If you are looking to spruce up your financial situation, you may think that it would take a big budget change to really make an impact on your life. However, there are many things that we can do to drastically change our financial situations without needing to earn a whole new salary.

Compare everything

There are many comparison sites out there and they really do help you in reducing your expenses. Whether it is car insurance, life insurance, energy bills or TV subscriptions, you can reduce your monthly outgoings easily and for free, by comparing providers on a non-obligation comparison website. Research shows that the average person saves over £200 by switching their energy bills. Every time you get a renewal letter through, do not simply accept the new price because you do not have the time to shop around. Using a comparison website takes only a short amount of time, and could save you hundreds of pounds a year.

Draw up a budget plan

Try and have a long term goal in mind when you think about your budget plan. Are you looking to have more money left over at the end of each month? Would you like to be able to afford a holiday each year? Do you need to buy new car? Whatever your aim is, you can start your budget planner with this in mind. You can ensure that you put the right amount of money away each month to reach your financial goal. Even if the plan is a 5 year, a 10 year, or even a 20 year plan, it puts your finances into perspective and allows you to better manage your monetary situation. If you don’t know how to draw up a budget plan, there are plenty of free templates online which can help you. Make use of this easy to use budget planner from Wonga, for example. Creating a budget is a good way to manage your personal finance to ensure that you are not living above your means and that you are not caught short of money at the end of the month.

Try and get a payment holiday

If you have debts mounting up on your credit card, it might be worthwhile asking your bank or loan company for a payment holiday. How well you have been making your payments and your credit history will depend on whether they grant you the payment holiday or not. A payment holiday can last for one month and up to a year. Like we say, it really does depend on each individual situation, but it can be worth enquiring about a payment holiday if you think that it could rescue your finances in the long term.

Note: A payment holiday does not mean that you stop paying completely; it simply means that you are deferring payments to a later date. Read more about mortgage payment holidays here.

Look at what banks can offer you

Many banks can offer good deals on loans, overdrafts and other bank accounts. Look at what bank accounts you have and how they are working for you. Some bank account offer cash back if you pay in a certain amount of money into that account each month and have your bill payments coming from that account. It may be worth looking into your financial products to see if they could work better for you.