Tymit Blog | Tymit's posts about smart spending

5 reasons you shouldn't open a Tymit account

Tymit Team

Tymit has revolutionised the credit card, making it more transparent, fair and simple to use. So why wouldn't you want one?

**1. You don't want a 'Matrix' card.**

The Tymit card design has been compared to the 90's cult classic film trilogy The Matrix and we think it's a huge compliment. You'll certainly get people talking with the striking navy blue and green design, coupled with the unique vertical stacking of the card number. If you prefer the boring horizontal look, Tymit is not the card for you.


**2. You don't want complete control at your fingertips.**

Tymit is the first credit card that gives you the ability to choose an instalment plan for any purchase, the second you make it. You'll get an instant notification on your smart phone and at the touch of a button you can choose a plan of between 3 - 24 months, with any interest quoted in pounds not confusing percentages. However, if you'd prefer to make a long winded loan application, which leaves a mark on your credit file, Tymit is not for you.

**3. You don't want the ability to plan your borrowing.**

Unlike traditional credit cards, the Tymit app has an inbuilt purchase simulator. This allows you to not only see how much interest you will pay, based on the instalment plan of your choice, but also visualise how it will change your monthly bills. If you're happy to only find out how much interest you'll pay once it's been applied to your statement, Tymit is not the card for you.

**4. You don't want the flexibility to adjust your repayments.**

Tymit offers the benefits of a store card or loan with one major difference, you can adjust your repayments at anytime with no penalties or fees. For example, you spread the cost of your new smart phone over 12 months and pay off 6 instalments, you then get an unexpected bonus from work and want to clear the outstanding amount. You simply launch the Tymit app, click on the plan and reduce it down to zero, and you will be able to pay the remainder at the end of the month in full, no fees and no penalties. If complete financial flexibility is not something you're looking for, Tymit is not for you.

**5. You don't want a credit card that can save you money when you travel.**

Tymit is the perfect travel companion! There are no fees on spending abroad and no fees from Tymit on cash withdrawals up to £200 per month, you can also pair this with our unique bundling feature to manage you budget. The bundling feature allows you to group your hotel and flight with purchases like restaurants and attractions, which helps you keep track of your spending and finance the whole trip across 3 - 24 months. If you're not looking for a credit card that helps you travel with complete peace of mind, Tymit is not for you.

Tymit is the first credit card designed to put you in complete control of your spending, helping you always have a plan to clear your balance and providing transparent costs on your instalment plans. 

Isn't it time you experienced the credit card, reinvented? Click [here](https://tymit.onelink.me/YGVX/6ac01cef) to download the app and apply for your account in minutes.

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5 reasons you shouldn't open a Tymit account 🤨

How to stop overspending: 13 ways to beat the urge to splurge

Tapping your card. Swiping your phone. A few quick clicks. 

The way we pay today is so fast and hassle-free we can easily spend without giving it a second thought. And that can cause problems.  

Spending money isn’t a bad thing in itself, but if you regularly drain your bank account or blow your budget, you’re probably not hitting your financial goals. Long term, it all adds up to missed milestones and poorer financial health. 

That’s why we’ve put together these 13 tips for tackling overspending. But before we dive in, let’s take a quick look at how to tell if you’re an overspender. 


### How to tell if you’re overspending

You might get the feeling you’re spending more money than you should, but how do you know for sure when you’re going overboard?  There are a couple of signs you should watch out for. 


### Your budget doesn’t add up

Setting a budget is one thing, but sticking to it is often easier said than done. Ask most people and they’ll tell you they struggle with the discipline it takes. But if you’ve gone to the trouble of planning out your spending and see that the numbers just don’t add up, that’s a pretty strong signal that you could be spending too much. 

###  You’ve hit your limit on your credit card

There are plenty of reasons why you might need to use your full credit limit. Unexpected expenses do come up: boilers die, laptops drop, cars break down. So far, so normal. But let’s put all of that to one side for a moment. 

Say you hit your limit on your credit card and suspect that most of the transactions fall under wants rather than needs. Well, then it might be time to take a step back and think about whether you’re being a little too free and easy with your spending. 


###  You’re only making your credit card’s minimum payment

Let’s say you’ve got a big balance on your credit card. If your budget is stretched so tight you can only make your monthly minimum payment, that could be another tell-tale sign you’ve gone overboard.

It’s worth remembering that Big Credit – the banks and providers that make up the bulk of the credit card market – designed the minimum payment to draw out the repayment process. So if it's taking you a while to chip away at your balance, it may not always be down to spending too much. It's still one to keep an eye on though. 


###  You can’t keep track of your ‘Buy now, pay later’ habit

There are plenty of benefits to ‘Buy now, pay later’ services. They’re flexible and easy to use, for a start. But where they fall down in a big way is visibility: you don’t get an all-in-one-place view of what you’ve spent. It’s all spread across the web or buried in your inbox.

This mightn’t seem like a big deal, but if you’re a keen online shopper and find it a bit too easy to click the ‘buy now’ button, you could quickly end up burning through your budget without realising. The golden rule should always be know what you owe, and it’s a shame BNPL services don’t make it easier.

It just means you’ve got to be extra vigilant. And if you can’t recall exactly what you’ve bought, you should think seriously about putting the brakes on your BNPL habit.


### You put fun over fixed expenses

Nobody really enjoys paying their household bills. But some people take painfully going through the motions one step further and stick it right at the bottom of their to-do list. Out of sight, out of mind.
 
And as due dates creep closer, they’re busy spending. If you regularly find your account running dry before you get to your bills and fixed expenses, you’re probably an excessive spender. 


# 13 ways to stop overspending

See yourself in our checklist? No need to worry. We’ve got 13 fool-proof ways you can keep your spending in check and beat the urge to splurge. 

## 1. Get to grips with your outgoings

You’ll need better visibility and control of your finances to really cut down on overspending. So step one should always be to get a clear idea of where exactly all your money is going. 

The good news is tech is making it easier than ever before. There are open banking tools that can pull all your account data together in one place and make it easier to understand. Or maybe your bank already labels and categorises all your purchases for you. 

Make sure to tap into these tools and features. You might be surprised to see how much you’re spending in some areas.    


## 2. Track your spending with a budgeting app

It may seem like a bit of a chore to enter every purchase you make into a budgeting app, but once you get into the habit you’ll wonder why you’d never done it before. Having a handy, go-to breakdown of all your recent spending can really help you stay on track and fight the urge to shop on impulse. 

