Summer has always been expensive but these three simple tips will help you keep costs down, make the most of your money, and manage your personal finances.
1. Plan ahead to save money
If you’re thinking of going on a staycation or city break, book your train or coach in advance to get cheaper tickets.
Wowcher and Groupon have offers on UK city breaks, staycations, and more. If you’re nervous about travelling on public transport, you can still take advantage of other discounted activities, such as afternoon tea, theatre offers, and spa breaks.
Social activities like dining out or going for drinks can slowly add up over time. However, you can still save money, by looking for deals and discount codes. Sites like Money Saving Expert and Voucher Codes have deals on bars and restaurants to help you reduce how much you spend.
2. Stick to a budget
Stay on top of your spending – set a budget and stick to it. If you don’t enjoy budgeting or find it difficult, a budgeting app that can do it for you.
Money Dashboard is a free app which can help your savings grow while keeping track of your spending. It sends you a notification when you’ve nearly reached your budget, to stop you overspending. And because it uses graphs to show you where you spend, you can easily identify where to cut costs.
Emma offers similar benefits, but also specialises in highlighting any subscriptions you’re not using to help you cut down on unnecessary expenses!
3. Boost your credit score
You should only think about getting a credit card if you know you’ll be able to pay off your expenses on time. However, using a credit card to pay f small purchases is a great way to improve your credit score.
Set up a direct debit to pay off your credit card bill in full each month to avoid interest and reduce the risk of debt.
There are other advantages to having a credit card. Some providers offer cashback incentives and most offer purchase protection or a longer warranty period on purchases, including travel tickets and hotel bookings in some cases.
It may be worth looking at a credit card comparison site, to see which card provides the best benefits for you this summer.
Check out our free financial education resources