Healthy spending habits for the New Year

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Let’s kick off 2021 with healthy spending habits. Here are our top 5 tips to start the new year how we mean to go on; financially free and positive.

  • Improve your credit card education

We did a blog on making sure your children are educated on credit card spending (click here to read it if you missed it last month), but credit card education is necessary for everyone. Keep conversations honest and open, and ask for advice and guidance on anything you do not understand.


  • Only spend what you have

When you are in difficult financial situations it is tempting to borrow more money to ease financial pressures. Ultimately this money has to be paid back; and depending from where it was borrowed from, there could be great interest rates to consider. You can develop healthy spending habits by setting and sticking to budgets and using pre-paid credit cards (you can also give these to your children to help with financial education).


  • Improve your credit rating

2020 was tough, so if you’ve landed yourself in hot water financially that’s understandable and there are several tips and techniques that help your credit score whilst you make amends for the year before. Regular, prompt and management repayments should be kept to in the new year, and you can use credit building cards too. Credit building cards are designed for people with poor/limited credit history so that they may demonstrate responsible use of credit.


  • Save, save and save

Any amount, no matter how big or small, can help protect you against unnecessary borrowing. Establish healthy saving habits right from the beginning of 2021 to put you in the right frame of mind for the rest of the year and beyond.


  • Seek support

If you need help with your business finances, please do contact us at Surrey Accountancy and we will happily talk you through many different elements of the accounting process. We also offer training and mentoring schemes so that you can become fully confident in all elements of your business accounts.

If you have found yourself struggling with personal debt, the charity Step Change can help you navigate an affordable and stress-free payment plan after assessing your circumstances. You can access more information on Step Change here.

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