You could even go one step further and keep a spending diary, taking note of every time you shop online and in store and recording what you bought, when and your mood before and after. Not only does this make budgeting easier, it also helps get a clearer picture of what’s driving your spending behaviour.  


## 3. Understand your spending triggers

There’s a reason why they say you shouldn’t order food when you’re hungry: hunger pangs kick in and you end up overdoing it. This simple advice goes to show we’re not always as ‘in control’ as we might think. There could be factors driving our behaviour that we’re not so good at keeping in check. 

And it’s the same story with spending in general. We all have triggers – things that nudge us towards whipping out our wallets without giving it much thought. 

Your spending triggers could be things like 

- *Your mood*: maybe you shop when you feel stressed or anxious, or when you’re excited. Whatever the emotion, it could lead to you parting with more money than you can afford. 
- *Your friends or family*: is there someone in your life who you seem to spend a lot of money around? It might be peer pressure, or it might be because you’re having a good time, but sometimes the people closest to us encourage us to blow our budgets. 
- *Your love for bargains*: are you drawn to promotional stands? Can’t resist a quick look at the sales? Everyone loves a bargain, but the idea of getting something at a good price is sometimes just too tempting, even when you know you shouldn’t. 

Here’s where keeping a spending diary can be really useful. If you think a lot of your overspending could be reacting to certain triggers, your diary will help you get a clearer picture. And when you know what your triggers are, you can get to work on managing them. 

## 4. Rethink your wants and needs 

How much of your spending is on stuff you want rather than things you need? If you answer honestly, odds are it’s time for a rethink about what you can and can’t do without.   

Some needs –  the indispensable stuff like having a place to live and clothes to wear - aren’t going anywhere, but the point of the exercise is to challenge your own ideas about what you think you need.
 
Sitting down to list your high-priority and low-priority needs is a good place to start. Repeating the process with your wants and ranking every item on each list will help you focus your thinking and provide a strong foundation for creating or improving your budget. 


## 5. Set a budget (or improve the one you have)

The thought of ‘budgeting’ doesn’t exactly fill most people with excitement. You might even think of it as a spreadsheet-heavy, energy-sapping chore, but your budget can be your best friend if you let it. It’s just a matter of perspective. 

The trick is to try not to think of your budget as a strict set of rules but as a set of spending goals. Less a list of what you can’t do, more a plan for what you want to do. Connecting your budget with your wider financial goals helps you stay motivated and on the right track. 

There are plenty of budgeting styles out there, but a particularly easy-to-use one is the 50-30-20 rule. You take your monthly income (after tax) and split it up into three chunks: 50% goes to needs, there’s 30% for your wants and the remaining 20% is for saving or paying off debt. It’s super simple and beginner budgeters swear by it. 

Using such a straightforward formula is also good for monitoring your spending. A quick glance over your budgeting app or spending diary and you can immediately see if you’re straying from your plan. 

It’s important to remember that creating and sticking to a budget is a learning process. Expect slip-ups from time to time. You’re not aiming for total perfection from day one. Getting into a good habit is more important. 


## 6. Make a shopping list

You might call this a very basic suggestion. We prefer ‘timeless classic’. 

It’s surprising how few people take a list when they go shopping, but it really does stop you from falling for all the clever tricks retailers have up their sleeves. Everyone has gotten home from the supermarket at some stage to find they’ve stocked up on things they already had. 

But lists aren’t just for food shopping. You might be buying gifts or clothes, or furnishing your house, and a list will still come in handy. Shopping lists are all about having a plan and sticking to it, which are the foundations of good budgeting too. It’s all connected. 


## 7. Approach sales with caution

It’s easy to get wrapped up in the hype around sales. Black Friday is the perfect example. It’s only been around in the UK for about 10 years, but it dominates November with wall-to-wall coverage. Without thinking, you can get sucked in and start paying out for things you’d never planned on buying.

That said, if something is already on your high-priority wants list, your budget is on track and you have the space to spend, there’s no reason why you can’t make the most of a good deal. But buying something just for the sake of is what you have to watch out for. 


## 8. Think before you buy 

Stopping to think before you go through with a purchase is one way to avoid impulse buying your way to overspender status. Some suggest setting a 48-hour rule for any big ticket items because waiting two days before you part with the cash gives you plenty of time to think it all over. 

But you may not even have to wait that long: you could simply weigh up what you’re about to buy against any fixed expense or household bill. Is it the same amount as a month’s rent or a yearly insurance premium, and is it worth that? Or maybe you could figure out how long you’d have to work to buy it. 

This kind of thinking could completely change how you view your spending and give you a new understanding of the value of your money. 


## 9. Don’t store your card details online

Storing your credit or debit card details online shaves a few seconds off in the checkout, but it can also make clicking ‘buy’ all too easy.

When you have to go through the steps of typing in your card details, you’re forced to slow down a bit. This could be just the break in the shopping experience you need to think it over. You might catch yourself buying something you really don’t need. 

## 10. Use your credit card wisely 

If you have a traditional credit card, this one is particularly important. What we’re talking about here is a card with a ‘revolving balance’, or a card that doesn’t give you a plan of fixed payments to clear what you owe. Your balance revolves each month, with new charges and interest being applied. 

These cards are really difficult to control. You can’t see the cost of borrowing up front and you don’t get a plan to pay back your what you owe. So they should be used wisely: you should pay the balance off in full every month. If you only pay the minimum amount, you risk getting trapped on the revolving balance as the charges pile up. 

Alternatively, look into credit cards that let you plan your repayments in instalments from day one. Some even offer purchase simulators that allow you to see how buying something will affect your upcoming bills. 


## 11. Take a break from spending 

This idea is simple but really effective. Going on a spending diet or fast, as they’re sometimes called, means deciding not to spend anything beyond your basic living expenses for a set time. 

So why not challenge yourself to a week or month of no extra spending? This is another way your needs and wants list can be a big help. Just focus on the basics and cut down on the rest. Your spending break could be a real eye-opener, showing you where you could be making savings and channelling that leftover cash. 


## 12. Set short-term goals 

Sometimes, only thinking of the big picture can get in the way of progress. Most good habits are formed step by step rather than through big leaps forward. Setting short-term financial goals can help you stop overspending by giving you something more immediate to work towards. 

