As tradition goes Lent is a time to give something up until Easter. The popular choice for those participating in Lent is to ditch chocolate in the anticipation of an Easter binge. But, if you are giving something up, what about something a bit more practical?
If you’re participating in Lent and thinking of giving something up, you might be trialling giving up a bad habit such as smoking, nail biting or even ditching unhealthy food and drink during this period. But you could think outside the box a bit.
So what about making moves to help you to a more financially savvy future?
Fix your finances
With this in mind, here are four financial habits you might want to consider giving up, regardless of whether you’re participating in Lent or not.
- 1. Spending extra cash on your take-away treat
Almost every money-saving tips article advises against spending your cash on pre-made coffees or lunches every day. Those coffees and sarnies certainly add up.
If you’re planning on making your own lunch or morning brew throughout Lent, why not put the money you save in an instant-access savings account? The Which? Money Compare Savings and ISA tables let you search hundreds of savings accounts and ISAs to find a great savings rate based on quality of service as well as cost and benefits.
Your costly take-away lattes could soon become a nice little Easter treat.
- 2. Auto-renewals
Our haggling survey shows that our members cut their annual bills by more than £500 by haggling over the cost of five products and services.
The key is to shop around for prices being offered by other company, and asking your current provider to match it. If they don’t, you could always switch. Our eMindme tool can help remind you when your contract is due for renewal.
- 3. Spending beyond your means
It’s easy to focus on your present needs and spend more money than you have, but this always comes back to bite us when it comes to our longer-term financial goals.
We’ve created a six-step guide on balancing your household budget for those struggling to reign in their spending.
- 4. Paying interest on your credit card debt
No-one enjoys paying interest on a credit card, and it’s not always necessary either. You could move your credit card debt onto a balance-transfer credit card, and give yourself a welcome break from paying interest on your credit card debt.
Some cards give you up to three years to pay off the debt without charging a penny in interest, although you may have to pay an initial balance-transfer fee.
Just make sure you clear your debt before the end of the 0% period to avoid being charged at the standard APR thereafter.
The Which? Money Compare credit card tables let you search hundreds of cards from providers to help you choose a great deal based on quality of service as well as cost and benefits.
So will you be trying out any of these financial tips?