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tips for helping me be good with money
6 Answers
I have never been any good with money, never been a good saver, i never know how much i have in my bank or even my wallet.
I dont have a debts (only mortgage) and am only really ever a few hundread overdrawn.
Is there any tips that can just make me manage my money better.
TIA
I dont have a debts (only mortgage) and am only really ever a few hundread overdrawn.
Is there any tips that can just make me manage my money better.
TIA
Answers
1 to 6 of 6
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You need to take control.
For a short while make sure you do know how much is in your bank and wallet.
Are you on your own or do you share your finances with someone else?
I used to write down how much cash I had, then I could work out where it had gone at the end of the day or week. And check my bank statement regularly and work out what went on bills, one-off items, grocery, pocket money, etc
When you know what you need to spend and how much the bills usually are you can set targets and decide how much you would like to save, and where you need to cut down.
For a short while make sure you do know how much is in your bank and wallet.
Are you on your own or do you share your finances with someone else?
I used to write down how much cash I had, then I could work out where it had gone at the end of the day or week. And check my bank statement regularly and work out what went on bills, one-off items, grocery, pocket money, etc
When you know what you need to spend and how much the bills usually are you can set targets and decide how much you would like to save, and where you need to cut down.
In a word - budget.
Find out how much you earn each month and how much you spend,if you spend more then you need to change things.
Put money aside towards saving in the same way as you would for your mortgage,household bills,etc. Set up a direct debit into a savings account so you know that X amount is going out,and don't be tempted to dip into it.
Find out how much you earn each month and how much you spend,if you spend more then you need to change things.
Put money aside towards saving in the same way as you would for your mortgage,household bills,etc. Set up a direct debit into a savings account so you know that X amount is going out,and don't be tempted to dip into it.
How different people are?
I have always kept account of my spending - going back over 40 years. I had �8 a week then and now well over �1,000 a week , and many �000s savings,but still follow the same rules, just use a computer now.
Use Excel to create a simple cash book listing where you spend your money each month and where comes from. Transfer some from the current account to a savings account to build up a pot of spare cash. use ISA to get tax free. Use unit trusts for longterm savings. pay off the mortage as soon as possible , never borrow money, .
just be careful, spend wisely, never on a whim. Budget each month year.
I do not live like a miser, have two nice cars and a �500K house,put 3 children thru uni with no debts.
It can be done, but always seek a better job that pays more as thet is the real way forward to a better lifestyle.
I have always kept account of my spending - going back over 40 years. I had �8 a week then and now well over �1,000 a week , and many �000s savings,but still follow the same rules, just use a computer now.
Use Excel to create a simple cash book listing where you spend your money each month and where comes from. Transfer some from the current account to a savings account to build up a pot of spare cash. use ISA to get tax free. Use unit trusts for longterm savings. pay off the mortage as soon as possible , never borrow money, .
just be careful, spend wisely, never on a whim. Budget each month year.
I do not live like a miser, have two nice cars and a �500K house,put 3 children thru uni with no debts.
It can be done, but always seek a better job that pays more as thet is the real way forward to a better lifestyle.
When you' ve decided how much you can afford to save there are some good accounts that pay extra interest for regular saving.
http://www.halifax.co.uk/savings/regularsaver. asp
this pays 7% if you save �25-�250 each month for a year, but if you miss a payment it is closed and earns 5%.
http://www.nationwide.co.uk/savings/regular_sa vings/introduction.htm is more flexible but lower interest.
And it is worth paying into a cash isa, as interest is tax free.
Best to pay off the overdraft first though and make it your first priority to keep in the black, as thats expensive.
http://www.halifax.co.uk/savings/regularsaver. asp
this pays 7% if you save �25-�250 each month for a year, but if you miss a payment it is closed and earns 5%.
http://www.nationwide.co.uk/savings/regular_sa vings/introduction.htm is more flexible but lower interest.
And it is worth paying into a cash isa, as interest is tax free.
Best to pay off the overdraft first though and make it your first priority to keep in the black, as thats expensive.
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