You could try cutting your weekly spending by 25% for a month, or putting away an extra 10% of your income into your savings account for 3 months. It could be something as simple as skipping coffees out and putting the money towards something else.

And don’t forget the positive knock-on effects. Hitting your goals helps you build momentum, and you might find that something as small as bringing your own lunch to work could set you off on a saving streak. 

## 13. Reward your hard work

In the same way that your goals don’t always have to be in the distant future, neither do the rewards. If you’re making big changes and feel you’re turning the corner on overspending, there’s absolutely no reason why you can’t reward yourself. Just make sure you plan for it. 

And being good to yourself when you’ve earned it means you’ll be less likely to splurge on a whim, so you’ll be able to keep impulse buying in check. Of course, smaller is probably better when it comes to rewarding yourself.



## Spend Smarter 

When you overspend today, your future self picks up the bill, whether it’s in missed financial milestones or poorer financial health. 

But part of achieving all round better financial wellbeing is being able to tell when you’re on the wrong track.

You might be a serious overspender, or you might just slip up now and then. The good news is there are plenty of simple changes you can make to keep your spending in check and beat the urge to splurge.


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How to shop smart on Black Friday with Tymit

Lockdown means the high street is a no go, so this Black Friday is shaping up to be a big one for online shopping. 

Loads of retailers have been running promotions since the start of November, trying to offload as much of the stock they’ve built up over the year as possible. 

And while this does mean you could be in for some serious bargains, there’s also a few reasons to press pause on the Black Friday hype and think about some of the ways you can shop smarter.


## Are Black Friday deals even worth it?
Your inbox and feeds might be clogged up with promotions telling you it’s time to spend, spend, spend, but are the deals they’re pushing really all that good?

It turns out when you take a closer look, a lot of Black Friday ‘special offers’ aren’t that special. 

Which? has got some [pretty eye-opening stats](https://www.which.co.uk/news/2019/11/95-of-products-in-black-friday-deals-are-cheaper-or-the-same-price-after-the-sales/) on this. They tracked the prices of a bunch of popular products in the six months before and after Black Friday 2018, and what they found might surprise you:

- 95% of the products were available at the same price or cheaper in the six months after Black Friday.
- 61% of the could be picked up for the same price or less in the 6 months leading up to it.
- And only 5% of the products they watched hit their lowest price on Black Friday itself. 

So, on the face of it, Black Friday may not be all that it’s cracked up to be. But there are still bargains to bag. It’s just a case of finding them.


## How to tell if a Black Friday deal is real

How do you cut through that Black Friday buzz and figure out if something is worth your cash? We’re not going to lie, it can be tricky and a bit of a slog. But if you want to make sure you’re really on to a good deal, there are a couple things you should do.

## Shop around 

All the hype around Black Friday is designed to push our buttons, from the urgent-sounding emails to the flashing web banners. That’s why it’s so easy to whack a load of stuff in your basket and head to the checkout without doing much of a double take. 

But taking a second look at your bargains is exactly what you should be doing. It might sound a bit ‘Online Shopping 101’, but checking the price of a product on lots of different sites is the best place to start. 

Surprisingly, 13% of shoppers don’t do this on Black Friday, taking the AMAZING bargains at face value. 

Nose about a bit, though, and you’ll probably find that plenty of stores are selling what you want at the same price, but only one of them is claiming it’s the deal of the century. You may still be happy to part with the cash, but at least you’re going in with your eyes open. 

## Approach ‘was’ with caution

‘Was’ and ‘now’ stickers are usually the tell-tale signs of a bargain, but they should be treated with a bit more caution around this time of year. 

In retail-speak the ‘was’ figure is known as the ‘anchor price’, and these can at times be a bit misleading. Sellers might hike the cost of a product in the run up to Black Friday, inflating its anchor. All so they can slash it and start bigging up their cut-price deals. 

That’s why you might find a certain product has been for sale at the same low price for most of the year. And how do you do that, exactly? Read on.


## Use price history sites and apps

If you know exactly what you want and aren’t just browsing for a bargain, you should definitely do a little digging with price history apps or sites. 

They’re super easy to use and will help you check the price of a product over time. So you’ll be able to tell if the deals that caught your eye are actually worth a look.

Here are a few suggestions to get started:

- [CamelCamelCamel](https://camelcamelcamel.com/) is a free-to-use, Amazon-only price tracker. You can use it to monitor product prices on Amazon and alert you when they drop. It even offers a browser extension to make the whole process that bit easier. 
- Available online and as an app, [PriceSpy](https://pricespy.co.uk/) offers price comparison for tons of products all over the web. You can use their handy filters to search by price, product reviews, seller ratings and more. 
- [Honey](https://www.joinhoney.com/) is an extension for your web browser. It’s free to sign up, and you can use it to both check price history and hunt for coupons from thousands of retailers. 

## Read the fine print

You may see some retailers stick a load of fine print at the bottom of a promotion or hide it at the very end of a product listing. While it won’t be the most exciting read, it can still be worth a look, because it might just reveal if you’re getting a good deal or not. 

You could find a note explaining that your must-have purchase was being sold at its ‘was price’ for just a few short weeks before Black Friday. 

Or you might find info on its recommended retail price 💡, which you can check against the manufacturer’s and see if you really should spend now. 

The important thing here is that you don’t immediately take the headline price at face value and do a little bit more digging. 


## What should you buy on Black Friday?

It’s obvious there are loads of tricks of the trade retailers use to make deals seem better than they actually are, so you might think you’re best off avoiding Black Friday completely. 

But that’s not 100% right either. There’s plenty of research being done every year on where bargain hunters should focus. 

[Finder](https://www.finder.com/uk/black-friday-price-tracker) says the biggest discounts can be found in fashion, followed by videogames, while household appliances see the smallest price decreases of any category. 

This year[, we’re told to expect big savings on tech](https://www.independent.co.uk/money/black-friday-2020-deals-tech-furniture-clothes-cheapest-discounts-b1724176.html), so if phones, laptops and other electronics are on your shopping list, Black Friday through to Cyber Monday could be the right time to buy. 

This doesn’t mean that you won’t be able to find any good deals on home appliances or other stuff  – just that real bargains are found more often in some categories, like fashion and tech, than others. 

