By admin | June 26, 2019 | 0 Comments

Money Management – from a budget planner to the salary calculator

 

Managing your money

Managing your money doesn’t have to be complicated and there are some simple techniques that can be used. Here are some ideas that can help you organise your finances, see where your money is going, and help you prioritise what needs paying and when.

Top 5 tips for money management

  1. Create a budget according to your essential needs, bills, debts, savings and ‘fun stuff’. Take care of the necessary bills first so you avoid accruing any further debt.
  2. Set up direct debits for bills and savings so that the money is paid automatically each month.
  3. Use the ‘piggy bank’ method to assign several money pots for specific purposes such as bills, food, car expenses, going out. Divide your money between the pots, according to your budget each week or month, so you know exactly what you have to spend on each.
  4. The ‘snowball’ method is a debt repayment technique. List all debts from smallest to largest. Make minimum payments on all of them but, when possible, pay extra each month on the smallest, until it is paid off. Then move on to the next one.
  5. Challenge yourself not to spend money on something, such as no daily coffee for a month or no new clothes for a year. Put aside the money you would have spent and see the pennies add up.

Help, support and advice

To have a good relationship with money means understanding how to manage it to achieve your financial goals. Start by looking at your financial situation, talking to the appropriate people and using the help and tools available.

An important stage in getting your finances organised is to talk about any problems you may be having, and how it is affecting your well-being.

The following are some useful resources that offer support and advice in various aspects of money management.

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