Mindful spending

Sometimes managing your finances can feel overwhelming but you can take back control just through some simple planning and spending more consciously.

Keeping on top of things

Make a note of all the things that you know will come out each month and subtract this amount from your income (the amount of money you receive each month or week). That will give you a figure that you know you can use for life’s little extras, and you won’t find yourself being surprised by how much or little you’ve got left in the bank. It’s often shocking how the little things add up.

Be a budget boss

You don’t need to be a whiz with Excel, or even own a computer to make a budget. You could use a personal finance or money management app or buy a notebook and write it all down, whatever works for you. The main thing is that you know what’s coming in, and what’s going out and can see where your money could be saved.

Set up separate pots in your online banking if this is a feature, or you could open a savings account and set up a standing order to make a regular payment, however small to it each month.

Go back to using good old-fashioned cash rather than your card for your everyday bits, your top up shops, lunches, drinks and travel costs. It can really help to see and feel what you have left.

Think it over

We all love the buzz of a new purchase, that little pick-me-up or treat that can brighten our day. But always be careful that you aren’t just buying things for the sake of it. Ask yourself if you really need it, are you going to use it or will it just get relegated to the back of the cupboard. Saving a product to come back to later, rather than ordering on impulse can give you time to consider whether it’s right for you and whether you really need it.

Clever spending all year round

It’s always someone’s birthday, so get ahead and order cards in bulk or buy a load when there’s an offer on. Look out for deals and discounts during the year and avoid last minute panics to spend less and feel a bit smug too! For the bigger birthdays, weddings, and whatever else needs something special, you can pay for more expensive gifts over a few months and pay it off a bit at a time instead of all-in-one go.

Better to be safe

It’s always a good idea to check the protection you have and make sure your insurance policies are up to date, so if anything does go wrong, you’ll be covered in a crisis.

Buy Now Pay Later doesn’t mean Buy Now Pay Never

Whether you use Buy Now Pay Later with us, or elsewhere, these payment options are a great way to split the cost of bigger orders into more affordable chunks over a longer period. You can pay them off along the way to fit around your other outgoings.

Whenever you use Buy Now Pay Later to purchase something, make sure you know how and when you’ll be able to pay for it, and it’s always good to pay a day or two before the final date just in case your WIFI lets you down at the last minute or something crops up and you forget.

Have a plan

Life’s for living, and some simple steps now, will help make memories in the future.

Keep it real

Make sure your goals are realistic and manageable, start small and work your way up so you don’t end up getting stressed.

For now, and later

Some goals will take longer to achieve and are a way off in the future, like saving a deposit for a house or getting the funds for that new fitted kitchen. It’s good to have some shorter-term goals too, like saving a bit each month to buy yourself something you’ve wanted for a long time, so it feels like a treat.

Don’t let it get you down

Always consider rising inflation when you’re planning to save up and buy something and allow a little extra for prices going up.

Give yourself space

It’s ok if your goals don’t always go to plan – that’s life. Just take stock and keep going, you’ll get there in the end.

Be a savvy shopper

Food shopping can be a huge weekly expense, but it doesn’t have to be. Make and stick to a shopping list to avoid temptation or do it online and stop the kids adding little extras into the trolley! Look out for some decent online discounts and shop around to use them before they expire.

Sensible saving

Put as much as you can afford away each week or month, so you’ve got a little pot to dip into in case of emergencies. Challenge yourself to have some ‘no spend’ days each week and put it away instead.

Delve into your Direct Debits

It’s a good idea to check your Direct Debits every now and again to make sure you’re not paying for something you no longer need or use. Check with your Wi-Fi or phone provider to see if you can get a cheaper deal to help reduce your bill. If you’re out of contract soon, ‘SIM only’ deals are a great way to reduce your bill if you’re happy to keep your current phone.

Check what you’re entitled to

It’s worth having a look on the http://Gov.uk site to see if there are any extra payments that you’re entitled to that you may not have thought of.

Shop smarter and greener

We all know we need to do more to help protect our planet, so here are a few ideas that’ll help your money go further AND be eco-friendly at the same time.

Resell, recycle, reduce

It’s never been easier to sell your unwanted things online, so you can refresh and renew your home and wardrobe with a couple of clicks. And it’s never been cooler to buy pre-loved and vintage so you can do you.

Give your clothes a second life by selling them online, and on the high street too, with offers for money back when you recycle your unwanted stuff – anything from returning your empties to your old bra!

Not only is it money off something else you need, but it all helps to reduce waste and landfill. Trade-ins on your old tech are a great way to save money when you need to replace or upgrade your next phone, tablet or laptop.

Make do and mend

Breathe life back into clothes and household objects with a quick repair, or a total facelift. With some inspo from Pinterest or Insta, some skills and know-how from YouTube, anyone can make the most out of what they have.

From re-covering a stool with some fab fabric, cutting the bottom off some jeans, or the waistband off an old sweatshirt, or getting the bobbles off your favourite (and very tired looking) jumper, you can fall back in love with your stuff, and enjoy it for longer.

Think about how you can reuse and recycle things you already have, and only buy it if you really need it or you’re going to get some definite use out of it. Once you start changing the way you shop, these saved pennies will soon add up and you’ll see a difference!

Seen it? Want it? Do it!

It’s never been easier to have a go yourself. Recreate your favourite looks for a fraction of the price by buying lookalike goods and copy colour combos you’d never have thought of yourself, to create designer looks in a weekend.

About your credit score

We think your credit score is really important, so here are some ways you could keep it healthy and in check.

What is a credit score?

Credit reference agencies store data from credit providers and then turn that data into a credit score. The data may come from banks, loan providers, credit card providers, or other companies that allow people to borrow from them. And because it includes borrowing of any kind, car finance, mobile phone contracts, or utility bills may also be included.

There are three main credit reference agencies in the UK - Equifax, Experian and TransUnion. All three can provide you with your credit score, and you can also request a copy of your credit file so that you can see the full report.

What is a credit check?

This is when a company looks at your credit report to see your financial history and checks whether you’ll be able to repay money you want to borrow. We check more than 3 million credit applications every year and we only accept customers that we think can keep up with their repayments.

Before making a credit check, make sure you’re on the electoral roll – this is really important if you’ve moved house recently and may help to improve your credit score.

What is a soft credit search?

A soft credit search is a search that can be carried out on your credit file that other lenders won’t be able to see. If you apply to open a Very Pay account with us, we’ll carry out a soft search on your credit file to see what you can afford, and you’ll see what your personal interest rate and credit limit is likely to be. The search will only be visible to you and us - no other lender can see it and it won’t harm your credit.

How is my credit score worked out?

It’s based on a few things, like how much borrowing you’ve done in the past, your current credit limits and how successful you’ve been at paying things back.

Why does it matter?

Depending on your credit score you might find that you are not able to access financial products or that you’re given a higher interest rate. That’s why we think it’s important to try and keep your credit score healthy.

How do I improve it?

Just by being careful and making sure that anything you borrow is paid back on time and as agreed with your financial lender. Make sure anyone you’re living with isn’t negatively impacting your score - having a joint account, joint mortgage or join loan with someone with a poor credit history can negatively impact you too.

Check you’re on the Electoral Roll and pay your utility bills on time. If you’re sharing your bills with a house share or partner, it can help to divide them up between you.

How do I find out my credit score?

There are a few main credit reference agencies that it’s worth taking the time to check in with, it’s a bit like doing a health check but for your money. Experian, Equifax and TransUnion will be able to help you, you’ll just need to answer a few questions.