Managing Your Money
Money management is essential if you want to boost your savings, overcome debt, or just be able to juggle your household bills. There are many ways to manage your money at home through different money management techniques. Here is a list of ways to manage your money:
It is important to budget your money month by month. By doing this, it will highlight your predicted income and expenses so you know how much disposable income you will have for the month.
If you know you have a big bill coming up in the next month, you may want to save some disposable income to work towards paying that bill. Christmas or holiday time is when most people tend to budget as most money will be spent at this time. You can put away money every month to be prepared for events like these.
Big life events such as weddings, new homes, and babies all cost a lot! You must be prepared for when these events happen. The best way to be prepared is to manage your money into saving accounts and ISAs.
You should consider saving money every month as you will be thankful when these life events or emergencies occur. Even by setting aside a small amount of money each month, you will be surprised how quickly it all adds up. You will especially notice this if you have a good interest rate on your savings account - research this.
Contracts and Bills
Have you ever not realised when your mobile phone contract has ended and have ended up paying more than you should have? You can avoid this by keeping track of your contacts and bills. Keeping track will allow you to notice any changes in the bill or when the year contact has ended.
After the contact has ended, you should contact the supplier and check for a better deal. More often than not, the supplier wants you to be loyal to them so they will lower the price. This will lower your overall outputs and leave you more money to put in your savings - or spend!
Shop around and cut down on your spending
Are you a shopaholic? This may be why you can’t control your money so well. Cutting back on things that aren’t really needed, such as daily coffees, buying lunch out, and buying branded clothes, can help you save money. Think of it this way, if you spend £2 on a coffee every week day, it will add up to £520 a year!
You don’t have to stop buying things you love, just shop around to find the best deal. When buying new clothes look in clothing outlet stores or online stores which give special discounts. You could switch to budget supermarkets such as Lidl or Aldi - this could half your grocery shopping cost. Why not check price comparison websites and switch to cheaper energy and broadband suppliers. There are many ways to cut down your spending.
We offer a PSHE at home course on Money Management which teaches you how to use money wisely. We look at basic financial skills and how to ensure you manage your money so you can afford basic items such as food. Check out our Money Management at Home course below: