How to glow up your bank balance in ten minutes
It can often feel as though making changes to your financial situation is a slow and steady process, which is generally true. That being said, there are plenty of small steps you can take to improve your finances in a matter of minutes, so if you’re ready to take some quick, effective action, you’re in the right place.
Review your recent spending
Whether you bank online or using an app, spend a few minutes going through your statement and check that everything looks in order. You’ll be able to get an idea of where your money is going, and if you’re spending money in areas you don’t realise you are. Plus, if there are transactions that you don’t recognise, check them with your bank in case they are fraudulent.
Check your pension contributions
Free money, anyone? If you’re over the age of 22, you’re employed in the UK and you earn over £10,000, you should automatically be enrolled in your workplace pension. As long as you contribute the minimum amount, your employer is legally obliged to make additional pensions contributions. However lots of employers incentivise their staff to contribute above the minimum by matching contributions to a higher amount, so ask your HR team to find out more.
Check your credit score
Your credit score is a number that banks and lenders use to determine how reliable you are as a borrower. Every lender gives a different amount of weighting to all of the financial information on your record, but your credit score acts as an indication of how lenders might see you. Checking in on your score regularly using an app like ClearScore can tell you what you need to do to improve your score.
Download a roundup app
Roundup apps are clever, sneaky tools that help your save a bit of extra cash without having to make much effort at all. Spend any money and the app will round it up to the closest £1, popping the difference into a change pot for you to spend another day. Banking apps like Monzo have this feature, or you can download savings apps such as Chip or Plum too.
Set up automatic payments for your savings
Automating your savings is hands down one of the best ways to make sure you save on the regular. Building a habit often comes down to making it as easy as possible for yourself, so set up a standing order each month to send a set amount of money to your savings account and you’ll start to see your pot grow. Leave it to your willpower or what’s left at the end of the month and you can end up at zero.