paid out by lenders between 19th Apr 2022 and 23rd Dec 2022.

Secured Representative 11.7% APR

If you choose to add fees to the loan: Assumed borrowing of £25,000 over 120 months, plus a broker fee of £2,500 and a lender fee of £250 would result in monthly repayments of £345.55, the borrowing rate is 8.6% (variable), the APRC is 11.7% (variable), total charge for credit £16,466.00 and the total amount payable £41,466.00. You can opt to pay the lender and/or broker fees upfront, your adviser will discuss these options with you.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. All rates vary subject to loan amount, loan type and status. Repaying your debt over a longer period of time may increase the amount you pay.

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