Managing your money

We all need to juggle our finances sometimes to make ends meet or to ensure we meet our savings goals. Here are some useful tips to help you Manage your Money effectively and take control of your finances.

Tracking & Budgeting

Don’t know where it all goes?

Try taking a closer look at what you’re spending by keeping a spending diary. Write down everything you spend in a notebook for at least a month.  Or try using a spending tracker app (there are plenty of free ones available) on your mobile phone where you can make note of everything you’re spending. This will give you an accurate picture of where your cash is going on a daily basis. Once you  see this clearly, you can set yourself a budget using a Budget Planner and stick to it!  You will be able to see if there are any areas where you can cut back.  Small changes to your day-to-day spending could save you money in the long run. It all really does add up.

Money saving tips:

There are many different ways to save money – it’s just about finding the right ones that suit you. Take a look at the Money Advice Service’s Cut Back Calculator for more ideas. This will help you prioritise your spending so you can meet the absolute essentials, such as your mortgage, rent and bills.

Here are a few ideas to get you started!

  • Make your own pack lunch
  • Walk or cycle twice a week
  • Cancel unused memberships
  • When shopping, try buying own brands  – and  use your loyalty cards!

Stop living month to month:

Have you run out of cash by the time payday rolls around? Try tracking your spending and plan ahead to avoid struggling each month.

Here are some tips to help you budget beyond payday:

  • Use Direct Debits or Standing Orders to pay your monthly bills
  • Set yourself a budget and stick to it!
  • Save for unexpected expenses
  • Set up different bank savings accounts for different expenditure