Mummy says…Some people seem to be naturally good at taking care of their money, but for a lot of us, me included, it isn’t an innate skill and I regularly despair at how I manage to spend so much or have failed to save anything. It can be hard to figure out why I haven’t met my saving goals, or why you I am broke
whilst waiting for my pay to come in at the end of every week.
If, like me, you are someone who feels they are ‘bad with money’, it isn’t necessarily a bad thing. A lot of
people have learned how to manage money better whilst also being able to spend what they want too. Finding that balance isn’t so easy, however, so here are five top tips to help you:
Research Financial Products before You Get Them
One thing that can often help if you are someone who hasn’t managed their income well is to look to
financial products like overdrafts, loans and credit cards. These can all offer you some flexibility and open up new ways to manage your money. However, if you don’t look into them properly before you commit then they can cause you problems in terms of expensive long-term debt.
Always do your research and use a loan calculator before you take out any kind of loan. There is a
good loan calculator at 118118 Money that can show you how much repayments will be on loans of different amounts. A loan calculator can allow you to make smarter decisions about what you can and can’t afford to repay when it comes to credit, and help you manage your money better.
Set a Budget
It may be obvious advice, but setting a budget really does help. You may wonder where your money is going if you are always broke at the end of the month (or week, depending on how you get paid),
but in many cases, this can be revealed by setting yourself a budget and sticking to it. It doesn’t have
to be as depressing as it may sound, either. You can work on a budget that gives you some flexibility to spend money on nights out and other fun things, but it will certainly make you feel like you have a bit more control of your finances. Setting a budget is something I really struggle with!
Almost everybody these days has a smartphone or a tablet, and there are lots of apps you can use that will help you manage your money better. Depending on what kind of operating system you use, there are lots of options. Whether you want something that helps you plan your budget and keep track of how well you are sticking to it or something that allows you to record what you spend money on easily, your phone has a lot of answers and by looking into financial tools for your phone, you can find a lot of things that you find very helpful.
Look for a Side Income
If you have found that the money you make just isn’t enough, even though you have been working hard, then looking for a secondary income could be a good idea. You may be able to find a way to sell some homemade stuff on the side, or any unwanted items in your home or provide some professional services out of hours, such as writing or data entry that can bring in extra money.
Ask For Help
Another thing that really shouldn’t be overlooked is that you can ask for help from people who seem
to be managing money better than you at the moment. Learning money management is something
you can learn from friends and family. Money management and budgeting tend not to be taught in schools, so asking people who seem to be doing well how they approach it can be a good thing to do.
Improving your money skills is something that will serve you well in life, but isn’;t something most
people find easy. Get help where you can whether it is from technology or people, and try to get
used to working to a fixed budget, as well as looking for ways to boost your income.
Make sure you make the most of discount codes too with online companies such as dealsqueen. You can save a lot of money using sites like this.
Are you good with your finances? Do you have any other tips to improve managing your money?