Expenses Review
Your Expenses Review is where you have the potential to make
improvements to your financial position that can actually be
felt immediately. You really do need to exert self discipline
and cutback on as much unnecessary expenditure as possible.
Here are a few suggestions for some of your items of
expenditure. Do you really need everything you are spending on?
If you are in debt then some non-essential items (products or
services) will have to go.
- Contact a fee-free mortgage advisor to
ascertain whether a better mortgage deal is available.
Don't accept the first offer made to you - shop around.
Take into account any charges that may be made if you do
re-mortgage.
- Do you really need Mortgage Payments Protection
Insurance? Have you read the small print of your policy?
Does it cover you in the way you expect? Is it really worth
the cost?
- Make a note of the renewal dates for all your general
insurances. Diarise them, and nearer the time shop around
for cheaper quotes. Sometimes, lumping them all together
with one Insurer gets you a cheaper deal.
- Be frugal with your car. Don't use it for short
journeys if it is as easy to walk. Only fill up with as
much petrol as you need. If you always fill up the tank,
you'll always be paying out more than you have to, and you
are bound to use the car more than you need to.
- Shop around for cheaper car insurance quotes just
before your renewal date.
- Telephone and mobile phone costs can be drastically cut
back if you keep use to a minimum, and to off-peak times.
Don't use mobiles for long conversations.
- Food and household items. You can make significant
changes here. Instead of buying convenience foods all the
time, prepare food yourself. And if you are in the habit of
buying something to eat at lunchtimes when you are at work,
get into the habit of preparing a packed lunch at home the
night before.
- Personal pampering has got to take a back seat, apart
from hairdressing perhaps, but watch the
cost.
- You mustn't skimp on anything to do with your
health, but do be circumspect about
certain things. I wear spectacles and I know that I have to
keep my prescription current for my own good, but glasses
are not cheap. However, you don't need to pay high street
prices for glasses whilst you are economising. There are
some very good online services that will enable you to have
up-to-date glasses but at a much lower cost.
- Gambling in any form, should be stopped if you have
debt troubles. It's a total waste of your limited
resources, and you cannot afford it.
- Entertainment should be curtailed as much as possible.
You might not like the idea of reducing your leisure
lifestyle, but when in debt, you don't really have much
choice, and you will be living beyond your means if you
continue as before. Cut back wherever you can.
These links: Income
Review Assets Review
Liabilities Review
will take you back over your budget review, then it will be
time for you to consider some Get out of Debt Plans
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