How to Get Richer by Organizing Your Finances

Getting organized means less stress and more control. But it can also make you richer. According to a recent survey, only 23% of Americans have a formal financial plan. And you can probably guess why: 76% of those without a plan say they feel overwhelmed by the thought of creating one, and 56% say life is too uncertain for a plan to have any value.

That’s a bummer because having a plan for your money can lead directly to having more money. And as we like to say around here, more money is better.

Organizing your finances can lead to more money in your pocket.

One effective method suggested by experts is to switch providers. Contrary to the belief that loyalty to a company does not result in lower prices, instead, drivers renewing their car insurance in the first quarter of this year found they were actually paying more. Confused.com found that in a survey of 2,000 drivers, 75% reported that their renewal quote had increased, with an average rise of £94. The comparison site also discovered that 45% of those quoted a higher renewal price could save £90 by shopping around for a better deal.

If you’re not keen on switching providers or find it would still be slightly cheaper to stay with your current provider, then there are other ways you can save a little cash while still insuring your car.

Renewing your car insurance early can get you a better deal.

Go Annual - You can save hundreds by doing one payment for the whole year opposed to multiple monthly payments. Renew early - Renewing your cover a few weeks in advance rather than a few days will often get you a cheaper price. Keep mileage down - It might sound silly as you don’t insure your car not to drive it, but limiting the number of miles on your clock may help you avoid being hit with a higher premium. Tweak your job title - Tweaking how you define your job, without lying, could actually save some pennies. So if your job title states ‘barber’ try ‘hairdresser’ or ‘hair stylist’ to see if you can get your insurance slightly cheaper. Haggle - If you’re really not wanting to switch but the rest of these tips haven’t worked then haggling with your provider could help bring the price down but there’s no guarantee.

Martin Lewis, the Money Saving Expert, highlighted an ‘unbeatable’ savings account for those on Universal Credit or tax credits, urging them to take a look at the Help to Save account, which offers a whopping 50% government bonus.

The Help to Save account offers a 50% government bonus.

Unlike typical interest rates, this bonus is calculated based on the highest balance within the first two years, Martin clarified. “Imagine you put in £50 a month and do that for a year, you’ve now got £600.”

“You have an emergency, you need this cash cause your fridge has broken down. You use that money to buy a fridge, you’ve got nothing else in savings and you can’t save again.”

“At the end of the two-year period, even though you have nothing in the account, because the most you had in that account was £600 you get 50%, you get £300 still. Then you have another two years where something very similar happens, you get 50% on the extra you put in the last two years.”

While the account caps monthly deposits at £50, Martin also stressed that the account remains active even if you stop receiving Universal Credit or tax credits during its term.

As long as it was opened while you were eligible, you can keep it for the entire four years. Martin praised the Help to Save account as the “best savings account in the country by a mile”, adding: “Most people can’t get it, but if you can unbeatable.”

The Help to Save account is a great option for those on Universal Credit or tax credits.

By following these tips and taking advantage of the Help to Save account, you can get richer by organizing your finances.