A study has revealed that one in four British women are addicted to shopping, as reported by the Daily Mail. Unfortunately, over spending can damage your credit rating. A great way to control your spending and subsequently improve your credit rating is to download some of the new and excellent budgeting apps. Some of these apps will highlight offers for you so you should still end up with some fashion treats but without hitting your bank account so hard.
Average credit scores throughout the UK vary from county to county but most are in the 700s. With Experian, a possible score is 999 which is a good target to aim for! You can turn your finances around, even if your earnings are only mediocre, by following a few slick tips. Firstly, keep in the know for best deals, freebies and vouchers. There are various apps to install to receive voucher codes easily and by signing up to money saving websites you will be alerted to new deals promptly. Clever and relevant notifications are one of the great features of the latest smartphones.
Apps can track and help
Upload some good money saving apps onto your phone and you’ll really notice the difference, suddenly you will have some spare money at the end of the month! These super smart apps track and analyse your spending, highlighting any potentially possible areas for improvement and, having tracked your money spending preferences, will even draw your attention to a current amazing offer of a designer outfit that you will save you cash. Examples are YNAB which focuses on planning ahead and records spending habits by tracking your bank and credit cards. There is a small fee to use this app though.
Another popular one is OnTrees which is free to use and focuses on where money has been spent. There are many others to consider too and as they are so interactive they can turn your phone into your best friend for advice and guidance on spending. After a short time you will find your bank balance is more healthy and, importantly, your credit rating is picking up. What’s more you’ll still be sporting that on trend look with top beauty and fashion items to hand.
Successful banking despite your rocky history
You may have lost your bank account due to past history of debt and insufficient funding. People experiencing debt are getting younger, with a 10% increase in under 40s as reported by StepChange Debt Charity. You probably would like to get back to the convenience of a proper bank account but are afraid to try for fear of rejection.
It is better to choose a new bank that doesn’t use a check verification service as these can block your account, making you unable to reach your money. Not a great position to be in when at the till purchasing a high brand skincare deal that is about to expire by the next day. Check verification systems may also prevent you from being able to sign up with a particular bank. Luckily, there are plenty of suitable banks that do not check in this way and are ready to take on people with a less desirable credit score and history. These will be the best places to bank going forward and enable you to snap up the best deals with your new apps thereby improving your credit score.
Other money saving tips
When paying off credit always prioritise your accounts with the highest interest rates. Accounts that are fixed on a 0% interest can be put to one side (provided you have made your minimum payment). Always set up a regular direct debit from your bank account to pay at least the minimum payments to your credit accounts, loans and household bills. This way missed payments are avoided which will improve your credit rating considerably over time.
Your self rewarding financial and fashion lifestyle
Ensure you nurture your love of fashion and beauty products. By saving for rewards (that new dress!) alongside sorting out your finances you can achieve the best of all worlds! Also use any current and relevant vouchers that may enable your treat to cost you less in monetary terms. Short term goals and treats will help you maintain a positive mindset for your future financial position and feed your passion for fashion and beauty too.