Tips on managing your money
Believe that no matter how bad your financial situation is, it is only temporary; things will change if you get help, and commit to do all you can to make things better.
Pay yourself first – put money away for yourself no matter what other financial obligations you have – You can start by putting aside £1 per week and then build this up. This is your money that you can spend on those special “treats “for yourself
Cut down on some expenses – watch your spending for a week and adjust accordingly- e.g. I used to buy a particular magazine each month and I realised I hardly read it, so I cut that out completely.
Plan how you will spend your money each week
Adjust your lifestyle – separating needs from wants. E.g. do you need a new car or do you just want a new car.
Earn additional income- Is their something that you love doing that could earn you extra income? Or could you do overtime? A friend of mine is a great cook and loves cooking. The other day she told me that she now cooks meals for those who are so busy they don’t have time to cook proper home cooking.
Avoid the credit trap – Do not add to your debt! Find a way of reducing debts and work out a plan of how you will do this. I find the citizen advice bureau a very good source of advice on this subject Distinguish between good debts and bad debts
Set your financial goals- Plan for the year all the expenses you will have to make, and how much money you will need to cover your expenses.
Teach your children about money.
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