Keeping on top of your finances isn't always easy,
but few simple tips could help to make you more successful at managing your
money and maybe even making some savings along the way.
Start with the basics
1. By
basics, it means taking a long hard look at your current financial situation.
Work out all the money you have been receiving in, as well as all the payments that
go out. This exercise will show you the reality of your monthly commitment and
perhaps even highlight areas where you can cut back. Do you still use that gym
membership or read that monthly magazine? If not, cancel them and save yourself
some money. Also check to see if your direct debits leave your account at a
convenient time. If money goes out before you get paid - would eventually mean
you risk missing payments and incurring charges.
2. Once
you are aware of your outgoings, think about planning a monthly budget. Make
sure all of your bills are covered first. Think about budgeting on your food
shopping, spending a certain amount each week. Be realistic though; there is no
point having a budget if you can't stick to it.
3. Try
to use cash instead of cards. This tip might sound silly but it's incredibly
effective, as watching your money physically leave your wallet, helps you see
more clearly how much you're spending. Link this with your budget plan and if
you find the amount you allowed yourself for the week is gone in two days, you
definitely need to make some changes.
Don't miss out on savings
4. There
are simple changes you can make when paying bills that might save you some
money each month, such as choosing to pay by direct debit instead of cheque or
opting for online billing rather than paper copies. Making these changes can
give you discounts on your monthly charges. When it comes to utility bills, always
try to read your meters when requested to ensure you're paying the right
amount, not an estimated total.
5.
Always keep a lookout for the best deals and make sure you aren't paying over
the odds. Comparison sites can give you a clear idea of the cheapest providers
across a number of areas such as utility providers and insurance companies. You
might also consider doing your food shopping online, as there is less
temptation to buy items you don't need and you can manage your budget more
effectively as your total is always visible.
6. Make
money from unwanted items by posting them on an online auction site. Those
unused items that are just taking up space in your wardrobe could make you
few pounds instead.
7. Try hard to put some money away each month. It might feel tricky at first, but even
if you have few pounds left over, from your weekly budget, put it away for a
rainy day. Even the smallest amount will build over time and give you an
emergency fund that makes a great alternative to borrowing in future.
Author:
Francesca
A freelance
writer by profession lives in the UK and writes on behalf of IVA Experts
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