Changes in your life can have a knock on effect on your finances. This can lead to your finances getting out of balance and may even become a worry. If you're feeling the pinch, here are some steps you can take to save money or reduce debt and help to get things back under control.
There are some monthly costs you have to budget for, like your mortgage, council tax and insurance. But you can save money by cutting back on non-essential items or switching to cheaper options. If you make a list of all your outgoings, including everything you buy, it's easier to see where savings can be made.
Have you checked your tax code recently to make sure you're paying the right amount of tax? Are you entitled to any allowances or payments such as child benefit, family credit or a carer's allowance? A quick phone call or a few minutes online will give you the answers.
For essential cover like car and home insurance it's always worth shopping around for the best deal. If you have separate policies for things like your mobile phone and glasses, or you've taken out extended warranties, you could be duplicating your cover – and paying more than you need to.
Even when your budget is tight, you still have to buy the essentials. To get more from your money, try writing out a shopping list before your weekly shop and avoid making impulse purchases.
If you have an M&S Credit Card or M&S Loan and you're concerned about your financial situation, please call us on 0845 900 0900 (local rate) as soon as possible. As a responsible lender we will work with you to ensure you can keep in control of any money concerns you may have, whether they are short or long term.
There are also independent organisations who give free, confidential advice on debt and other financial problems. They'll even speak to lenders on your behalf, if you want them to.
The following websites can provide you with further information about managing your money:
Your M&S Bank savings are covered up to £85,000 under the Financial Services Compensation Scheme.
If you have an M&S Credit Card or M&S Loan and you're concerned about your financial situation, please call us on 0845 900 0900.
If you spot suspicious activity on your card account, call us immediately on 0845 900 0900.