4 money makeover tips to help your bank balance

Regardless of whether you live a very comfortable life or are drowning in debt, you should always keep an eye on your finances. It’s very easy to overspend or lose track of accruing debt, and before you know it, things have spiraled out of control.

If you have savings, it’s just as important to keep an eye on interest rates to make sure you are getting the best return. Here are 4 money makeover tips to help your bank balance.


As mentioned above, savings need to be monitored in the same way as debt does. If you have funds in a savings account, find out the interest rate. Check the rates against other financial institutions, and if necessary, switch your funds around. 

Fixed-term or notice accounts will usually pay a higher rate than an instant access account, so if you don’t intend to touch your money for some time, it could be worth locking it away for a while. If you have surplus cash each month, monthly savings accounts are another great way to save. You can usually only pay into them for around 12 months, but interest rates can be pretty decent.


If you have multiple debts, it’s a good idea to make a list of the debtor, the amount outstanding, and the % APR payable. Establish which is the highest and look to pay that off first, then continue down your list until the debt is cleared.

Payday loans usually carry the highest rate because they are a convenient and quick way of borrowing money fast. Interest can mount, so do your best to use any spare money you have to lower and ultimately pay off the outstanding loan amount. You can read more about it here. If you have borrowed from several organizations, debt consolidation is another avenue that you might wish to explore.

Plan for annual bills

Insurance premiums for the likes of home or car insurance are usually cheaper if you pay annually instead of monthly. The trouble with paying annually is that a good chunk of money will be coming from your account in one go, which is not always affordable.

A great tip is to put the equivalent of 1/12th of your annual bills, whether it’s your ATT internet bill or your car tax, into a separate account each month. That way, when it is time to renew, the money will be there waiting, and you can take advantage of the lower annual premiums.

Spending habits

If you can afford to buy whatever you want whenever you want it – go for it. If, however, you find that you are spending beyond your means, then you need to reign things in. A good way to reduce your spending is to use everything you have at home before buying anything new. For example, how many bottles of face cream, shampoo, and perfume do you currently own? Chances are it’s quite a few.

Make a list of what you have and use it up before you buy anything else. You might be shocked to see how many products you own and how much you can save when you stop making unnecessary purchases.