Being in some form of debt is pretty much the norm in this day and age, be it student loans, credit cards, store cards.. most people have something and as long as you aren’t drowning in paying it back it’s really no ones business. But if one of your resolutions for 2018 is to take control of your finances and manage your money better, here are 5 things you can do that will help with that;
Keep Track of Your In Goings & Outgoings
This is perfect if you’re a frivilous spender. Keep track of what you spend in a notebook, where you spend it, how much and what you bought. I bet you end up shocked at how much you spend on things you don’t really need every month. Writing things down will help you become a more savvy shopper. This is one of my resolutions for next year as I have an expensive year holiday wise. I’m happy to go without the frivilous things if it means LM and I can have a few fantastic holidays!
Have a Budget and Stick to It
Budget doesn’t always mean bad. If you’re tight on money you don’t HAVE to have that brand new coat from Topshop. Have a look on eBay as I’m sure you could find it half the price. Having a budget definitely makes you think more about what where you’re spending your money and on what. When I was at student I worked part time, on pay day I’d get cash out and divide it over the 4 weeks of the month and pop each weeks money into envelopes. That’s what I’d have to live on and it surprisingly worked. What I learned from budgeting while being so young definitely helped me as an adult and a mother.
Put Some Money Aside for Savings
Make a savings account. I cannot stress how good it feels seeing the money mount up in your savings account. For the first time ever I paid for my flights from my savings account rather putting them on a credit card to pay off slowly. Even if you just save for a new camera or to take driving lessons, having a savings account is a great way to have a little nest egg, just in case.
Compare Your Utilities
My absolute favourite way to take control of your finances is to see how and where you can make savings. There are loads of websites that can help you get the best deals on your utilities such as USwitch which will help you fin the best deal for what you need. I did this early thus year and saved myself £40 a month! That’s money I could save.
Set Yourself a Goal
Set yourself a financial goal for the end of the year. Be it saving a certain amount, reducing your debt or just going a whole year without using a credit card. Having a goal to work towards will encourage you to be more focused about your finances rather than burying your head in the sand.
If you are having financial problems there are people out there that can help such as https://www.creditfix.co.uk/debt-solutions/iva if you do your homework and find something that works for you, you could be out of debt in no time.
What’s your financial goal for 2018?