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Managing Your Money More Effectively

Managing Your Money More Effectively

If you aren’t the greatest person when it comes to saving and managing your finances effectively, don’t worry, you're not alone. It can be daunting to look at your bank statement and see hundreds of different transactions from throughout the month, but it is important to really delve into your spending habits if you want to change them for the better.

A realistic budget

The first thing we need to bear in mind when we want to change our spending and saving habits is to be realistic about how much money we can afford to live on. If you are going to be making yourself a strict budget, you need to still give yourself a little bit of room for overspending on certain things such as food or travel.

If you have bad credit, you will want to be even more strict with your spending and you can also get a credit card to rebuild credit. Make sure that you only buy what you can afford to pay off and try to build up that credit rating again for the future.

Start planning for retirement

Although it might seem a little counterintuitive in the short term to be putting your much needed money away for the future, you will thank yourself for it later. The earlier you start saving for your retirement the better it is, and the more money you can save, the better your chances are of having a happy retirement,

Prioritize your spending

This bit is important. Make sure that you understand what is important and what isn’t when you are looking to save money. Realise that some things are just not as crucial as others. For example, you might think that you absolutely NEED that coffee each morning on your way into work, but actually you don’t at all. Instead, make a coffee at home and bring it with you in a flask. It might not be the same coffee shop taste, but it will save your pennies and satisfy the craving.

Anticipate major costs

Whatever you do, always plan for the worst case scenario, it doesn’t mean you have to be a negative ninny the whole time, but it does mean that you should realise that if something does happen, you’ll need some support to get through it. Imagine that tomorrow you were in an accident which meant you couldn’t work for six months. Do you have the money to live off during this time? If you haven’t, you need to start creating that buffer account for your financial safety.

You can find room for the things you love


Don’t think that because you are saving you can no longer have a life. If you love to go out to the gym and stay fit, you can still stay fit without paying those membership fees. Use the world as your gym. Go for a run out in the countryside, weight lift with logs and swim in the sea. Make the most of your situation and still do what you enjoy.

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