Your Guide to Staying Clear of Debt

In this article we aim to provide you with 3 fantastic tips which, if deployed correctly and consistently, will definitely help you to keep your finances in order, save money and relieve the strains of debt.

First of all you need to examine what you are spending. To do this log in to your online banking account and search your statements for the previous 3 or 6 months. This will give you a good idea of where your money is being spent.

Secondly, and using the intelligence you just gathered in the first step, work out where you can avoid spending. So for example, if you have a gym membership you hardly ever use, cancel it. If you spend over £100 each month on new clothes, try and halve this to £50. There are others avenues as well, like your energy supplier who is probably charging more than their competitor. Move to another supplier to get a cheaper rate.

Finally, do this every month and try to improve on the previous month until you literally cannot spend less, and save more. Consider opening up an ISA and paying these savings into it each month. This will provide you with a target to meet and a reward if you do so, on a monthly basis.

This is a very simple plan but when executed carefully and consistently, it really will make a positive difference to your bank balance. It will allow you to save money, freeing up what you earn to spend on other things down the line.

This was a guest post written by Matt Saunders for Logbook Money. If you need to borrow some capital in the short term, taking out logbook loans can be a viable way of bridging those end of month financial gaps!