Money tip #37 – Use a diary

This is another tip which is ‘big picture’ stuff but again forms part of the foundation of any attempt to manage your finances.

A lot of people use a diary either at work or to manage their social lives. But amazingly very few people use their diary to manage their finances. If you don’t have a diary/calendar then start using one. Nearly all electronic gadgets, such as mobile phones, have them so there really is no excuse.

The first thing to do is note down key dates. For example the annual renewal date for your car insurance. If you have an electronic diary/calendar then set a reminder to go off a few weeks before its due for renewal. If you are using good old fashioned paper and pen then make a note in the calendar ahead of the renewal date. That way you will get a reminder when you car insurance is due for renewal. You will then have time to shop around and avoid it being automatically renewed by your current provider. This could save you hundreds of pounds a year.

Do this with all your renewal dates. By using a diary it promotes organisation and stops you burying your head in the sand.

Here is a list of some of the dates in my diary. I have made a note of the annual renewal/due dates of my:

• Car insurance
• House insurance
• Travel  insurance
• Breakdown cover
• Car service
• Car tax
• Car MOT
• Parking permit (stops me getting a parking ticket outside my own house!)
• Tax return (there is a £100 fine for submitting a return late)
• End of the tax year (although I’m not likely to forget this)

So get a diary and get organised. It will save you both time and money.