We are still in difficult financial times, with credit not always readily available, debts continuing to mount up, and pay rises and pensions on our minds every single day. It is no wonder that many Brits are finding it difficult to manage their money and take good care of their daily finances.
So how can you learn to spend wisely, save more and budget brilliantly when things are so tough (and confusing)?
Read on for some top money management tips from Ukash and look forward to a better understanding of where your money comes from and goes to.
Take note
The simplest way to find out how much money comes in and how much you spend is to write it all down. Over just a few days, write down every single penny that comes into your bank account and how much goes out. You might be surprised! This is the first step to seeing where you can save money.
Assign funds accordingly
Most people have more than one bank account, savings schemes, several debts, a handful of credit cards and so on. Allocating funds to each one can be tricky, but it can also be very helpful. With each pay day, try putting a set amount aside for each purpose and stick to that limit. For spending online for treats, try the Ukash service. You can get Ukash from outlets across the world and spend it online. It is a great way to keep your credit card away from over-indulgences and is safe and easy to use. See what others are saying about it on the Ukash Facebook page.
Budget properly
Make sure that you always have enough money for the vital things like food, petrol and bills by combining the two tips above. Be honest about what you need to spend on and always assign that money accordingly.
Be careful with credit
It is easy to find out your credit rating and what that means for your future financial situation. Use this information to assess whether you can really afford to be spending on credit cards or credit accounts. Credit in itself is not a bad thing, but the way you treat it can make a huge difference to your finances now and in the future. Be honest about what you can afford to repay and if you get into difficulty talk to your credit providers straightaway. Martin Lewis has a great guide on credit ratings and how you can use this ensure you don’t get into difficulties!
Pay off your debts
You should always be paying back into your debts each month, no matter how small the amount. If you struggle then get advice – do not bury your head in the sand.
Save for a rainy day
The same goes for saving – even a little bit each month can add up so have a dedicated account that you cannot get easy access to and start putting away a few pounds for a rainy day. What you save for is up to you – a holiday or new sofa are popular – but it is worthwhile having an emergency fund in case the boiler breaks or the car fails its MOT.
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