Believe it or not you don’t have to be an expert to manage your money well and there are actually a lot of tools and apps you can use to help you understand the basics of financial planning. Below you will find some easy tips and habits that will make you a little bit more financially savvy and smarter with every pound you make.
Being good or smart with your money is much more than just making ends meet on a day to day basis. Worried that you might not have the math skills to become your own financial adviser? Don’t worry about that, because all you really need to know are the basics of algebra.
Have and manage your budget
People don’t tend to think about setting up monthly budgets for themselves because they don’t want to go through the *somewhat* long process of adding up expenses. If you feel like you are sometimes bad with your money and wish you could manage it better, then you definitely shouldn’t use the excuse that budgeting is hard in this case because it will honestly change your life for the better (we promise).
All it takes is to sit down with a pen and paper and go through all your essential expenses for the month and give yourself a bit extra for things that you like to do for fun. Once you have set yourself a good budget you feel comfortable with, all you will need to do is track your spendings and make sure you meet it on a weekly or monthly basis depending on what you want to set for yourself.
Not sure whether you can afford this dress you’ve been eyeing on our website? Look back at your budget for this month and see if there is a bit of wiggle room for it. If there isn’t, then you can always come back next month and see if you’ve freed up a bit of money for it!
Having a budget is also a great way to start being strict with yourself if you are just starting off in your career or if you have never owned a credit card. Before you make any big purchases, make sure it doesn’t interfere with anything else you have planned for the month because the last thing you want to do is be in a bad situation when it comes to it!
Track your spending
The great aspect of online banking is that you can almost immediately go to your phone and track your spendings. Getting into the habit of tracking your purchases and comparing it to your budget will truly make a massive difference in the way you treat your income and your money. Better yet, you will start taking so much more pleasure in treating yourself to something nice when you know you have been really good at making sure you are within your budget for the month.
If you prefer the old fashioned way of looking through your expenses you can either keep all of your receipts in a drawer and go back to them at the end of the month or if you are quite tech savvy there are many apps you can use to make sure you are on track such as YNAB and On Trees.
Always look out for the best prices
You can always make the most of your purchases whether it is for your next big holiday or your new gym subscription by spending a bit of time looking at discounts and coupons. Lucky for you the internet is filled with great deals! Make it a habit to look for a discount code online before making an important decision because there will almost always be something cheaper out there.
We’re always on the lookout for the best sales out there at TWC so make sure you take a look at our selection below which most likely has the best deals out there!
Add a bit to your savings, often
Adding £10 a week to your savings account may not sound like a lot but it will quickly add up to a nice sum of money you can look back to if you are either in trouble or really in need to go into your savings account. We strongly recommend setting up direct debits so that your money is automatically transferred into your account and by making it an automatic transfer you won’t even realise the money is gone!
This is a great decision especially if you are trying to save for a big purchase that is not time sensitive. When you really want to put money in a big purchase but can’t afford to sacrifice a daily essential, getting into this habit of saving a little bit often will really make a difference in the way you feel about your money. Rather than setting up a credit which will give you more time to pay for something, do your own credit! It may take more time but will honestly be so worth it by the end of the day!
We love good deals here at TWC, so shop our sale selection below!
Featured images via Unsplash
PS: Every single item is independently selected by our editors. Depending on the product, if you buy something through our links, The Weekly Cut may earn an affiliate commission.