## How to avoid overspending on Black Friday

So, there are good deals out there. But with big retailers trying their hardest to whip us all into a spending frenzy, blowing your budget can be easily done. But there are a few things you can do to make sure you don’t overspend on Black Friday. You may even want to take a look at [our handy guide for fighting the urge to splurge](https://tymit.com/blog/how-to-stop-overspending). 

## Be clear on ‘want’ vs ‘need’

Cut-price deals can be tempting. So tempting they might make us think we need something that’s really just a nice-to-have. But having a clear idea of what your priority purchases are will help keep your spending in check. 

You may have to replace something pretty essential soon, like a laptop, so that could wind up in the ‘need pile’ for Black Friday. An eighth pair of trainers? That’s a judgment call ⚖️ only you can make. 


## Make a list, set a budget and stick to them

Sensible suggestions like these are timeless classics. Put it all down on paper, be honest about what you need and what you can afford to spend, and then stick to it. Nothing more to it than that, really.

## Keep on top of any ‘buy now, pay later’ spending

There are plenty of positives about shopping with BNPL services, like the flexibility of paying in instalments and upfront costs, but there are also some serious drawbacks. BNPL makes it just a bit too easy to whack a load of stuff in your basket, whisk through the checkout and make thinking about it tomorrow’s problem. 

What’s pretty shocking is that [50% of people don’t see BNPL spending as ‘real debt’](https://www.independent.co.uk/money/buy-now-pay-later-christmas-black-friday-debt-credit-card-b1760877.html). But we definitely do have a four-letter word for when you buy something now and pay for it later…

The point is not to lose the run of your BNPL spending, because it can come back to haunt you.

## Think before you buy 

We’ve covered, ‘Do I really need this?’ The next important question is, ‘Can I afford this?’ Taking a moment before you click the pay button is a good way to stop yourself from impulse buying and staying within your budget.

You can’t exactly ‘sleep on it’ for fast-expiring Black Friday deals, but you can definitely walk away from the screen and give it a few minutes’ thought. 💭

We have a tool at Tymit to help our customers do exactly this: they can punch in a purchase amount to our simulator and see exactly how that spending is going to affect their future bills. If you don’t have access to a handy simulator like this, do it the old-fashioned way. Pen + Paper + Calculator. 


## How to shop safely on Black Friday

You’ve found a deal. A real one. It’s something you really need (or just want, because it’s been a tough year) and you’re ready to pay… 

Hold the phone.

Just a few more things to tick off the checklist. 


## Know your online shopping rights

More of us will be shopping online this year than ever before, so it’s a good idea to brush up on your rights before you go whipping out your wallet. The team at MoneySavingExpert has done an amazing job of putting together an easy-to-read list of all your on- and offline rights when it comes to retail, and you can find it [here](https://www.moneysavingexpert.com/reclaim/consumer-rights-refunds-exchange/). 

If you don’t have the time to get stuck into the detail, this little nugget is worth remembering: in most cases you have the right to cancel your order and get a refund – even if your only reason is that you’ve changed your mind. Thanks, Consumer Contracts Regulations 2013!


## Check the returns and delivery policies

We’ve already mentioned returns, but it’s always worth checking out a retailer's policy 📄 before buying. They'll sometimes extend their returns policy or change their returns process nearer to the holidays.

Same goes for delivery. You should always get the delivery date before you purchase to avoid being disappointed, and it’s worth remembering it’s the sellers responsibility to make sure you get your stuff. So, if something goes missing or turns up in bad nick, you don’t have to waste your time complaining to the delivery company. It’s the retailer’s problem to fix. 


## Pay by credit card

It’s a fact - you’re way more protected if you pay for your shopping using a credit card. And that’s because the Consumer Credit Act says your credit card provider has to protect purchase from £100 up to £30,000 for free. 

The whole idea behind it is to stop people having to pay off debt for something they either never received or was faulty to begin with. So, if a purchase doesn’t work out for these reasons, you can make a claim under Section 75. Just one of the many ways shopping with credit can trump debit.  


## Be on the lookout for scams

Black Friday is a holiday for scammers too.

Setting up fake websites to snare consumers in a spending frenzy is just the tip of the iceberg. You should always try and buy from reputable sites and remember that if something seems too good to be true, that’s because it probably is.  And never open any fishy emails.

## Smarter Spending 

We have one final tip you may want to think over. If you’re certain you want to spend on Black Friday, give how you’re paying for it some thought. 

Leaning towards putting it on your credit card? The traditional kind are expensive, they don’t give you a plan to pay back your balance, and it’s pretty hard to figure out what exactly it is you’re being charged for. 

But when you can choose to pay in instalments, you see upfront what it’s going to cost you. Tymit even helps you figure out if you can afford something in the first place. 


Read up on our [pocket-friendly features ](https://tymit.com/) or download the app for a closer look. 

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How to shop smart on Black Friday

Festive meets Frugal: keeping Xmas spending in check

Christmas can be a budget buster at the best of times. 


And in the context of a year that’s been off-the-charts weird 📈, it’s understandable if people are planning to go large for a dose of normality. 


But letting loose on these kinds of unexpected expenses could lead to a serious financial hangover come 2021. 


That’s why we asked Clare Seal, the personal finance expert behind [My Frugal Year](https://www.instagram.com/myfrugalyear/), to share her top tips for keeping your Xmas spending in check.

## Clare Seal's top tips for Christmas spending

With Brits feeling extra pressure to make this Christmas the best yet, here are five ways to enjoy the festivities whilst staying in control of your spend:

## Set your budget

Having a figure to stick to will help keep your spending on track. Make sure it’s realistic, as once a budget’s broken it can be easy to break it further.

It’s always a good idea to have a backup fund too – the point of unexpected expenses is that we never know where they’ll come from, but you can be certain that they will.

Keep a record of your budget and how you’re faring also. Whether you use a notebook, spreadsheet or budgeting app, by keeping track of your spend you’ll be able to avoid nasty surprises when January comes around!

## Resist the will to splurge

Discounting season requires a lot of will power, but if you want to avoid the red this Christmas, there are ways to wise up to price slashing.

As Christmas sales approach, make a list of the items you actually want or need – buying items purely for the discount will only cost you more in the long run.

Unsubscribing from brand marketing emails can also help you resist the temptation to splurge, as can taking a break from your phone altogether!

