useful tips for financial health

Your financial health is almost as important as your physical health. 

Here are some simple steps to check and maintain your financial health

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?

Making sure you’re prepared

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:

Check your credit rating

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.

Are your contracts up to date?

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.

Use a budgeting tool

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.

Try and find better deals

Money comparison websites can help you get advice on best deals for important household costs such as energy or insurance.

Don’t be afraid to get advice

If you have any questions about debt, there are a number of organisations, many of who give free advice, that you can speak to and can help you.

You can also read our monthly spotlight feature that looks at more ways that can help you to manage your finances and credit rating.

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