3 key things I can do to get my finances in shape this summer?

The economy is in a fragile state, we all know that and there’s not a lot we can do about it. However, that doesn’t mean that you can’t take action over your personal finances.

If you’re finding it tough to make ends meet, I’ve got three key things that will give your finances a boost and help you enjoy your summer.

1. Transfer your balance to a 0% credit card

Aside from the standard household bills, such as rent/mortgage and utilities, one of the biggest expenses is our debt. Whether you have £50 or £500 in interest to pay for your debts, it’s an added bill I’m sure you could do without.

You’re probably wondering how you could possibly slash the cost of your interest charges. The answer could lie in a balance transfer credit card. These cards offer lengthy 0% periods on balances transferred from other credit and store cards, where you might be paying anywhere from 18%-50% APR.

Bear in mind that you will probably need a good or excellent credit score and will have to pay an admin fee, but a 0% credit card could significantly decrease your monthly debt repayments.

2. Check to see if you’re entitled to PPI compensation

If you haven’t heard of the PPI scandal, you must have been living under a stone. This is the biggest financial scandal in history. Ever. It affected millions of consumers, many of whom have received thousands of pounds in compensation.

You might have been affected. Although you are probably sick to the back teeth of hearing about how you might be entitled to money back. You actually might be. The vast majority of the people that have successfully reclaimed PPI payments didn’t even know they had a policy.

Even if you are highly doubtful that you’ve ever had PPI, it’s worth checking. Look into your credit cards, loans and mortgage as you could be sitting on a goldmine. Contacting a specialist can subsequently be the most effective way to reclaim funds which are rightfully yours and could be just the boost that you need as we head into the summer.

3. Draw up a budget and stick to it

If you’re anything like me, you probably think that you can’t possibly cut back any more than you already have. It might feel like your income is being squeezed from just about every angle, but you might be spending without realising it.

Things like a morning cup of coffee can turn into hundreds of pounds a year of unnecessary spending. Even an unused gym membership can become a pointless expense. There are likely to be direct debits flying out of your bank account without you even realising.

By drawing up a realistic income and expenditure sheet, you will be able to see where you’re spending and where you might be able to save.

Times are tough, there’s no doubt about that, but there might be some small changes that could make a big difference to your finances.