The cost of living has gone up to a ridiculous level and sadly, we can’t just hide under a rock. I got a letter saying my car could be swapped and it got me thinking I need to plan ahead as I know I have another year before I *really* need to do something about it so I know what I’m working towards.
- Credit Rating
Top of my list is keeping my credit rating in check. If you’re like me and live alone, it’s easy to use your credit card here and there before realising you’ve gotten yourself into trouble. I use Experian and Credit Karma to check my credit rating every month. There are also tips on how to potentially help your credit score – every little helps right?!
- Car Research
Most people I talk to now are talking about going electric or at least hybrid (diesel cars are even less desirable now) and although I don’t need to decide yet, I have been reading some blogs and articles on the matter. One of the first ones I read was by Autoexpress back in November last year. I luckily live across the road from a charging station so without the extra cost of having a charging port attached to the house, I could always just use that. I’m currently thinking about going hybrid before going full electric. My parents went hybrid last year and Audi really know what they’re doing – my own car (also an Audi) is cost-effective and powerful for a 1ltr. Their car is self-charging too. Eventually, I would like to go electric. I do have to admit that having new cars makes my life so much easier – roadside assistance is normally sorted and everything is under the warranty.
Knowing what is coming in and going out of your account is really helpful. I have a spreadsheet with all my income and costs. I also use Chase bank where I get 1% cashback on all purchases and Starling. Both accounts keep me accountable for what I spend per month and I must admit, Just Eat must miss me. Even one takeaway a week adds up! It’s getting harder and harder to check my account with a smile but at least I know what I’m working with and where I need to be.
Josh Keegan released a great podcast (Ultimate FD Episode 1) called “Lease Vs Buy” and made a great point about how as soon as you leave a dealership your car depreciates. I had originally thought I’d keep my car (still might) but I like to barter so if the deal was right, I’d happily swap. Before getting there, I’ve had to also look at financing options. Car Pay has been great because you can check financing options for new or used cars, trade-in, no trade etc. I know prices will change but for now, I’ve been able to see what car payments could look like depending on financing options. Funnily enough, they also have games should you need a break…my fave was the Teen Titans game which was definitely all such a great blast from the past – my brother and I used to watch it as kids.
Four really basic points but it’s scary how important they are. Just looking at these and keeping all of this in mind has helped me feel a lot less anxious about where things may end up for me so I hope it does the same for you!