Cash Genie is committed to responsible lending practices, and it’s a business principle that customers should not have to come back and use the short-term loan services repeatedly. Apart from anything else, it’s not good commercial sense, because encouraging unwise financial practices means that clients are more likely to default on their debts! So a part of the service is helping customers to organise their money in such a way that they won’t need to go for such loans in the future.
The best way to do this is to examine your spending: all of it. It sounds like a big deal, but it can make a great difference. Break it down if it seems scary. First, check all of your major outgoings: rent or mortgage, bills, utilities, phone, internet, interest on loans, council tax and so on. It may be that you can save money already by moving providers for one of these. In the case of a mortgage, that could save you hundreds of pounds or more a year. Others might mean you have an extra ten or twenty quid at the end of the month – still worthwhile.
But the most surprising examples are likely to come from the expenses you barely notice. These are the little, cumulative expenditures you build up over the week. When you look at them over the course of the month and year, they can make a huge difference. Picking up a coffee on the way to work every morning? That’s only £2 or so, right? But that’s £10 a week, £40 a month or getting on for £500 a year. That could represent an instalment on your mortgage or a month’s rent. Similarly, buying a sandwich and drink every day instead of making the same at home? Easy another £1,000 a year. The same goes for the odd night out: it’s very easy to lose track.
Cash Genie recommends keeping an eye on these ‘trivial’ expenses. It doesn’t mean you have to deny yourself totally – no one’s saying that you shouldn’t enjoy the odd treat or lunch out. What’s important is that you see what these are actually costing you. Once you know that, you can decide whether the convenience or treat is really worth it, if the end result is staying in debt (and therefore having to pay more through interest) in the end. In addition, if you’ve got debts you need to pay off, this can be a great motivator. If a couple of coffees a week fewer means peace of mind in the long term, then it’s no contest.
Please visit http://www.cashgenie.co.uk/ for further information about this topic.