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How To Budget Your Funds This Jubilee Bank Holiday
James Gibson, Insolvency Practitioner at Debt Support Centre says:
"Since the celebration is a bank holiday, it’s likely that some payments may be made earlier than usual - such as universal credit, state pensions, and monthly wages. The early payment could offer a way to pay some debts and enable you to manage the rest of your money to use over the bank holiday but be careful to not go outside your means. If you’re not eligible for any early payment, try to make cutbacks where and when you can, in order to save money for the bank holiday weekend and ensure you have sufficient funds to pay those priority bills.”
“Try to cut back on unnecessary transactions that you might usually make in the week such as takeaway coffees and snacks at the supermarket - instead use up any loyalty points that you may have on your spending. If you’re looking to cut costs on your bills in order to save money for the weekend, you need to prioritise what’s most important. Think about temporarily cancelling unnecessary subscriptions. These can be costly, and you can always open the subscription again when you’re in a more comfortable financial position after the Jubilee.”
“With the recent increase in global prices, it’s worth going onto a comparative website to see if you can get a better deal before the bank holiday. Plenty of banks offer cash incentives to new customers who switch their accounts. This can be used towards additional costs you may have this bank holiday, but you need to ensure it’s the right move for you to switch. You don’t want to be on worse terms once you’ve switched over to this bank or provider - check they have a lower interest rate or better annual deal.”
“People want to be able to balance the need to save money and stay out of debt with the desire to enjoy their life on the upcoming bank holiday weekend, so try to find special discounts to help you stay within your budget. From wine and beer to DIY, there are some seriously competitive deals at the moment – with plenty of brands slashing their prices and offering free items. Keeping spending costs to a minimum will help make sure there will be no additional expenses to pay which may affect your ability to pay your priority bills.”
“Preparation is key to cost-cutting and staying within your budget, and it’s important you find out the full costs that are included with any activities / events. Booking activities or trying to purchase deals closer to the celebration and you’ll start to see those prices increase, or worse, they might sell out, with plenty of people seeking to book activities. Anything last minute may cause you to panic and overspend, which can result in you struggling to meet your payments in the next month.”
About Debt Support Centre
Debt Support Centre is part of the Bridgewater Finance Group which is a privately-owned UK business, comprising of consumer-focused brands offering different solutions to individuals in debt.
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