As 2020 is now well under way, many of us will be looking to this year as the year that we put our finances in order.

The starting point is being honest on what and how we spend our money. Whilst household and utility bills along with mortgage or rent payments must be made, there is plenty of discretionary spending that could be cut back on without having any major impact on your day to day life.

For example, consider the daily cup of coffee on the way to work or the couple of takeaway meals every week. Sit down and calculate what you are actually spending on these each week and then consider what this amounts to on an annual basis. The answer might be quite surprising or even shocking. Of course, I am not suggesting that you need to live like a monk but, by cutting down on these throw away purchases, the funds saved could be put towards a holiday or a more substantial purchase.

Once past this aspect, now start looking at all of your other bills. The TV is full of adverts about comparing insurances, fuel bills and so on and whilst this may feel like a bit of a laborious task, an hour or so spent on a bit of research could prove very fruitful. Also, if you have a mortgage, it is worthwhile checking what deal you are actually on. On many occasions people will come off a fixed rate term of say 3 or 5 years and be automatically put on the lenders standard variable rate meaning over the longer term they could pay much more for the mortgage.

A few enquiries now could get those finances in order sooner than you might think.