The ‘money map’ approach that could help you pay off debt and save for the future | Personal Finance | Finance –

Published On: Sat, Aug 21st, 2021

The ‘money map’ approach that could help you pay off debt and save for the future | Personal Finance | Finance

Keeping organised and having a goal to look forward to are things that can make the process that much easier. Certified Money Coach Fanny Snaith has worked with a free salary advance provider, Borofree, to offer the following tips to people looking to boost their bank balance and save money fast.

Creating money pots will allow people to focus on what their essential outgoings are, e.g., rent and mortgage payments, utilities, groceries, etc.

“By mapping out your spending, and putting it into money pots, as soon as it is received each month people can start to look at how much they have left over each month to save in a money pot for key milestone events in the year.”

Furthermore, the next tip Ms Snaith offered was for Britons to build a firm foundation with ‘sometimes’ savings.

She said: “Build savings for essential items coming up such as Christmas, car insurance, etc will break the cycle of having to use debt to pay for them as and when they arise. It is a good idea to have a separate account to pay them into.

“Anytime that you are going to try and switch to a 0 percent interest credit card, use a comparison website.

“This is important because if you apply via a bank’s website and your application gets turned down, this could impact your credit score.

“Instead, by applying via a comparison website, you can put in all your details, and it will then give you your credit score and tell you all the possible credit card options that you could have at zero percent and the likelihood of being accepting for one of those options.

“If money is tight and you still find you need to make an emergency payment or essential purchase, using a free salary advance provider is a good option.

“For working people, you can now access your own money early, with no charges and no interest, as is being offered by Borofree. For those in work, free salary-advances should obviate the need for high-cost credit and will help you to take back control of your own money faster.”

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