Bee Money Savvy’s Money Audit is a free course designed to help you reduce your bills, improve your bank balance and make your money stretch further.
Your bank, debt and savings all play a key role in your financial situation. Undoubtedly, the ideal situation is that you are happy with your bank account, are debt free, and have enough savings to keep you financially comfortable. Complete this module to make your money work better for you.
Module 1 aims:
- Learn about bank switching bonuses and consider switching banks to earn a switching bonus
- Look at the ways you can reduce your debt and start taking the steps towards living debt-free
- Consider the best options for your savings and build up an emergency fund
1.1 Your Bank
Your bank plays a central part in your finances. It’s where your salary will be paid into and where your bills will be paid out of. But are you making the most of your bank account? Lots of banks offer switching incentives such as a cash bonuses, cashback offers or higher interest rates.
It’s also worth noting that you can have multiple current accounts, in fact some might advise having more than one – that way if you temporarily lose access to your main account or your bank has some technical issues you’ll have another pot of money that you’ll be able to access in the meantime.
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1.2 Clearing Debt
No one enjoys being in debt. If you are in debt you should make clearing your debts your main financial priority. There are some strategies that can make paying off debt much faster — and a whole lot less painful. If you’re ready to take action to get out of debt it’s important to find out what options are available to you.
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1.3 Savings
We should all aim to have at least some savings. I like to maintain a financial buffer (known as a rainy day fund or emergency fund) for unplanned expenses such as car maintenance or loss of a job.
The next thing you should consider is what do or where to keep your savings. Interest rates on savings accounts are the lowest they have ever been (in my lifetime anyway), so what option is going to offer you the best return on your savings? There are a lot of different accounts available depending on how much you have to save and accessible you want your savings to be.
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1.4 Budgeting
In order to improve your finances you need to have an understanding of how much you’re earning compared to how much you’re spending.
Start by tracking your incomings and outgoings. If you want help keeping a track of your finances you could consider a budget app like Plum.
Progress Check
Next Steps…
Join our Money Support Group on Facebook for ongoing tips and discussions. I will also be selecting a monthly member to receive a small gift hamper full of goodies.
