Our top tips for how to get out of a financial JAM* (that’s just about managing) — plus deals from Sun Savers
ARE you in a JAM with your finances? Almost half of UK households say they are “just about managing”.
But according to research from Provident Personal Credit, these families — dubbed JAMs — are hit with four sudden costs each year, such as car or boiler breakdowns, which take an average of four months to pay off.
Fifteen per cent of them say they have had to go without essentials such as heating, or cut back on meals, to pay unexpected costs.
So with winter on its way, how can the JAMs get by? Here are seven tips.
1. Save for the unexpected: It is pointless just looking back and wishing you had tucked a bit of cash aside before the boiler broke down.
Start a “just in case” fund now, so you can meet those unforeseeable bills when they crop up.
3. Take stock of spending: Those last-minute panic trips to the shops, impromptu takeaways and unnecessary outlays have a big impact.
By checking on them, you will get a clearer idea of where your money goes.
4. Be mindful about money: Once you are aware of your spending, you can decide what you can and cannot afford — and make better decisions in the moment.
5. Get better at planning: Creating a budget is key to financial stability. Work out how much you need to set aside for bills, essentials, and groceries each month, so you can begin to spend responsibly.
6. Become a savvy shopper: Being clever with your everyday spending can pay off in the long run. Bag bulk-buy deals, stick to your shopping list so you’re not tempted to overspend and always compare prices for both big and small buys.
7. Make smart spending a habit: Shaving a few pounds off the weekly shop means nothing if you then spend it on something you do not need. Instead, tuck it away and start your emergency saving fund. Saving even just a couple of quid a week will help.
Reader’s top tip of the day
JANINE ALLINSON, from Bishop Auckland, County Durham, says: “Use social media to find your local buy, sell and swap site.
“You can pick up amazing bargains, especially on bulky items like furniture or garden goods.”
- Send us your tips to sunsavers@the-sun.co.uk and you’ll get 28 codes worth £5 if your tip is used. Please include your name and town.
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The Hilton hotel chain is launching its winter sale today, with up to 25 per cent off selected stays. See .
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