And if you find an item that you do like the look of, do your due diligence online to make sure you’ve landed the best bargain that you can.

## Think outside the (gift) box

Whether you’re gifting or hosting this Christmas, it can still be the most wonderful time of year on a budget.

Now is the time to channel the newfound creative skills you might have picked up in lockdown to create homemade gifts, decorations and finishing touches.

If DIY isn’t your thing, second hand sites such as eBay, Depop, Vestiaire Collective and Gumtree place can connect you with some great bargains.

And, whilst we might want to meet up with extended family and friends this Christmas, channelling lockdown spirit and having drinks over Zoom can keep both costs and covid risk to a minimum.

## Face up to your expenses

The worst thing you can do is ignore your bank balance at this time of year – it will make the run up to January pay day feel that much longer!

Face up to your statements across current accounts, savings, credit cards and Buy Now Pay Later schemes and make sure you have a plan on how and when you’ll pay them back.

If you’re using credit cards, interest can often be confusing, but there are handy tools – such as Tymit’s interest calculator – that can help you create a realistic payment plan that keeps interest at a minimum.

## Always read the small print

When used responsibly, credit can be a great way to help us manage this expensive time of year. But make sure you do your research before signing up to credit cards or Buy Now Pay Later schemes – all too often they come hand in hand with hidden fees and interest rates.

Services such as Tymit are free of fees and have entirely transparent interest rates, helping you to take more accountability of your finances and boost your financial wellbeing.

*
Liked what you read?
Then check out our guide on [how to stop overspending](https://tymit.com/blog/how-to-stop-overspending) for more tips to keep your budget on track, or see how [Tymit can help with smarter spending](https://tymit.com/).

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Tymit Stories: Paying for my roof repairs over 3 months has been a relief 

“Since the day of opening, it’s just been brilliant. I’ve been constantly busy.” 

And that’s exactly what you want when you’re a small business owner. Tim Widdows is a framer with a shop in Charlbury, a leafy town on the edge of the Cotswolds.

Every made-to-order job that passes through his workshop takes time, so he doesn’t have much to spend on the ins and outs of his accounts. Anything that makes his financial life easier is a big help. 

## Budgeting with Tymit

Tim applied for a Tymit card because he liked the idea of being able to spread the cost of any purchase – and know to the penny what he’ll pay for it upfront. 

“I use the simulator before I buy anything so I can see exactly how much it’s going to cost me overall. Getting the breakdown in advance is really useful because it helps me plan my budget.”

For a business owner like Tim, managing the ups and downs of a monthly budget can be tricky, but having a bit of wiggle room make can make all the difference. 

“If you have a tough month and your budget is a bit tight, you can always change your payment plans in the app – but you’ll still know straight away what your bill is going to be. That kind of breathing room is brilliant.”

But it’s when the unexpected happens that financial flexibility really comes into its own.

## Emergency repairs

Tim knew his workshop roof wasn’t in the best condition, but some wet weather at the start of the year was more than it could handle. 

“We had a ton of rain and it all started coming down inside the workshop wall. I knew I had to get it sorted quickly.”

Water pouring in from above made getting any work done difficult, but it wasn’t going to be a quick-fix job of plugging a few leaks. The roof had to be completely stripped off and then replaced - and that meant big bills for materials and labour.

“Paying for it with Tymit made total sense. I bought roof slates for £300 first and paid for them over 3 months.” 

But that was only the beginning. As the work continued, the costs started piling up. 

“Materials will come out at about £3,000 in the end, and that doesn’t include the actual cost of getting it done. Being able to spread that spend over a few months has been a relief.”

Emergency roof repairs are the kind of unexpected expenses that can blow a hole in any household budget, but by spreading the cost Tim is taking the sting out of his surprise spend. 

And, with Tymit, he knows he can always replan his payments if there’s more work to do.

![fb_diy_testimonial.png](https://cdn.tymit.com/media/fb_diy_testimonial_eca10ceba7.png)

## A Tymit to-do list
Tim lives in a listed building from the 1900s, so there’s plenty of upkeep to stay on top of. After the roof repairs are done, he knows exactly what he’s going to tackle next. 

“We’ve got the old sash windows and the wind just whistles through the house sometimes. Double glazing is next on my list, but that’s going to cost about £4,000.”

With another big bill for home improvements lined up, Tim’s put his new windows on his Tymit to-do list. 

“Having the option to pay for the windows over 12 months is brilliant, and with Tymit I know I can always replan and take longer if I need to.” 

## Planning an escape

It’s not all about work and home repairs though. As much as he loves his shop, Tim’s dreaming of the day when he can flip the ‘Closed’ sign, grab his bags and go. And Tymit has a role to play in his getaway too. 

“I’m looking forward to booking a holiday. I’m probably going to spend about £2,000, and I’m going to spread that out with Tymit over 12 months.”

Because he can pay over time, Tim won’t have to dip into any money he’s put away.

“I don’t mind paying an extra few quid a month if it’s going to land a bit easier, rather than taking a great big chunk out of my savings.”


*Tim received a gratuity for taking part in the Tymit Customer Stories series. *

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Worried about credit card fees taking a bite out of your holiday budget? Spend abroad with confidence with Tymit – the travel credit card that costs you less. 

How you can save on spending abroad | Tymit travel credit card

If you’re counting down the days to your next holiday abroad, think carefully about the travel credit card you plan to take along with you. 

Hidden extras, like international transaction fees and poor exchange rates, could quickly take a chunk out of your holiday budget. That’s why we’ve got every Tymit customer covered with the features and benefits they need to spend abroad with confidence. 


## Saving on your holiday spending with Tymit


### No transaction fees
Unlike most credit cards, we don’t add charges for using your Tymit card abroad. That means no ‘non-sterling transaction fees’ added as a percentage on your monthly bill, no flat costs added each time you spend, nothing. What you see on your receipt is what you pay.

### No sneaky exchange rates
Exchange rates change daily, but what you can count on is that we’ll never load anything on top of [the rate we offer you through Visa](https://tymit.com/exchange-rate/). When you spend with Tymit, you’ll be getting access to the best exchange rate possible – the wholesale rate – with nothing sneaked on top. 

*Tip:* make sure you always spend in the local currency when you use your Tymit card abroad. You might be asked if you want to let the terminal do the exchange so you can pay in pounds, but you’ll get the exact Visa rate if you pay in the local currency and let us take care of the rest for you. 

