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 such as reduced hours at work or even redundancy.
Take a look at our Financial Health Top 5...
Check your credit score
Your credit score is usually something lenders will look at before they offer to loan money, consider a mortgage application, agree a financial contract with you. 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.
A low score 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.
Checking your mobile banking app to see if your bank offers this service, or sign up to Noddle or ClearScore for a free credit reference service. You can also pay a monthly fee with some credit referencing companies and you'll receive a report each month to tell you what your score is.
Keep your billing details up to date
Check to see if there are any bills or accounts 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.
Keep your address detail up to date, as well as being registered on the electoral register.
Budget Budget Budget!
Spending is easy. right? So it's important to think about what's coming in each month, and planning what will be going out.
Have you considered using 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.
You may also find it useful to check if you are entitled to any benefits that you may not be aware of through entitledto or Turn2us.
You can also Login or register on our customer portal to use our income and expenditure tool to help you work out your finances.
Find a better deal
Don't just settle for those annual renewal emails you get, call up and challenge the provider if there's been an increase. Don't wait until the last minute to compare the market, find a better deal using money comparison websites - and you could save, save, save on your energy or insurance.
Even a small saving here and there will end up saving you more throughout the year - so don't be shy in finding out if you can get something cheaper.
Uswitch and MoneySavingExpert provide free to use comparisons.
Talk about your money
It's not taboo if we all start talking about it. Money is part of everyone's lives, and right now, more than ever, we encourage you to face into your finances and work out what's affecting your financial health.
There's so much help out there and free advice is available to you. If you have any questions about debt, take a look at our free advice page, here
ways to pay
reduce your balance by direct debit, continuous card payment, standing order, or with a one-off payment