Top Tips to Managing Your Money

What are the problems we face when trying to maintain control of our finances? The unexpected of course! Even if you’re great with money, it only takes one of life’s curve-balls to knock you down. The most simple and effective way to maintaining a healthy bank balance (despite the unexpected), is to be prepared and plan-ahead. Follow these guidelines and learn not only the success to managing your money but also how to deal with any unforeseen circumstances.

Firstly, work out your budget and prepare to re-visit it several times a year. Outgoings change throughout the year, birthdays, Christmas, and holidays can suddenly feel overwhelming if you haven’t planned for them. List your outgoings, from mortgage or rent payments to hobbies and clubs. Use pen and paper, spreadsheets or an app, as long as you’re comfortable with it.

Once you’ve compiled outgoings, look at your income. If you’re not balancing don’t worry, this next section will give some useful ways to shave off expenditure. Your food bill is probably the first thing you should look at, great ways to save here are to plan meals, shop budget ranges and cut down on expensive snack and convenience foods. Use your bank statement to find unnecessary spending… takeaway coffees, lunch on the go, magazines and memberships. Shop around for the best prices on everything, switch energy suppliers, insurances, services and shops.

You need to have a savings account and a coin jar. Work out a small percentage from your income that you can afford to put into savings. It doesn’t have to be a great amount, 10% or so, more importantly something you can manage. If you saved on your grocery bill, use this. Don’t underestimate the power of loose change, if the whole family put their change into a communal jar, there will always be a little emergency cash for when someone needs it. Let it accumulate and you could have a good amount to bank into savings too.

Even with your finances in order, there’s no guarantee that you’ll be able to afford a new washing machine if it breaks or pay an emergency vets bill. Make sure you have your priorities in order and if you still need to access cash quickly, apply for a small loan that you know you can repay within a sensible time frame from a lender such as Lendgreen Online Loans. This is one online company that offers a quick money lending service to help solve short-term problems. A service such as this can be a good option if you need a quick answer with fast results.

 

 

 

 

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