Quick fix

The two-second things you can do to improve your finances

Check your account balance

Even if it’s low. Even if it’s scary. Even if you really don’t want to. Knowledge is power and you need to know what you’re working with if you want to get anywhere.

Increase your credit limit

Getting more credit may seem like the antithesis of improving finances, but the idea is to widen the ratio of available credit to used credit, improving your credit score. A higher credit score makes you look good and your current credit card company is likely to approve an increase instantly—if you’ve been making consistent reliable payments. Applying for a new loan or credit card triggers a check of your credit report and if you do that too often, your score will take a hit. Just don’t spend up to your new limit—keep the ratio wide.

Set up auto-save

Even if you’re living pay check to pay check, saving is possible—it’s all about starting small. Set up a regularly scheduled automatic deposit to a savings account, even if all you can spare is £1. Interest rates may not be anywhere near high enough right now for that money to generate much interest, but it will build and it’s more important to be making saving a regular habit. It’s easy to do and some banks have other ways to help you save, often by rounding up your card purchase amounts and saving the change into a savings account. Various apps also offer this service, sometimes investing in stocks with the spare change from your everyday purchases. Start small, grow big.

Check your thermostat

Turn down the heat. Even just a degree. Even if it’s just during the night. Turn it down ever so slightly and reap the rewards in a reduced gas bill. You don’t have to take it to the extreme but even just turning it down a notch can help save some money. Take it a little further and turn down the dial on your boiler too if it’s set any higher than 65 degrees. Your radiators may get hot quicker if your boiler thermostat is set to a higher temperature, but you’ll reduce its efficiency if you set it too high, costing you more in the long run. Stop at that 65 degree sweet spot though to keep fungi and bacteria at bay. ■