As we make it out of January, and the days are gradually getting lighter and brighter, now is the time to get your finances fighting fit. Paying the bills and spending our hard earned cash is one of life's necessities, but with a savvy approach to your finances, you would be amazed at how you can make your budget go that little bit further.

Spring Clean Your Finances In 2016

Spring Clean Your Finances In 2016

Here are five top tips from American Express on how to take control of your finances in 2016.

1. Review your bills and contracts

Many of us stick with the same contracts for our phones, gas and electricity just because it's easy. By taking the time to look at what else is on offer, you might be surprised to see how other companies stack up - especially if you've been with your provider for a long time. Take a moment this month to compare competitor offers and don't be scared to switch for a saving, or to ask your current provider what else they can offer.

2. Check out cashback credit cards

Not only do credit cards offer you more security by insuring your purchases, but cashback cards, such as the American Express Platinum Cashback Credit Card, can ensure you get credit back on what you buy; which can really mount up over the course of a year. From washing machines to holidays, getting up to 1.25% cashback (and up to 5% in the first 3 months) can make a big difference to your spending power.

3. Couple up

There are ways of increasing the rewards you can earn, without spending more. Taking advantage of family tickets, two for one offers, and even getting a supplementary cashback credit card on the same account, for a partner, friend or family member, can all make a difference to your spending. It means all your spending is taken into account, boosting what you could save and what you can earn.

4. Check out loyalty cards

Are takeaway drinks and shop-bought sandwiches too good to give up? American Express research recently found the average commuter spends over £1000 a year on treats and extras, showing just how quickly coffees and croissants can make a dent in your pocket.

Make the most out of your morning coffee routine by signing up to a loyalty scheme with your favourite coffee shop or breakfast spot. And keep an eye on the loyalty rewards you have available to spend.

5. Vouchers and offers

Sign up for newsletters to ensure you're in the loop on the benefits and discounts that many of your current service providers include in their services. Everything from free travel insurance to discount lunches can help you save money in both the long and short term. For example, American Express Cardmembers can take advantage of a regular supply of AmEx Offers from high street favourites such as House of Fraser and Hawes and Curtis.

tagged in