Tips for managing your money
Simple ways to get the most from your money!
- Use your income to pay essential costs first, such as rent or household bills. Tackling them first means one less thing to worry about, and avoids unnecessary charges for missed payments.
- Split your disposable income (after paying essentials) into weekly amounts. Think of this as an allowance, and try to stick to it – keeping a written log of all your spending can help!
- Regularly review your spending and look for patterns (such as emotional spending) and opportunities to save (such as making snacks for outings instead of eating out).
- Have a savings goal – for example, a holiday, new car or money for Christmas presents – and put money away regularly towards reaching it. It doesn’t have to be a huge amount: even a few pounds every week or month will slowly build up. Savings help you cope with emergencies, or to move forward in life, so they’re really worth the effort.
- Include the family in making a budget and sticking to the allowance. Talk about spending and savings goals together, and let everyone pitch in ideas and feedback.
- Make a game of money saving. For instance, let your little ones read price stickers while you’re shopping together, and ask if they can spot a similar type of bread or soup that costs less.
- There will always be times when unexpected costs or emergencies arrive out of the blue – but budgeting can help you get back on your feet faster. Don’t give up!
If you haven’t already made a budget, this article shows you how to get started.
Set up by the government, the Money Advice Service offers free and impartial guidance on everything from work and benefits to disability and retirement.