### Free ATM withdrawals
You can take out up to £200 per month for free with Tymit, and that includes when travelling abroad. We won’t charge you anything for withdrawing cash from an ATM, and because we offer the Visa exchange rate, you could wind up better off than if you used a bureau de change.

*Tip:* always check if the ATM you’re using charges fees first. While you won’t be charged anything by Tymit, the ATM operator may apply a flat fee for using the machine. The same rule applies here about spending in the local currency, too. An ATM might suggest doing the currency conversion there and then. Say no, withdraw in the local currency, and we’ll give you the Visa exchange rate with nothing loaded on top. 


## Make extra savings as a Tymit Visa cardholder


### Get 6% cashback at Booking.com
As a Visa cardholder, you qualify for 6% cashback on any reservation you make through Booking.com. All you need to do is set up an account, register your Tymit Visa as your preferred payment card, and book your stays as you normally would. Your cashback reward will be paid directly to your Tymit card 30 – 60 days after you check out of your accommodation, putting some of your travel spend back in your pocket. [T&Cs apply](https://www.booking.com/content/incentives-faq.en-gb.html). 

### Get bigger tax refunds when you shop in Europe
Did you know that UK residents are entitled to reclaim tax paid on shopping in the EEA area? Even better, if you’re a Visa cardholder, you can claim back an extra 20% when you make your claim through Global Blue. Get the details on how you can streamline your tax refund experience with Global Blue and pocket that additional refund [here](https://www.visa.co.uk/campaign/taxfreeshopping_en/). T&Cs apply.

With zero fees almost anywhere you spend and added benefits on top, Tymit might just be your perfect travel companion. 

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Travel costs less with Tymit: how to save on your spending abroad

This article by the team at Tymit reveals Brits' attitudes to spending abroad post-Covid and how to best use your credit card when travelling.

Post-Covid Travel: How are Brits using credit? | Tymit 

Many Brits will be putting the last two years of lockdowns and travel restrictions behind them and heading abroad this year.  In fact, holiday bookings are taking off this year, even with the cost of living crisis. 

A report from [EasyJet](https://mediacentre.easyjet.com/story/15337/brits-planning-spending-sprees-on-more-holidays-in-2022-as-easyjet-sees-bookings-boosted-following-removal-of-testing) has revealed that UK holidaymakers are planning on spending more on holidays in 2022, with a third planning to spend £1,000+ more than usual on their next holiday. With this in mind, we surveyed 2,000 Brits to discover more about their spending habits abroad. 

### Who is using credit cards for holiday spending?

If you haven’t got all the money upfront for your holiday, using a [credit card](https://tymit.com/credit/) means you could still take advantage of cheap flights and deals by booking in advance. 

However, our survey found that 18% of people are still paying off their holidays from last year. So, if you plan to spread the cost of your annual holiday, you should think carefully about the amount you want to spend and the timeframe it will take to pay it back, especially if using credit.

Buying your holiday using a credit card also often gives you the benefit of protection under section 75 of the Consumer Credit Act. So if anything goes wrong, for example, your tour operator goes bust, your credit card provider will be as liable as the retailer for refunding you.

This may explain why 3 in 10 (30%) people have previously used a credit card to finance their holiday abroad and a further 31% plan to use a credit card to finance their next holiday. But are there any generational differences when it comes to using credit cards for holiday spending? 

![Chart revealing which generations are using credit cards for holiday spending](https://cdn.tymit.com/media/Tymit_Spending_Abroad_Sct1_V2_2x_b1d76df5c8.png)

### Which cities are spending more on holidays?

The last few months have seen everything from fuel to food prices soar, with many being forced to tighten their day-to-day spending. But the same can’t be said about holiday spending, as nearly 3 in 10 (28%) still plan to spend more on holidays post-pandemic. 

People from Sheffield are likely to splash the cash the most, with 33% planning to up their spending post-pandemic, followed closely by London, where 32% said they’re planning on spending more on holidays now travel restrictions have been lifted.  

Our survey also found that more than 1 in 5 (21%) have used a credit card loan to upgrade their holiday, but which cities are most likely to make their holiday experience that little bit more special by paying for an upgrade? 

![Map displaying the cities who are spending the most on holidays ](https://cdn.tymit.com/media/Tymit_Spending_Abroad_Sct3_V2_2x_682f0c358b.png)

### Are men or women savvier when it comes to credit card use abroad?

While you’ll always need some cash on a holiday, using a credit card for your spending needs can simplify overseas travel. That said, if you are planning a getaway, you should always check the cost of using your card abroad before you travel. 

Provided with the right information, you can avoid hefty foreign transaction fees and charges on cash withdrawals. However, our survey found that 36% of men and more than 1 in 5 (26%) women said they don’t check how much they will be charged for using their credit card overseas. See how else men and women compare when it comes to using  credit cards wisely.

![Chart illustrating how men and women use their credit cards abroad ](https://cdn.tymit.com/media/Tymit_Spending_Abroad_Sct2_V2_2x_35640cadf6.png)

### What are men and women using their credit cards for abroad?

When going abroad, cash may work for expenses such as tipping, but you may still want to use a credit card for accommodation, nights out, and other expenses. 

You can use most credit cards overseas when shopping and dining out, assuming they accept your card. Whereas women are most likely to use their credit cards for shopping (30%), men prefer to use their credit cards for purchasing food (34%). See how else spending habits on holiday differ below. 

![Bubble charts comparing the spending habits of men and women abroad ](https://cdn.tymit.com/media/Tymit_Spending_Abroad_Sct5_V2_2x_f9333a8c1b.png)

### How much is being spent on credit cards abroad?

Our survey found that 3 in 10 (30%) people have gone over budget when spending on their credit card abroad. This is higher in men, with 35% admitting to spending more than they budgeted for compared to just 26% of women. There are lots of ways in which you can plan your holiday spending so that you don’t go overboard. Planning in advance and keeping an eye on your budget while you’re away can help ensure that you don’t return home with hefty repayments. 

On average, men like to spend more on holiday than women. Our survey found that men spend on average £192 on nights out and £204 on tourist attractions over the course of a holiday. Women, on the other hand, spend slightly less, with an average of £178 spent on nights out and £162 spent on tourist attractions.

