Most of us are aware of how important it is to look after our health by doing a few basic things like getting enough exercise and eating properly. But how many of us look after our finances in the same way?
The majority of people who find themselves in financial difficulty do so because of unexpected circumstances like being made redundant or unexpected bills such as boiler repairs.
Below are five ways to help ensure you are in the best position in case the unexpected happens:
Your credit rating is very important when it comes to getting loans, or even a mobile phone contract. It's worth checking with the credit reference agencies to make sure they have the right information and to know what your credit history says.
An adverse entry on your credit report could make it hard for you to get any form of credit – even a mobile phone contract. So it is important that all of the information is up to date, or if there is an issue, you begin the process of correcting it.
Have you moved house, or changed your mobile phone providers? Check to see if there are any bills or contracts connected to you that you don’t know about. Again, check with the credit reference agencies to make sure they have all of the right contracts and none are outstanding.
Organisations such as Money Dashboard have developed helpful tools which allow you to see where your money goes. Some of these are connected to charities, while some are linked to other companies, but they may be able to help you understand your spending habits. We have also developed a tool as part of our customer portal, which will allow you to plan your finances.
Money comparison websites can help you get advice on best deals for important household costs such as energy or insurance.