We've put together some tips for those starting 2015 with a resolution to cut down on spending and to get their finances in shape.

Our tips for getting your finances into shape are:

  • Put together a budget – work out how much you’re spending and what on each month to put together a budget. Keeping a ‘Cash Diary’ and recording everything you spend (however big or small!) is a great way to take an honest look at your spending habits.
  • Where can you cut back? – spending ‘a little here and there’ often can soon mount up. What do you spend on lunch each day? How often do you eat takeaway food? Do you regularly spend more than you mean to on a night out? Think about how you could reduce these costs and if you really need to be spending this amount.
  • Shop around for a better deal – are you paying too much for your mortgage or utility bills? Reviewing these costs can make a difference to your monthly outgoings.
  • Plan ahead – if you have larger bills that come in annually or quarterly, you might want to pay them in smaller, manageable chunks with a direct debit (you might even get a discount for doing this). Setting up a separate account and paying in enough to cover your essential outgoings each month is a good way to manage your household finances.
  • Start thinking about Christmas in January – avoid financial hangovers that last longer than the festive period by planning ahead and saving enough each month to cover the cost of next Christmas. A regular savings account can be a good way to do this and is easy to set up.
Our Chief Executive, Mike Hanson, said: “It’s so important for people to take control of their finances as being in debt can be so stressful. It can seem daunting at the beginning but taking the time to review your spending and household budget now can avoid larger problems later.”
For more information about setting up a regular saver account to help you to save on a monthly basis please click here or visit your local Vernon branch. 
If you’re looking for impartial advice on managing your money visit the Money Advice Service website at www.moneyadviceservice.org.uk or contact them on 0300 500 5000.