![Tymit - Spending Abroad - Sct4 - V2@2x.png](https://cdn.tymit.com/media/Tymit_Spending_Abroad_Sct4_V2_2x_308a00877e.png)

There are many advantages to using a [credit card when travelling](https://tymit.com/blog/save-on-spending-abroad-with-Tymit). Not only are credit cards more convenient as they replace carrying large amounts of cash and remove the task of currency conversion, but they can also provide consumer protection if things go wrong. So, if you’re heading off on holiday overseas, here are some things to do before you get on the plane:

1. Research where you’re going - Using your credit card is restricted in some countries so it’s best to check this before you go away.
2. Let your card provider know - Before you go on holiday, it’s best to inform your credit card provider about your trip to avoid complications.
3. Take a few payment options with you - You should always have some form of backup funds or alternatives to your credit card, just in case your card gets lost or stolen. 
4. Check your card expiry date - Your trip abroad might not go to plan if your credit card doesn't work, so make sure it’s not going to expire while you’re away. 
5. Check your contact details are correct - Make sure your contact details are up to date before you travel. This enables your credit card provider to get in touch with you if they need to.

Tymit gives you the financial freedom to live more and worry less. If you want to find out more about how you can gain control of your finances, find the best card for you [here](https://tymit.com/). 


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Post-Covid Travel: How are Brits using credit? 

Get all the tips and info you need to make sure you make the right spending decisions this Black Friday. 

Black Friday 22 | Top Tips for Smarter Spending ...

So it’s here, Black Friday. Sure, there’s some great offers out there – but take a look at our useful tips and hints below and you’ll be well on your way to smarter shopping.

Loads of retailers have been running promotions since the start of November, trying to offload as much of the stock they’ve built up over the year as possible.
And while this does mean you could be in for some serious bargains, there’s also a few reasons to press pause on the Black Friday hype and think about some of the ways you can shop smarter.

## Shop around

All the hype around Black Friday is designed to push our buttons, from the urgent-sounding emails to the flashing web banners. That’s why it’s so easy to whack a load of stuff in your basket and head to the checkout without doing much of a double take.

But taking a second look at your bargains is exactly what you should be doing. It might sound a bit ‘Online Shopping 101’, but checking the price of a product on lots of different sites is the best place to start.

Surprisingly, 13% of shoppers don’t do this on Black Friday, taking the AMAZING bargains at face value.
Nose about a bit, though, and you’ll probably find that plenty of stores are selling what you want at the same price, but only one of them is claiming it’s the deal of the century. You may still be happy to part with the cash, but at least you’re going in with your eyes open.

## Approach 'was' with caution

‘Was’ and ‘now’ stickers are usually the tell-tale signs of a bargain, but they should be treated with a bit more caution around this time of year.

In retail-speak the ‘was’ figure is known as the ‘anchor price’, and these can at times be a bit misleading. Sellers might hike the cost of a product in the run up to Black Friday, inflating its anchor. All so they can slash it and start bigging up their cut-price deals.

That’s why you might find a certain product has been for sale at the same low price for most of the year. And how do you do that, exactly? Read on.

## Use price history sites and apps

If you know exactly what you want and aren’t just browsing for a bargain, you should definitely do a little digging with price history apps or sites.
They’re super easy to use and will help you check the price of a product over time. So you’ll be able to tell if the deals that caught your eye are actually worth a look.

Here are a few suggestions to get started:

- [CamelCamelCamel](https://camelcamelcamel.com/) is a free-to-use, Amazon-only price tracker. You can use it to monitor product prices on Amazon and alert you when they drop. It even offers a browser extension to make the whole process that bit easier. 
- Available online and as an app, [PriceSpy](https://pricespy.co.uk/) offers price comparison for tons of products all over the web. You can use their handy filters to search by price, product reviews, seller ratings and more.
- [Honey](https://www.joinhoney.com/) is an extension for your web browser. It’s free to sign up, and you can use it to both check price history and hunt for coupons from thousands of retailers.

## Read the fine print

You may see some retailers stick a load of fine print at the bottom of a promotion or hide it at the very end of a product listing. While it won’t be the most exciting read, it can still be worth a look, because it might just reveal if you’re getting a good deal or not.

You could find a note explaining that your must-have purchase was being sold at its ‘was price’ for just a few short weeks before Black Friday.

Or you might find info on its recommended retail price, which you can check against the manufacturer’s and see if you really should spend now.

The important thing here is that you don’t immediately take the headline price at face value and do a little bit more digging.

## Be clear on 'want' vs 'need'

Cut-price deals can be tempting. So tempting they might make us think we need something that’s really just a nice-to-have. But having a clear idea of what your priority purchases are will help keep your spending in check.

You may have to replace something pretty essential soon, like a laptop, so that could wind up in the ‘need pile’ for Black Friday. An eighth pair of trainers? That’s a judgment call only you can make.

## Make a list, set a budget and stick to them

Sensible suggestions like these are timeless classics. Put it all down on paper, be honest about what you need and what you can afford to spend, and then stick to it. Nothing more to it than that, really.

## How to shop safely on Black Friday

You’ve found a deal. A real one. It’s something you really need (or just want, because it’s been a tough year) and you’re ready to pay…

Hold the phone.

Just a few more things to tick off the checklist.

### Know your online shopping rights

More of us will be shopping online this year than ever before, so it’s a good idea to brush up on your rights before you go whipping out your wallet. The team at MoneySavingExpert has done an amazing job of putting together an easy-to-read list of all your on- and offline rights when it comes to retail, and you can find it [here](https://www.moneysavingexpert.com/reclaim/consumer-rights-refunds-exchange/).

If you don’t have the time to get stuck into the detail, this little nugget is worth remembering in most cases you have the right to cancel your order and get a refund – even if your only reason is that you’ve changed your mind. Thanks, Consumer Contracts Regulations 2013!

### Check the returns and delivery policies

We’ve already mentioned returns, but it’s always worth checking out a retailer's policy before buying. They'll sometimes extend their returns policy or change their returns process nearer to the holidays.

Same goes for delivery. You should always get the delivery date before you purchase to avoid being disappointed, and it’s worth remembering it’s the sellers responsibility to make sure you get your stuff. So, if something goes missing or turns up in bad nick, you don’t have to waste your time complaining to the delivery company. It’s the retailer’s problem to fix.

