Money management is essential whether you’re in debt or just juggling your household costs.
These are our top money management tips, to help you stay in control of your finances.
Make a budget
Making a budget is the first step to managing your money. It clearly shows you your income and what you need to spend money on each month.
Budget for one-off expenses
Some expenses only happen occasionally, like Christmas and holidays. Work out how much you spend over the year on these then divide that amount by 12. You can put this money away each month until the expense or bill is due.
You should consider saving some money every month as this will help you budget for any emergencies, or will help you plan for a secure financial future. Even if you only save a small amount each month you’ll find that it quickly adds up.
Monitor your bank account
Make sure you’re checking your bank account regularly. By doing this you’ll be able to check that there’s enough money to cover your direct debits or bills.
Check your direct debits
If you pay things by direct debit make sure you know what you’re paying for. Check you aren’t still paying for any services you don’t use any more.
Using cash will help you control your spending. If you’re going shopping or having a day out, take the amount you can afford to spend with you in cash and leave your debit card at home. This way you won’t blow your budget as you can only spend what you’ve got.
Cut back on your spending
You don’t need to make big changes to your lifestyle to save money. Cutting back on the little things you buy can make a big difference. For example, if you spend £2.00 on a coffee every week day this adds up to £520 every year.
Use our free utility switcher to save money on your utilities. If you’re looking to buy something, decide if it’s something you actually need. Shop around at stores and online to find the best deals.
Deal with your debts
If you have debts and you’re struggling to pay them try using our online Debt Remedy tool, or call our free Helpline on 0800 138 1111. We will give you free, impartial debt advice that’s tailored to your situation. We’ll be able to help you find the best way to manage your debts.