1. Put some money aside for a “rainy-day”.
Putting money into a savings account is always a good move, especially now, in an uncertain economy with job security looking less likely for many. Setting money aside should the unthinkable happen can certainly benefit you and allow for paying rent/mortgage repayments and bills.
2. Cut costs.
Take a close look at your incoming funds and any outgoings you may have. Consider going out less, this could potentially save you hundreds of pounds over a few months! It’s also possible to reduce utility bills and car insurance if you’re looking in the right places…
3. Get a credit report.
Checking your credit report to help identify what accounts you really need and those you could settle and close is an excellent way of improving your credit score, highlighting any false information or errors in your credit history, such as a wrong address, old defaults or missed repayments on old loans.
4. Pay on time.
If you have any loans or credit cards its imperative that you keep up-to-date with any repayments you need to make. Any missed repayments and defaults will be highlighted on your credit score for a minimum of 3 years.
5. Protect your I.D.
Keep a close eye on your credit report for any unfamiliar or suspicious looking entries. Especially for accounts you didn’t open, sudden increases in money you owe or even new financial applications you didn’t make. Anything like this could mean you’ve been a victim of identity fraud.
