Smart financial moves to make today

There's no specific time to get your financial ducks in a row, so why wait? We’ve gathered 4 useful things you can do today to help you get ahead with your money. 

Tracking your spending to hit your money goals

Knowing what your spending and having a spending system in place is the best way to ensure you reach your money goals. 

To help you get started today, check out our Smart Spending System. Having a simple framework for your spending will help you develop better money habits and figure out where potential savings can be made. 

Pay less tax

Did you know there are ways to reduce the amount of tax you pay without breaking any rules? 

  • Are you buying a bike? If your employer offers a Cycle to Work scheme, the cost of your bike can be deducted from your salary before tax, which means you'll pay less Income Tax and National Insurance on your earnings. The cost can also be spread out over a number of months!
  • If you have to work from home you can claim tax relief for your job expenses.
  • If you switched to a car with lower emissions, you could pay less in Vehicle Excise Duty. Another option is to switch to an electric car and pay none.
  • If you're married, and one of you is not working, or earning enough to pay tax, then you can benefit from the marriage allowance. The lower earner can transfer any unused tax-free Personal Allowance to their higher earning partner. This saves up to £250 in tax.

Take control of your debt

Half of all workers in the UK are borrowing to meet their basic financial needs. If you have some debt to repay, make sure you don’t pay more interest than you need to.

Is a 0% APR credit card an option you have access to?

If you have an outstanding credit card balance you could save money by switching to an interest-free card. To make the most of this option, you need to make sure you can pay the total amount down during the interest-free period, otherwise you run the risk of your debt growing further. 

Could you replace several debts with just one?

Consolidating your debt means replacing  two or more higher interest debts (like credit cards, personal loans, overdrafts and payday loans) with one lower-rate loan. If you think consolidating your debt makes sense, Salary Finance might be able to help. We offer loans repaid straight from your salary. By doing this you can remove the need to remember to pay off your debt - with it happening behind the scenes hassle-free. To see if you have access to a salary-linked loan, click here and type your employer’s name. 

Your saving journey! 

When it comes to saving, usually the most difficult task is to get started! A salary-linked savings account - where contributions come straight from your salary- make it really easy for you to get into the saving habit, without having to think about it. Click here to see if your employer provides access to a Salary Finance savings account. 

If you're already building up your savings, make sure that you're getting the most out of it. Individual Savings Accounts (ISAs) offer tax-free interest and returns. Check the details of what's offered and see if you can get a better deal by looking at a best buy table like this one.

Implementing some of these small changes could help you build sustainable, positive financial habits in the long term. So, don’t wait any longer, pick the tip from the above list that is the most relevant to your situation, and start making progress with your money. 

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