We recommend a Weekly Money Check-In. Setting aside just 20 minutes a week to review your bank accounts and track your spending helps you stay in control. It’s not about guilt; it’s about empowerment and catching small issues before they become big financial headaches.
Ready to take control of your finances? This guide provides the first steps to help you pay off debt, manage credit with confidence, and build a clearer financial future.
The information in this article is provided for general educational purposes only and should not be taken as financial advice. Everyone’s financial situation is different, and you should always consider seeking guidance from a qualified independent financial adviser or free, impartial organisations such as MoneyHelper or Citizens Advice before making decisions about credit or borrowing
1. Hold a Weekly Money Check-In
Set aside 20 minutes each week to get a clear picture of your finances. This is your time to review your bank account, check your credit report, and track your spending. A budget is a fundamental tool to manage expenses and stay on top of your financial goals. Look at your regular bills and any non-essential expenses. This isn’t about making you feel guilty; it’s about empowerment. Knowing exactly what you owe and where your money goes is a crucial first step. You can check your credit score, for free, in the Updraft app.
2. Plan for Your Upcoming Expenses
Meal planning is a classic for a reason – it helps you save money. But take it a step further and look at all upcoming expenses for the week. Do you have a family birthday or need to pay for car insurance? Planning for these costs in advance helps you avoid last-minute borrowing. This habit helps ensure you have more money for the important things and less money spent on impulse buys.
3. Review Your Subscriptions and Bills
Take a few minutes each week to look at your recurring payments. Are you still using that streaming service? Could you get a better deal on your phone bill? Sometimes you can find a lower rate or an interest-free period just by asking your providers. Cutting these small, regular costs can free up a surprising amount of extra money that can be put toward debt repayment or into your savings.
4. Set Clear Goals for Your Savings and Emergency Fund
A strong emergency fund is your best defence against unexpected expenses, like surprise car repairs, that could otherwise force you to borrow money. Start by setting a small, weekly savings target. It could be putting aside £20 into a savings account or using a method like the debt snowball to focus on paying off your smallest loans first. Celebrating these small wins keeps you motivated and on track for success in the long run.
“Everyone deserves a way through debt that actually works – no stress, no shame. We’re your trusted guide, here to help you clear what you owe and build the financial freedom you deserve.”
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Updraft Founder & CEO
5. Understand Your Borrowing and Make Smart Choices
Take a moment to look at any credit cards or loans you have. Do you know the interest rate on each? Many people continue making minimum payments without realising how much the interest is costing them. Many people choose to focus on paying down debts with the highest interest rates first, as this can often reduce the total interest paid over time.
Some people may find that options like a debt management plan or a Pay Off Loan could simplify their payments and reduce interest costs, however it’s important to consider all options and get advice if you’re unsure. The goal is to stop paying high interest and start paying down the actual debt. (Updraft Pay Off Loan is subject to status & affordability. When consolidating existing borrowing, you may extend the term of your debt and increase the total amount you repay.)
6. Explore Ways to Increase Your Income
While cutting expenses is crucial, earning more income can accelerate your journey to clearing your balances. Could you take on a small freelance project from your business, or sell items you no longer need? Even a small boost to your income can make a huge difference, providing extra money to put towards your debt repayment goals or to handle unexpected bills without needing to borrow money.
7. Stay Motivated and Celebrate Small Wins
Staying motivated is key, especially when the journey feels long. Take time each week to acknowledge your progress. Did you stick to your spending plan or add to your emergency fund? Celebrate these achievements. Recognising your efforts keeps you inspired and reminds you that every step forward brings you closer to your final destination of financial freedom.
8. Don’t Be Afraid to Talk and Seek Advice
If you’re struggling with debt, you are not alone. Most people find it hard to talk about money, but seeking advice is a sign of strength. Organisations like Citizens Advice offer free, impartial guidance. Talking to your creditors or lenders can also be productive; they may be able to offer more manageable payment plans. Your credit rating is important, but your wellbeing is paramount. The right advice can make the entire process feel less overwhelming.
You don’t need to guess your way through debt. One of the most powerful tools you can use is clarity. Our Pay Off Calculator shows you exactly how long it could take to clear your debts – and how much interest you could save – just by tweaking your repayments. It’s simple, smart, and totally free to use. So when you’re ready to stop wondering and start planning, we’ll be right here to help you make every payment count.
Discover more practical tips to manage your credit cards. Check out our Clearing Card Debt page to find out more ways to clear your balances faster.
Final Thought
Looking to pay off credit card debt? If you’re looking to consolidate credit card debt and cut down on high interest, check your eligibility for Updraft, or download our app today.
Loans from 15.3% APR (25.9% APR Representative)
25.9% APR Representative based on a £10,000 loan over 60 months at 20.40% fixed interest p.a. Monthly repayment: £283.20. Total repayable: £16,992 (inc. £600 fee). Subject to status and affordability. Consolidating debt may increase the term and total amount repaid. All figures are representative and based upon an assessment of credit and affordability. Terms and conditions apply.
From 15.3% to 41.2% APR, £1,000–£25,000, over 2–5 years available.
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Frequently Asked Questions
How often should I really be checking my finances?
Is it better to pay off my smallest debt or my highest interest debt first?
There are two popular methods: the Debt Snowball (paying the smallest balance first for a quick win) and the Debt Avalanche (paying the highest interest rate first to save the most money). Both work well, the key is choosing the one that keeps you motivated to stay on track.
How does an emergency fund help me stay on top of my debt?
An emergency fund is your best defence against the "debt cycle." When unexpected costs like car repairs or broken appliances pop up, having a savings buffer means you can pay for them in cash rather than being forced to use high-interest credit cards or "fast loans."
What should I do if I feel overwhelmed by my current debt?
The first step is seeking clarity. Don't be afraid to talk to your lenders or seek free, impartial advice from organisations like Citizens Advice or MoneyHelper. You aren't alone, and getting professional support can make the path to financial freedom feel much less overwhelming.