Borrow from £1,000 to £25,000 and repay from your salary at rates from as low as 4.5% APR.


Get into the savings habit with regular savings deducted directly from your armed forces salary.

About us

Forces Finance is delivered in partnership between London Mutual Credit Union and the MOD.

How it Works

Decide how much you’d like to save each month or borrow, and we’ll arrange the with your employer.

Join Forces Finance

Your New Year financial health check

Three basic steps that will help give you more control over your money in 2021.

‘New Year, New Start’. Spare us the cliches, right? Chances are that after a year that many of us would rather forget, the last thing you’ll want to do is to look too closely at the state of your finances.

But if you can summon up the motivation, there are plenty of rewards. After all, whether we like it or not, a new year is here, and one which, if we are lucky, may see the return of holidays abroad, sunny summer evenings down the pub, birthdays, nights out and family days out.

You’ll want to be ready when all the fun begins, right? Of course you do. So if there was ever a time to sort your finances and stare down your online banking, it’s now.

So let’s get started with three basic steps that will help give you more control over your money in 2018.

Put together a monthly budget

It’s up to you how much you geek out over this. Use Excel if that’s your thing, download an app, or grab some old fashioned pen and paper. The key thing is doing it.

No need to overcomplicate things:

  1. Start by putting together two lists. One listing all your income (that’s money coming in each month), and one listing all your expenses.
  2. Then with expenses, note next to each one if it is:
    1. Fixed (things like your rent, that have to be paid no matter what)
    2. Optional (things like your Netflix subscription, which aren’t strictly essential)
  3. Add up all your income. Then, add up all your expenses.
  4. Subtract your expenses from your income, and you’ll be able to see clearly how much money you have left over each month, or if you are overspending.

Review your credit

Needless to say, repaying your credit card bill or keeping up with loan repayments is a ‘Fixed’ expenditure. You really don’t want to miss it out.

Checking your credit file is a great way to remind yourself about what you currently owe money on, as well as flagging up anything on your file which is incorrect. More about checking your credit file

Once you have your credit report, you can now prioritise what to pay off. A good way to tackle this is to start with the lowest balance, and get that paid off first. It’s worth giving your credit report some quality time, as your credit file can affect how much interest you pay and the amount you can borrow.

Cut back where you can

In the first step, you separated your optional expenses from your fixed expenses. You should be able to use this to identify areas where you can cut back and save money, if you’re a little bit creative and ruthless.

  • For Fixed Expenses — think about whether you can get a better deal, such as by switching energy providers or changing your mobile phone contract.
  • Optional Expenses— think about whether you really need it. A good way to think about this is whether you would prefer to have it, or the extra money you could save without it.

Good luck!

Good to Know

The contents of this article are intended for informational purposes only, and do not constitute financial advice. Always consult a qualified professional for independent advice if you are unsure about whether a financial product or strategy is suitable for you.

All loans are subject to our loans policy and availability. The amount and rate that we may offer you may differ based on our assessment of your personal circumstances. Applying for a loan may affect your future ability to take out credit.

Ben West

Ben is responsible for promoting our membership and services, improving customer experience, and developing our links with the Armed Forces community. Having grown up in a Royal Navy family, Ben has some experience of the unique challenges of armed forces life.

You May Also Like

Stopping financial FOMO

Stopping financial FOMO

Is your new year’s resolution to stop wasting money? Get on top of your spending? Start saving the big bucks? If it is, then you’re in the right place! Let us help you to have a new perspective on your finances going into 2022…