### Pay by credit card

It’s a fact - you’re way more protected if you pay for your shopping using a credit card. And that’s because the Consumer Credit Act says your credit card provider has to protect purchase from £100 up to £30,000 for free.

The whole idea behind it is to stop people having to pay off debt for something they either never received or was faulty to begin with. So, if a purchase doesn’t work out for these reasons, you can make a claim under Section 75. Just one of the many ways shopping with credit can trump debit.

### Be on the lookout for scams

Black Friday is a holiday for scammers too.

Setting up fake websites to snare consumers in a spending frenzy is just the tip of the iceberg. You should always try and buy from reputable sites and remember that if something seems too good to be true, that’s because it probably is. And never open any fishy emails.

### Smarter Spending

We have one final tip you may want to think over. If you’re certain you want to spend on Black Friday, give how you’re paying for it some thought.

Leaning towards putting it on your credit card? The traditional kind are expensive, they don’t give you a plan to pay back your balance, and it’s pretty hard to figure out what exactly it is you’re being charged for.

But when you can choose to pay in instalments, you see upfront what it’s going to cost you. Tymit even helps you figure out if you can afford something in the first place.

Read up on our [pocket-friendly features](https://tymit.com/) or download the app for a closer look.



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Black Friday '22: Top Tips for Smarter Spending

The Travel sector has been priced out of  the 'buy now, pay later' boom by high merchant fees. Now, the instalment credit card offers an opportunity to ride the wave of flexible payments to boost bookings and grow stronger customer relationships. 

It's time for Travel to ride the instalment wave 

Martin Magnone

It would be an understatement to say that the past few years have been tough for travel. After a lengthy period of restrictions, the industry had finally gotten back on track and was making a strong post-pandemic recovery. However, its takeoff has been stalled by rapid inflation and a cost-of-living crisis that’s been eating away at every would-be holidaymaker's wallet.  

The upshot, of course, is that travellers are now delaying or cancelling their travel plans altogether as they face the reality of rising costs and tightening household budgets.  

So what can travel merchants do to tap into pent-up demand and beat the bookings slump? Flexible instalments may provide the answer.  

## People love paying in instalments

In recent years, paying in instalments at the point of sale has exploded in popularity, and it has been driving huge revenue growth across retail and beyond. To put it into perspective, 17m UK consumers have now used 'buy now, pay later' instalments. What's more, a staggering 37% of 25- to 35-year olds make use of BNPL two or more times each month.  

Setting aside the important issues of regulation and financial wellbeing for now, people evidently love the flexibility, transparency and convenience of spreading the cost of purchases into equal monthly payments.  

The simple fact is that the more traditional forms of credit haven't kept pace with evolving customer demands. The confusing costs, hidden fees and ballooning balances of revolving credit cards, for example, are driving people away in droves – and towards new forms of finance.  

Merchants that have embraced this trend and started offering instalments at the point of sale have seen their sales rocket. In fact, more than half of UK merchants using POS instalments report an increase in basket conversion, while 46% experience an increase in average order value.  

Great, sign me up, says the enthusiastic Travel merchant. But wait, there's a problem.  

## Travel has been priced out of the party 

It's no secret that the Travel industry runs on razor tight margins. Online travel agents in the UK, for example, operate with an average profit margin of 7.3%. Given that merchant fees for 'buy now, pay later' range from 2-8% of total order value, adding BNPL instalments into the mix is simply a step too far for most.  

As the chart from McKinsey below shows, Travel has been well and truly priced out of the party: merchants in the travel category, from airlines to agents, are far less willing to subsidise point of sale offers than, say, luxury and fashion retail brands.  

![mcK graph.jpg](https://cdn.tymit.com/media/mc_K_graph_dc5e1045cf.jpg)

Low margins, coupled with the high fees charged by BNPL providers, have combined to lock travel merchants out of the point of sale instalment boom. But the good news is travel companies needn't miss out any longer.  

The emergence of new, responsible and, importantly, sustainable instalment credit models means travel merchants can offer their customers exactly what they want – without eating into their own margins.  

## Enter Travel's opportunity to ride the instalment wave  

A new innovation, the instalment credit card, offers Travel the opportunity to unlock the benefits of instalment finance and create added value in the process. How? By combining the best of the old and new worlds of credit.  

![Instalment credit card combo.jpg](https://cdn.tymit.com/media/Instalment_credit_card_combo_753c3f2d68.jpg)

This new proposition is designed to provide Travel companies with the ability to offer customers instalments in a transparent and responsible manner, but unlike BNPL Travel merchants don't have to pay hefty fees for the privilege.  

Customers get exactly what they want – the ability to spread travel costs over time with no hidden catches or surprises - and Travel companies can offer instalments without compromising their margins. The result? More bookings, more often, with greater profits on top.  

What's more, by offering a travel credit card under their own brand, merchants can capture benefits beyond a boost in bookings. A branded instalment credit card presents an opportunity to become their customers' go-to provider of flexible travel finance. And rather than being limited to the booking stage of a customer's trip, it enables travel merchants to deepen relationships and be part of the travel experience every step of the way.  

To top it all off, travel spend provides a deeper understanding of their customers' travel habits and preferences via transaction data, as well as additional revenue streams from interest interest-earning travel balances.  

![Benefits for travel.jpg](https://cdn.tymit.com/media/Benefits_for_travel_7771021a18.jpg)

That's not to suggest that all the benefits fall to merchants, of course. Their customers stand to benefit from an experience that beats both traditional 'revolving' credit cards and BNPL in terms of flexibility, transparency and control.  

But more on that in the next article in this series, which will take a deeper look at how merchants can put themselves at the centre of their customers' trips with an instalment credit card offering built for engagement.  

## Travel is set for takeoff

The travel industry's post-pandemic recovery has been a story of ups and downs so far: rapid inflation and cost-of-living crises have led to bookings slumps, and the solution for depressed spending in other sectors has been, so far, out of reach for many.  

But while travel merchants may have been priced out of the 'pay later' boom, they don't have to miss out any longer – travel's opportunity to ride the instalment wave has arrived. With the emergence of new responsible and sustainable instalment credit cards, travel companies can now offer their customers flexible payments without compromising their own margins - all while laying the foundations for deeper and more valuable customer relationships. 

*

Want to learn more about how an instalment credit card can benefit your Travel business? Get in touch [here](https://tymit.com/partner/travel/).
 


 

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