4 tips to make your finances less scary this Halloween

October 25, 2019

With October kicking into high gear, bringing with it fiery-coloured leaves, thicker coats and fancy dress costumes, have a read of our article with its All Hallows Eve theme. If left unchecked, your finances can enter into a scary state, so we’ve included some top tips on how to bust those financial ghouls and ghosts.

Keep an eye out for fraud

A study carried out by Experian found a marked rise in fraud during the first half of 2019. There was a rise of 56% in over sixties targeted by fraudsters and a 35% rise for those in their fifties, contributing to a staggering overall rise of 60% when compared with the same period in 2018. This rise was mainly driven by debit and credit card fraud.

Stay vigilant by checking the news for any data breaches with your card providers. Even if you haven’t heard of any breaches, we still recommend you check your statements regularly for financial peace of mind.

Other tips include making sure your post is delivered to a secure location and making sure that you don’t give out any personal details when contacted by email or over the phone. Your bank, credit card providers and even HMRC will not contact you via text, phone or email and ask for any personal financial details. Remember that they should have your details already, so they have no reason to ask you for them if they were to contact you out of the blue.

Be careful what personal information you share on social media platforms such as Twitter, Facebook, and LinkedIn; you never know who might be paying attention.

Watch for overspending

Overspending might be the skeleton in the closet that gets in the way of your financial goals. Be sure to keep an eye out for your spending triggers. This might be the desire to treat yourself after a bad day or not planning your meals and choosing to dine out or order a takeaway instead. Another factor might be the overindulgence of certain lifestyle habits such as having a few extra beers at the pub. It’s important that you make sure any purchases fit into your financial plan and are not just an attempt to keep up with the Joneses.

Remember to prioritise important outgoings as overspending on unnecessary purchases is one of the biggest roadblocks to reaching financial milestones.

Be credit savvy

According to the Trade Union Congress, the average UK household now holds a record £15,400 in unsecured debts, the highest in 13 years. It’s important to make sure that you’re paying credit card bills on time and in full in order to avoid any additional fees that your provider might charge you.

When you’re applying for a new credit card, make sure to check the fine print for any additional fees and charges. There’s nothing wrong with being picky when choosing a card. It’s all about taking your time with your research and budgeting so that you can manage your debts appropriately.

Avoid a fright with good advice

If you have any concerns about any potential financial fiends and demons prowling at your door, do feel free to get in contact with us. A quick conversation could be all you need to set your mind at ease and will mean you can focus on getting ready for those trick or treaters as well as appreciating the natural wonder that comes with Autumn.